8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

October 12, 2022

Date of Report

(Date of Earliest Event Reported) 

WSFS Financial Corporation

(Exact Name of Registrant as Specified in its Charter)

 

Delaware	001-35638	22-2866913
(State or Other Jurisdiction of Incorporation)	(SEC Commission File Number)	(IRS Employer Identification Number)

500 Delaware Ave

Wilmington, Delaware 19801

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (302) 792-6000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	WSFS	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 40.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 12, 2022, Richard M. Wright notified WSFS Financial Corporation (the “Company”) of his decision to retire as the Company’s Executive Vice President and Chief Retail Banking Officer, effective December 31, 2022.

Item 7.01 Regulation FD Disclosures.

The Company announced on October 14, 2022 that Shari Kruzinski has been named Executive Vice President, Chief Consumer Banking Officer (“CCBO”) and will oversee all aspects of the Consumer Banking division including Retail Delivery, Strategy, Consumer and Small Business banking and the Mortgage division of the Company. Ms. Kruzinski will assume the role of CCBO following Mr. Wright’s announcement to retire at the end of the year.

To support the Company’s continued growth and commitment to executing on its mission, the Company will form a new division comprised of enterprise-wide functions including Customer Experience, Marketing, Communications, Community Strategy and Community Reinvestment. The new division will report to Rodger Levenson, Chairman, President, and Chief Executive Officer, under the interim leadership of Ollie Sommer, Senior Vice President, Director of Corporate Development.

A copy of the Company’s press release is attached as Exhibit 99.1 to this report and is being furnished under Item 7.01 of this Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

This Current Report on Form 8-K contains estimates, predictions, opinions, projections and other “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company’s predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words "will," “believe,” “expect,” “anticipate,” “plan,” “estimate,” “threshold,” “target,” “stretch,” “project” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and the Company disclaims any duty to revise or update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company for any reason, except as specifically required by law.

Item 9.01 Financial Statements and Other Exhibits.

(d) Exhibits.

99.1 Press Release, dated October 14, 2022

104 Cover Page Interactive Data File (Embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

		WSFS FINANCIAL CORPORATION
Date:	October 14, 2022	By:	/s/ Dominic C. Canuso
			Dominic C. Canuso Executive Vice President and Chief Financial Officer

EX-99.1

WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801 FOR IMMEDIATE RELEASE Media Contact: Rebecca Acevedo (215) 253-5566 October 14, 2022 racevedo@wsfsbank.com WSFS Bank Names Shari Kruzinski Executive Vice President, Chief Consumer Banking Officer WILMINGTON, Del. – WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced that Shari Kruzinski has been named Executive Vice President, Chief Consumer Banking Officer, reporting to Rodger Levenson, WSFS Chairman, President, and CEO. In her new role, she will oversee all aspects of the Consumer Banking division including Retail Delivery, Strategy, Consumer and Small Business banking and the Mortgage division. Kruzinski will assume the role following Rick Wright’s announcement that he will retire at the end of the year. “Shari is a proven leader who has spent her 30-year career developing organizational strategies that drive growth, productivity, and high levels of Associate engagement,” said Levenson. “Her advancement is part of our commitment to succession planning throughout the Company. Levenson added, “Rick has left a true impact on our Consumer Banking division. His contributions were many, but most notable was the expansion of our Retail network from 25 locations to 92 and growing deposits from under $1 billion to more than $10 billon. We are grateful for Rick’s leadership and contributions over his 17-year career with WSFS. We wish him the best in retirement.” Most recently, Kruzinski was the Chief Customer Officer, leading the Bank’s Customer division including Customer Experience and enterprise-wide Customer initiatives. She started in 1989 at WSFS as a floating teller. As her career at WSFS progressed, her responsibilities expanded and she was promoted in April 2021 to EVP, Director of Retail Delivery, where she oversaw six banking regions, 89 banking offices, more than 700 Associates and a contact center. Kruzinski has been instrumental in developing and executing key consumer banking initiatives during her career and has played an integral role in leading WSFS’ recent acquisitions. A mother of four children, Kruzinski resides in Kennett Square, Pennsylvania, with her husband and is a graduate of the ABA Stonier Graduate School of Banking. She serves as an executive leader on the Greater Philadelphia Board of Directors for the March of Dimes. To support the Company’s continued growth and commitment to executing on its mission, WSFS will form a new division comprised of enterprise-wide functions including Customer Experience, Marketing, Communications, Community Strategy and Community Reinvestment. The new division will report to Levenson under the interim leadership of Ollie Sommer, SVP, Director of Corporate Development. About WSFS Financial Corporation WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company headquartered in Delaware and the Greater Philadelphia region. As of June 30, 2022, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $60.3 billion in assets under management and administration. Exhibit 99.1

WSFS Bank Center 500 Delaware Avenue, Wilmington, Delaware 19801 WSFS operates from 121 offices, 94 of which are banking offices, located in Pennsylvania (62), Delaware (39), New Jersey (18), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, WSFS Institutional Services®, WSFS Mortgage®, WSFS Wealth® Investments, and The Bryn Mawr Trust Company of Delaware. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com. ###

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COVER PAGE	Oct. 12, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 12, 2022
Entity Registrant Name	WSFS Financial Corporation
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35638
Entity Tax Identification Number	22-2866913
Entity Address, Address Line One	500 Delaware Ave
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19801
City Area Code	302
Local Phone Number	792-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WSFS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000828944