WILMINGTON, Del., June 08, 2016 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (NASDAQ:WSFS), the parent company of WSFS Bank,
today announced the pricing of its offering of $100 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due
2026 (the "Notes"). The Notes will bear a fixed interest rate of 4.50% per year from, and including, June 13, 2016 to, but
excluding, June 15, 2021, payable semi-annually in arrears. From, and including, June 15, 2021 to, but excluding, the
maturity date or any early redemption date, the interest rate shall be a floating rate equal to three-month LIBOR determined on the
determination date of the applicable interest period plus 330 basis points, payable quarterly in arrears. The Notes were
offered to the public at 100% of their face amount.
WSFS Financial Corporation expects to use the net proceeds from the sale of the Notes for general corporate
purposes including financing organic growth, acquisitions, repurchases of common stock and redemption of outstanding
indebtedness. The offering is expected to close on June 13, 2016, subject to customary closing conditions.
Sandler O'Neill + Partners, L.P. is acting as sole book-running manager for the Notes offering and Keefe,
Bruyette & Woods, A Stifel Company, is acting as co-lead manager. Boenning & Scattergood, Inc. is acting 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 $13.2 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 www.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
