The WSFS CARES Foundation, the charitable giving arm of WSFS Bank (Nasdaq: WSFS), announced it has provided grants to two organizations as part of its continuing series of philanthropic activities by WSFS and the Foundation. The grants, approved in the third quarter by the WSFS CARES Foundation board, will support the following organizations:
 
·        Pathways to Success ($160,000 Grant to be paid over two years)
Pathways to Success, based in Georgetown, Del., was established in 2006 to prepare youth, adults, and their families for successful lives. Their programs use innovative and creative approaches to mentor and educate individuals to become healthy, productive, contributing, and responsible citizens through in-school and after-school programs, Powering the Workforce, Work Experience Program (WEX), fair housing, Grow Your Own Teacher, and Microsoft Office training. The WSFS funds will assist with the hiring of a Licensed Clinical Social Worker to manage the Pathways to Wellbeing Program to support students that are affected with Post Traumatic Stress (PTSD).
·        Trust for Public Land ($75,000 Grant to be paid over three years)
Trust for Public Land is a national nonprofit that creates parks and protects land ensuring people have healthy livable communities for generations to come. The Trust for Public Land is committed to creating more places that bring people outside, such as parks, trails, playgrounds, and schoolyards, making them accessible and welcoming to everyone. The WSFS funds will support the next phase of the Philadelphia Community Schoolyards Program as well as help design and develop three new community schoolyard projects in neighborhoods in Philadelphia.
 
“Through our ongoing support of local nonprofit partners, we strive to create lasting change and enhance the lives of those around us,” said Patrick J. Ward, Executive Vice President, Pennsylvania Market President at WSFS Bank and Chairman of the WSFS CARES Foundation. "It's our goal to continue to empower these groups to innovate and adapt to changing needs within the community. As we look to the future, we are confident that these partnerships will lead to even more transformative outcomes for the communities we proudly serve."
 
“The generosity of this grant is a testament to the power of collaboration in addressing mental health concerns. We look forward to working with our partners to create lasting change and foster a thriving community,” said Fay Blake, Founder and Executive Director, Pathways to Success. “With this grant, we can provide essential support and resources to students and families struggling with trauma. Our commitment to serving our students’ and communities’ well-being has never been more vital to making a positive difference in their lives.”
 
“Trust for Public Land is grateful for WSFS’ support of our Philadelphia Community Schoolyards Program. With their partnership in the years ahead, we look forward to transforming more of Philadelphia’s schoolyards from asphalt lots that bake in the summer and flood during rainstorms into high-quality outdoor spaces that improve student education outcomes, community health, and climate resiliency,” said Owen Franklin, Vice President, Great Lakes Region and Pennsylvania State Director, Trust for Public Land. “Thank you to our partners at WSFS for sharing in TPL’s commitment to connect people to the benefits and joys of the outdoors.”
 
About the WSFS CARES Foundation
The WSFS CARES Foundation brings WSFS’ mission of We Stand for Service® to life across the communities we serve. The mission of the WSFS CARES Foundation is to support qualified nonprofit service organizations within our regional footprint that are invested in improving communities, fostering a spirit of inclusion and diversity, and whose focus aligns with the WSFS CARES Foundation’s transformational vision. For more information, please visit https://www.wsfsbank.com/about/community/the-wsfs-cares-foundation/.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of September 30, 2024, WSFS Financial Corporation had $20.9 billion in assets on its balance sheet and $87.2 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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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WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the launch of its annual Food Drive to combat food insecurity across the Greater Philadelphia and Delaware region. WSFS banking offices in Delaware, New Jersey and Pennsylvania will serve as deposit centers for nonperishable donations from WSFS Associates, Customers and Community members through December 31, 2024.
 
WSFS officially kicked off the Food Drive at WSFS Bank Center in Wilmington, Del., with the Sunday Breakfast Mission, and at WSFS Bank Place in Philadelphia with Sharing Excess, encouraging Associates to bring nonperishable donations to help jumpstart the Food Drive. Grocery bags will also be distributed in a variety of Delaware publications this Fall for consumers to fill with donations to drop at their nearest WSFS banking office.
 
