Wilmington Savings Fund Society
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| Public | |
| Traded as | NASDAQ: WSFS |
| Industry | Financial Services |
| Founded | 1832 |
| Headquarters | Wilmington, Delaware |
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Area served
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Delaware, Pennsylvania, Nevada and Virginia |
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Key people
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Mark Turner, CEO Marvin "Skip" Schoenhals, Chairman Willard Hall, Founder and First President |
| Products | Banking |
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Number of employees
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1000 + |
| Website | www |
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in the Delaware Valley. WSFS operates from 77 offices located in Delaware, Pennsylvania , Virginia, and Nevada. Other subsidiaries or divisions include Christiana Trust, WSFS Wealth Investments, Cypress Capital Management, LLC, Powdermill Financial Solutions, LLC, West Capital Management, Cash Connect, WSFS Mortgage and Arrow Land Transfer. WSFS's Cash Connect subsidiary provides ATM support services across all 50 states for more than 16,000 ATMs. Cash Connect operates the second largest ATM servicing platform in the United States. Serving the Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name.
Wilmington Savings Fund Society was chartered as a Delaware thrift in 1832 by a group of Wilmington community leaders and businessmen. The bank was formed for the working citizens of Wilmington to encourage thrift, and safeguard and increase their savings in a community bank. The bank's first day of business was February 18, 1832, in a rented room "one door below" Town Hall on Market Street. The bank grew steadily through the 19th century, and moved locations twice more before constructing their own building at 838 N. Market Street in 1895. The building stood until 1929, when the current building was constructed and opened for business. Three years later the building would receive its landmark mural, Apotheosis of the Family by N. C. Wyeth. The mural, 60'x19', was commissioned by Frederick Stone to celebrate the bank's 100th anniversary, and a smaller version of this mural still hangs in the bank's new headquarters at 500 Delaware Avenue in Wilmington.
WSFS's growth continued in the 1950s and 60s, and was the first bank in the United States to issue debit cards in the late 1960s. By the 1980s, WSFS had expanded from northern New Castle County into Kent and Sussex counties, and went public in 1986 on the NASDAQ market. By the early 1990s the bank was in poor financial shape, and was near bankruptcy. The Board of Directors hired Marvin "Skip" Schoenhals in 1990, and began a dramatic turnaround. Nearly all of the lower Delaware branches were sold to Wilmington Trust, and lending practices and credit quality were administered more closely.
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Wikipedia