WILMINGTON, Del., June 22, 2015 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq:WSFS) the parent company of WSFS Bank (WSFS) announced today that it has been ranked no. 1 in Trust Revenue Growth in the state of Delaware by Bank Director magazine. Bank Director also ranked WSFS no. 26 nationally in the same category.
“We are thrilled to have earned this ranking,” said Louis W. Geibel, Senior Vice President, Chief Trust Officer. “We have experienced rapid growth over the past few years in alignment with our strategic plan, and we look forward to continued success.”
The growth was made possible by Christiana Trust’s merger with WSFS Bank. Christiana Trust’s business model focuses on targeting centers of influence, resulting in incredible sales growth and significant repeat and referral business.
Low interest rates and a tight regulatory environment have presented challenges with revenue generation for many banks in recent years. In contrast, trust has become both promising and lucrative as baby boomers begin taking advantage of wealth management services. Institutional and Corporate Trust Services have also been major contributors to growth. Trust income grew by 20.8 percent for the banking industry from 2012 to 2014, according to Bank Director.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the largest and oldest bank and trust company headquartered in the Delaware Valley with $4.9 billion in assets on its balance sheet and $9.4 billion in fiduciary assets, including over $1 billion in assets under management. WSFS operates from 56 offices located in Delaware (45), Pennsylvania (9), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC, Cash Connect®, Array Financial and Arrow Land Transfer. Serving the Delaware Valley since 1832, WSFS is the seventh oldest bank in the United States continuously operating under the same name. For more information, please visit wsfsbank.com.