According to Feeding America’s Map the Meal Gap 2024 report, 13.5% or more than 44 million individuals lived in a food-insecure household in 2022, a sharp increase from 10.4% in 2021. The report also found that nearly 50% of people facing hunger are unlikely to qualify for the Supplemental Nutrition Assistance Program (SNAP), the United States’ largest food assistance program.
 
“Many households are struggling to put food on the table due to the surging cost of living and essentials,” said Vernita L. Dorsey, Senior Vice President, Director of Community Strategy at WSFS Bank. “We hope to make a difference by partnering with Sharing Excess and the Sunday Breakfast Mission. Every donation, no matter how small, can make a big difference. We ask those who have the means to donate nonperishable items at our banking offices to support these vital needs.”
 
“We are excited to once again partner with WSFS for their annual holiday Food Drive,” said Evan Ehlers, Founder and CEO of Sharing Excess. “The holiday season is a time for community, and WSFS Customers have a unique opportunity to make a direct impact in the fight against food insecurity by donating at their local banking office. We deeply value WSFS’ ongoing dedication to supporting their communities and creating meaningful, lasting change through their partnership with Sharing Excess.”
 
“For the 22^nd year, WSFS Bank and Sunday Breakfast Mission are partnering on our Food Drive that has collected food for over 1.3M meals for families in need over the years,” said Rev. Tom Laymon, Senior Pastor/CEO/President at Sunday Breakfast Mission. “But right now, Sunday Breakfast Mission is seeing more people than ever coming to them for help. We need the food donations to flood in so that hungry families can have a great Thanksgiving season. We are so grateful to WSFS Bank sponsoring once again.”
 
In addition to the annual Food Drive, WSFS will sponsor Preston & Steve’s Camp Out for Hunger for the seventh consecutive year to support Philabundance in their mission to drive hunger from our Communities. Camp Out for Hunger will take place from December 2-6 at Xfinity Live! in Philadelphia.
 
In 2023, WSFS donated more than 82,000 pounds of food through its annual Food Drive and Camp Out for Hunger. Customers and area residents are encouraged to take their nonperishable food donations to WSFS banking offices now through December 31, 2024. To find the nearest WSFS Bank location, please visit www.wsfsbank.com.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of June 30, 2024, WSFS Financial Corporation had $20.7 billion in assets on its balance sheet and $84.9 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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.

Thirty-eight percent of regional residents are spending more money now compared to last year, while only 28% are saving more, according to a Money Trends survey from WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS).
 
Economic pressures remained, with the rise in costs and inflation noted as the top driver of increased spending (69%) among those who said their spending has increased. While the economy remained challenging, many consumers were able to adapt their spending and saving techniques to put themselves on more solid financial footing.
 
The annual survey, which polled 1,000 respondents in the Greater Philadelphia and Delaware region, gauged spending and saving trends and the impact of the current economy among adults ages 18-55.
 
Inflation Cools, But Economic Headwinds Remain
Rising costs and inflation remained the top driver of increased spending by far in 2024 (69%), followed by having to pay off an emergency expense (29%) or debt (28%).
 
Despite the fairly even split among those who have increased and decreased their spending habits, consumers largely agreed on the increased cost of living, with more than half spending more on essentials like groceries (65%), utilities (55%), and transportation (53%). A larger number say they’re spending more on groceries this year in comparison to 2023 (65% vs. 60%, respectively), as well as housing (50% vs. 43%) and utilities (55% vs. 50%).
 
“Many consumers are still feeling the pricing pressures in the current economy, with one-third (33%) saying they’re cutting non-essential spending,” said Shari Kruzinski, Executive Vice President and Chief Consumer Banking Officer, at WSFS Bank. “While inflation has cooled during 2024 and interest rates are starting to decrease, it is important for consumers to remain disciplined and budget-focused. Look for opportunities to save on expenses through shopping at discount retailers, buying in bulk, or waiting for items to go on sale, and remember to reevaluate your budget regularly.”
 
While one-third indicated they are cutting back on non-essentials in this year’s survey, respondents in 2024 are slightly less likely to report scaling back in comparison to the 2023 survey (33% vs. 37%, respectively). However, they are more likely to be using their savings (19% in 2024 vs. 13% in 2023) for everyday expenses.
 
Adapting Spending Habits
When asked to assess how their spending has changed in comparison to last year, two in five (38%) indicated they’re spending more, and a nearly equal amount (37%) said they’re spending less.
 
