WILMINGTON, Del., June 08, 2016 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank,
today announced that it has commenced a public offering of senior notes (the "Notes").
WSFS Financial Corporation intends to use the net proceeds from this offering for general corporate purposes
including financing organic growth, acquisitions, repurchases of its common stock and redemption of its outstanding
indebtedness.
Sandler O'Neill + Partners, L.P. will act as sole book-running manager for the Notes offering and Keefe,
Bruyette & Woods, A Stifel Company, will act as co-lead manager. Boenning & Scattergood, Inc. will act as co-manager
in the Notes offering.
The Notes are being offered pursuant to an effective registration statement (File No. 333-211911) by means of a
preliminary prospectus supplement filed with the Securities and Exchange Commission (the "SEC"), and a final prospectus supplement
to be filed with the SEC.
Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offering of the
Notes can be obtained without charge by visiting the SEC's website at www.sec.gov, or may be obtained from: Sandler O'Neill + Partners, L.P., 1251 Avenue of the
Americas, 6th Floor, New York, New York 10020, Attn: Syndicate Operations, Telephone Number: 1 (866) 805-4128; Keefe, Bruyette &
Woods, A Stifel Company at 787 Seventh Avenue, Fourth Floor, New York, NY 10019, by email at USCapitalMarkets@kbw.com, by fax at 1 (212) 581-1592, or by calling 1 (800) 966-1559; and
Boenning & Scattergood, Inc., 4 Tower Bridge, 200 Barr Harbor Drive, West Conshohocken, PA 19428, Attn: Fixed Income Capital
Markets, 1 (800) 883-1212.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or jurisdiction.
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-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of March 31, 2016 WSFS
Financial Corporation had $5.7 billion in assets on its balance sheet and $13.1 billion in fiduciary assets, including
approximately $1.2 billion in assets under management. As of March 31, 2016, WSFS operates from 63 offices located in Delaware
(44), Pennsylvania (17), 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 Christiana Trust, WSFS
Wealth Investments, Cypress Capital Management, LLC, Cash Connect®, WSFS Mortgage and Arrow Land Transfer. 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. For
more information, please visit wsfsbank.com.
Forward-Looking Statements
This press release 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. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend,"
"target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would,"
"should," "could" or "may," or by variations of such words or by similar expressions. 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 related to difficult market conditions and unfavorable economic trends in the
United States generally, and particularly in the market areas in which the Company operates and in which its loans are
concentrated, including the effects of declines in housing markets, an increase in unemployment levels and slowdowns in economic
growth; the Company’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation
and other costs; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin;
the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes
on the market value of the Company’s investment securities portfolio; the credit risk associated with the substantial amount of
commercial real estate, construction and land development, and commercial and industrial loans in our loan portfolio; the extensive
federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations including the
changes in regulations affecting financial institutions, including the Dodd-Frank Wall Street Reform and Consumer Protection Act
and the rules and regulations being issued in accordance with this statute and potential expenses associated with complying with
such regulations; possible additional loan losses and impairment of the collectability of loans; the Company’s ability to comply
with applicable capital and liquidity requirements (including the finalized Basel III capital standards), including our ability to
generate liquidity internally or raise capital on favorable terms; possible changes in trade, monetary and fiscal policies, laws
and regulations and other activities of governments, agencies, and similar organizations; any impairment of the Company’s goodwill
or other intangible assets; failure of the financial and operational controls of the Company’s Cash Connect division; conditions in
the financial markets that may limit the Company’s access to additional funding to meet its liquidity needs; the success of the
Company’s growth plans, including the successful integration of past and future acquisitions; the Company’s ability to complete the
pending merger with Penn Liberty on the terms and conditions proposed which are subject to a number of conditions, risks and
uncertainties, delay in closing the merger, difficulties and delays in integrating the Penn Liberty business or fully realizing
cost savings and other benefits of the merger, business disruption following the merger, Penn Liberty’s customers’ acceptance of
the Company’s products and services and related customer disintermediation; negative perceptions or publicity with respect to the
Company’s trust and wealth management business; system failure or cybersecurity breaches of the Company’s network security; the
Company’s ability to recruit and retain key employees; the effects of problems encountered by other financial institutions that
adversely affect the Company or the banking industry generally; the effects of weather and natural disasters such as floods,
droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including
terrorist attacks; possible changes in the speed of loan prepayments by the Company’s customers and loan origination or sales
volumes; possible acceleration of prepayments of mortgage-backed securities due to low interest rates, and the related acceleration
of premium amortization on prepayments on mortgage-backed securities due to low interest rates; regulatory limits on the Company’s
ability to receive dividends from its subsidiaries and pay dividends to its shareholders; the effects of any reputational, credit,
interest rate, market, operational, legal, liquidity, regulatory and compliance risk resulting from developments related to any of
the risks discussed above; and the costs associated with resolving any problem loans, litigation and other risks and uncertainties,
discussed in the Company’s Form 10-K for the year ended December 31, 2015 and other documents filed by the Company with the
Securities and Exchange Commission from time to time. Forward looking statements are as of the date they are made, and the Company
does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on
behalf of the Company.
WSFS Investor Relations Contact: Rodger Levenson (302) 571-7296 or rlevenson@wsfsbank.com WSFS Media Contact: Cortney Klein (302) 571-5253 or cklein@wsfsbank.com