While rising costs for essentials have continued to weigh on consumers’ wallets, they’ve adjusted to cut discretionary spending as a result, with respondents most likely to be spending less on eating out at restaurants (40%), entertainment (35%), travel and vacations (34%), online shopping and technology (both 31%).
 
Consumers have also adapted their preferred payment methods, with 44% using their debit card more often, 36% using cash, 35% using their credit card, and 35% using buy-now-pay-later (BNPL) platforms more often.
 
More than one-third (35%) of participants who use multiple BNPL services agree that they have lost track of what they owe. Additionally, 35% report they have struggled to pay back what they owe to BNPL services, and nearly half (45%) agree that they, or someone they know, have unknowingly built up debt as a result of using multiple BNPL services.
 
“Regional consumers have continued to show resilience and adaptability in the face of a challenging economy,” said Shelly Kavanagh, Senior Vice President and Director of Retail Delivery at WSFS Bank. “Keeping your spending habits nimble is key. Many consumers are better able to stay on budget by using their debit card or cash in place of a credit card. Leveraging your online and mobile banking can be a convenient way to manage expenses in real time. While there is no one-size-fits-all payment solution, it is vital to carefully manage your various accounts and debt to avoid falling into a financial hole.”
 
Opportunities Still Exist to Save
Nearly half (46%) report that they are saving less overall compared to last year, which is slightly down from 2023 (50%), while 28% are saving more this year, up from 2023 (21%).
 
Of those who said they are saving more, the leading reason is to ensure future financial stability (42%) – up from 36% in 2023 – followed by having specific savings goals (41%) and being more prepared for financial emergencies or unexpected expenses (40%).
 
A quarter of respondents were unaware of high-yield money market accounts (24%), while 49% were aware of these accounts but had never used one. Nearly one-fifth (18%) said they were unaware of Certificates of Deposit or CDs, while 47% said they had heard of CDs but never used one.
 
“Goal-setting is an important part of your financial journey and can help keep your budget and savings on track,” said Kruzinski. “The economic headwinds of the past few years have certainly made it more expensive to borrow and difficult to save, but an opportunity still exists for savers to set goals and take advantage of the still-elevated interest rates through CDs and money market accounts, which tend to offer higher rates than a standard savings account. Scheduling an appointment with your local banker can be a great way to gain a better understanding of the products available to help in your financial journey, define your goals, and build a roadmap to achieve them.”
 
Survey Methodology
The survey was conducted by research company Opinium. The sample includes 1,000 respondents in the Greater Philadelphia and Delaware region who reside in five southeastern Pennsylvania counties (Bucks, Chester, Delaware, Montgomery, and Philadelphia), four southern New Jersey counties (Atlantic, Burlington, Camden, and Gloucester), and all three Delaware counties (Kent, Sussex and New Castle). All respondents were ages 18-55. The online survey was conducted from August 23-September 5, 2024, with a margin of error of +/- 3 percent.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of June 30, 2024, WSFS Financial Corporation had $20.7 billion in assets on its balance sheet and $84.9 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Nevada (1), and Virginia (1), and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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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The WSFS CARES Foundation, the charitable giving arm of WSFS Bank (Nasdaq: WSFS), announced it has provided grants to two organizations as part of its continuing series of philanthropic activities by WSFS and the Foundation. The grants, approved in the second quarter by the WSFS CARES Foundation board, will support the following organizations:
 
Be Ready Community Development Corp. ($200,000 Grant to be paid over two years)
Be Ready Community Development Corporation (Be Ready CDC) is a resident-driven community development organization founded in 2003 to revitalize the Hilltop neighborhood in Wilmington’s West Side. A prior WSFS grant supported phase one of Be Ready CDC’s Solomon’s Court Project to create six affordable units for low-income households, which is now complete. The latest grant will continue supporting the project through the second and final phase, creating 12 additional units for a total of 18 affordable rental units and 5,600 square feet of ground-floor commercial space for small businesses. The funding from WSFS helps to complete part of an $11 million project to improve the housing on the West Side of Wilmington.
 
TeenSHARP ($300,000 Grant to be paid over three years)
TeenSHARP is a national nonprofit based in Wilmington, Del. that prepares Black, Latino, and low-income students to attend and thrive at America’s top colleges with little or no debt. The WSFS CARES Foundation has supported TeenSHARP throughout the years, helping the organization grow from just 10 students to about 400 today, and around 500 total high school graduates. The WSFS grant will support the A-List program, which provides high school students assistance as they move to and through college, helping them navigate their professional careers to build leadership and decision-making skills, financial stability, and independence.
 
“The WSFS CARES Foundation is committed to aiding our local nonprofit partners in every step of their journey to improve the communities we serve. Our continued support of these two organizations emphasizes our shared commitments to improving the daily lives of local residents through education and leadership development, affordable housing accessibility, and more,” said Patrick J. Ward, Executive Vice President, Pennsylvania Market President at WSFS Bank and Chairman of the WSFS CARES Foundation. “We’re proud to provide these multi-year grants to these great organizations to offer stability, enable them to flourish and make a positive impact.”
 
“My first thought when I saw that we received the WSFS grant was, wow, thank you Lord,” said Pastor Margaret Moon-Taylor, Executive Director of Be Ready CDC. “The funding from WSFS means that the vision for our community, first laid out by Mother Essie D. Lee and Pastor Lottie Lee Davis, is going to become a reality. We can now provide new, affordable housing for families and people with disabilities right here in our neighborhood.”
 
“The WSFS CARES Foundation continues to show up as a strong supporter of TeenSHARP for more than four years of our 15+ year run of opening the doors to opportunity and dynamic leadership for Black, Latino, and low-income students across the Delaware Valley,” said Tamara Fentress, Chief of Staff at TeenSHARP. “WSFS' initial grant was a springboard to resource deeper application and sustainability of our programming delivery to students in a virtual setting, as well as our staffing. Now, with their continued support, we're excited about what's ahead to grow our A-List (alumni) program, DGCA (Delaware Goes to College Academy), and our premier Striver program experiences.”
 
About the WSFS CARES Foundation
The WSFS CARES Foundation brings WSFS’ mission of We Stand for Service® to life across the communities we serve. The mission of the WSFS CARES Foundation is to support qualified nonprofit service organizations within our regional footprint that are invested in improving communities, fostering a spirit of inclusion and diversity, and whose focus aligns with the WSFS CARES Foundation’s transformational vision. For more information, please visit https://www.wsfsbank.com/about/community/the-wsfs-cares-foundation/.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of March 31, 2024, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $80.5 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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.

On June 12, 2024, nearly 1,500 WSFS Associates volunteered at more than 130 community organizations across the region as part of WSFS’ second annual We Stand for Service Day.
 
The Company-wide day of giving back through volunteerism saw approximately 1,500 Associates band together to volunteer more than 5,000 hours and make an impact at organizations across the region.
 
“Our commitment to service goes beyond banking. Through initiatives like We Stand for Service Day, we aim to make a tangible and positive impact in the Communities we proudly call home,” said Vernita Dorsey, Senior Vice President, Director of Community Strategy at WSFS Bank. “We’re thankful to our dedicated Associates and community partners, whose unwavering support make impactful initiatives like this possible.”
 
WSFS (Nasdaq: WSFS) partnered with more than 130 community organizations throughout the Bank’s footprint in Delaware, Pennsylvania and New Jersey.
 
“In a world where food waste and food insecurity coexist, Sharing Excess aims to revolutionize food sharing by solving the logistical barriers of rescue and redistribution. We rely on volunteers, such as WSFS Associates, to sort, glean and distribute fresh nutritional food to our neighbors in need,” said Evan Ehlers, Founder, Sharing Excess.
 
“All of us at HomeFront are incredibly grateful for the dedicated volunteers from Bryn Mawr Trust, who have made a significant impact on our families’ lives through their selfless service at HomeFront's Resource Network. This includes their help within our Choice Food Pantry, the Diaper Resource Center, our FreeStore and Furnish the Future program. Their commitment and hard work have enabled us to provide food, diapers, household items and more to countless families in need. Together, we are making a real difference and building a stronger community,” said Gina Davio, Community Engagement Manager, HomeFront.
 
“With the hundreds who come to us daily and the thousands that depend upon us for basic needs like food, shelter and clothing, we need committed corporations like WSFS to provide the essential volunteer efforts to do all the work. In the end, this work brings hope for lives helped and turned around,” said Rev. Tom Laymon, Sr. Pastor/President/CEO, Sunday Breakfast Mission.
 
Volunteer events were held in all three counties in Delaware at organizations such as Sunday Breakfast Mission, Read Aloud Delaware and Southern Delaware Therapeutic Riding; in Philadelphia, Bucks, Chester, Delaware, Montgomery and Dauphin counties in Pennsylvania at organizations like Cradles to Crayons, Habitat for Humanity of Bucks County, Chester County Food Bank, Variety The Children's Charity and YWCA of Greater Harrisburg; and in Burlington, Camden and Mercer counties in New Jersey at organizations including Cathedral Kitchen, Urban Promise NJ, HomeFront NJ and the Burlington Township Food Pantry.

The WSFS CARES Foundation, the charitable giving arm of WSFS Bank (Nasdaq: WSFS), announced it has provided grants to five organizations as part of its continuing series of philanthropic activities by WSFS and the Foundation. The grants, approved in the first quarter by the WSFS CARES Foundation board, will support the following organizations:
·        Delaware Prosperity Partnership ($150,000 Grant to be paid over three years)
Delaware Prosperity Partnership (DPP) is the nonprofit state economic development agency leading Delaware’s economic development efforts to attract,growo,w and retain businesses, build a stronger entrepreneurial and innovation ecosystem, and support employers in identifying,recruitingn,g and developing talent in Delaware. The WSFS grant will support key programs promoting Delaware’s economy throughout 2024-2026.
·        Distance Learning Center ($55,000 Grant)
The Distance Learning Center (DLC), located in Philadelphia, is a nonprofit with a mission to increase the number of underrepresented minorities in science, technology, engineering, math, and medicine (STEMM). The WSFS grant will support the STEMMPREP Project to help provide 10 scholarships for disadvantaged and underserved minority junior high school student trainees for phase one of a ten-year training pipeline.
·        FinServ Foundation ($78,000 Grant to be paid over three years)
The FinServ Foundation is a nationwide nonprofit focused on building a more inclusive, representative, and vibrant financial services profession by working directly with colleges and universities to support the next generation of skilled professionals. The WSFS grant will support Delaware State University and Temple University students to join FinServ for a two-year program that includes six months of mentorship, 24 hours of coaching and education and access to a financial services industry conference.
·        New Jersey Community Capital ($25,000 Grant)
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) providing an innovative toolkit of financial products, programs, and services to advance equity and opportunity in the communities it serves. The WSFS grant will enable the organization to deploy loan capital and strategic investments to borrowers for the acquisition, construction, and permanent financing of community development projects, directly benefitting low-to-moderate-income families and communities.
·        Wilmington Neighborhood Conservancy Land Bank ($100,000 Grant to be paid over three years)
The Wilmington Neighborhood Conservancy Land Bank (WNCLB) works to return vacant, dilapidated, abandoned, and delinquent properties back to productive, while strengthening and revitalizing its neighborhoods and inspiring economic development. The WSFS grant will allow work to begin on the rehabilitation of 10 additional units for homeownership and the acquisition of 18 strategic properties in private ownership.
 
“The mission of the WSFS CARES Foundation is to support nonprofits that are invested in improving communities and fostering a spirit of inclusion and diversity,” said Patrick J. Ward, Executive Vice President, Pennsylvania Market President at WSFS Bank, and Chairman of the WSFS CARES Foundation. “We’re proud to support each of these great organizations, which share our focus on investing in and strengthening their communities through revitalization, business economic empowerment, education, leadership development, and affordable housing.”
 
“Delaware Prosperity Partnership is grateful to the WSFS CARES Foundation for investing in our efforts to attract, grow, and retain businesses throughout Delaware,” said Kurt Foreman, DPP President and CEO. “This grant will help support DPP’s Global Advisors Program, which furthers our efforts to promote Delaware as a first-choice location for foreign direct investment by European, Asian, and other international companies seeking to expand to the United States. WSFS was one of our founding investors, and we thank them for their continued investment in DPP. With such support, we can maintain our momentum and impact on Delaware’s economy as we work to advance prosperity for all those living and working in Delaware.”
 
“The WSFS CARES Foundation is providing a 2024 grant to the Distance Learning Center's STEMMPREP Project, a longitudinal developmental paradigm, which utilizes a multi-institutional mentorship approach that rotates underrepresented minority participants through a 10-summer basic science lab internship ‘continuum’ at research universities in the U.S. and Canada,” said Dr. Moses Williams, Executive Director and Founder, The Distance Learning Center. “The WSFS grant will support economically disadvantaged high school trainees who cannot afford to cover the cost of attendance to the summer lab internship.”
 
“The FinServ Foundation, for the past four years, has made monumental strides in exposing, educating, and empowering the next generation to seek careers in the financial services industry,” said Dr. David Rhoiney, Board Member, FinServ Foundation. “The foundation's board is all volunteers who believe in changing the industry for good. That altruism is reflected in the organization's mission, and as a result, the FinServ Foundation has shown itself to be a bright spot in an industry that is ever-evolving. We are excited to partner with the WSFS CARES Foundation to support local schools like Delaware State University and future professionals in the PA, NJ, and DE area.”
 
“We are grateful for the generous grant from the WSFS CARES Foundation and the impact it will have across our region,” said Bernel Hall, President and CEO of New Jersey Community Capital. “This investment will help NJCC continue to foster an equitable path to building wealth that will strengthen neighborhoods in traditionally underserved communities.”
 
“The Wilmington Land Bank is proud to join forces with WSFS Bank in the transformative revitalization of the Lower Hilltop neighborhood,” said Rick Gessner, Board President, of Wilmington Land Bank. “This once-neglected community has experienced significant investment in the past two years, and with the generous support of WSFS, we will continue this important work. Over the next three years, our collaboration will assist in the rehabilitation of 10 units for affordable homeownership and the strategic acquisition of 18 privately owned properties. We are grateful to WSFS for their investment in the revitalization of this Wilmington, Delaware community.”
 
About the WSFS CARES Foundation
The WSFS CARES Foundation brings WSFS’ mission of We Stand for Service® to life across the communities we serve. The mission of the WSFS CARES Foundation is to support qualified nonprofit service organizations within our regional footprint that are invested in improving communities, fostering a spirit of inclusion and diversity, and whose focus aligns with the WSFS CARES Foundation’s transformational vision. For more information, please visit https://www.wsfsbank.com/about/community/the-wsfs-cares-foundation/.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of December 31, 2023, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $84.3 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Nevada (1), and Virginia (1), and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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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According to a new study from WSFS Mortgage, a division of WSFS Bank (Nasdaq: WSFS), most homeowners with knowledge of reverse mortgages agree they can allow you to stay in your home longer (79%) and provide needed cash flow (76%) in retirement. Sixty-two percent of respondents with knowledge of reverse mortgages agreed they can provide more financial freedom in retirement, while 61% said they can help cover expenses like long-term care.
 
“Reverse mortgages have undergone significant changes the past decade, but the biggest change is how many financial advisors are now incorporating housing wealth into their retirement income planning,” said Jeffrey M. Ruben, President of WSFS Mortgage. “A reverse mortgage could be a good option for those seeking to strengthen their cash flow in retirement.”
 
The nationwide study, which surveyed 750 homeowners aged 60 years or older, gauged respondents’ financial stability, knowledge, and attitudes toward reverse mortgages.
 
Educational Opportunities
A lack of knowledge about reverse mortgages may be driving homeowners to overlook them as a viable option for their financial situation. Among respondents, nearly one-third (31%) report not being knowledgeable at all about reverse mortgages, 40% are slightly knowledgeable and 22% are moderately knowledgeable, while just 7% report being very knowledgeable.
 
In comparison to reverse mortgages, the majority of respondents felt they had a better understanding of credit cards (65%), traditional mortgages (61%), personal loans (60%), and a line of credit (51%), underscoring the educational opportunity that exists.
 
“It is not surprising that most Americans do not have a great understanding of a reverse mortgage as it is mostly a strategy that is not available for younger Americans,” said Jamie P. Hopkins, Senior Vice President and Director of Private Wealth Management, Bryn Mawr Trust. “So, while we get hands-on experience with other borrowing techniques like student loans, credit cards, and traditional mortgages as we move through life, we don’t get the same hands-on experience with reverse mortgages. As such, the need for more education around the product and strategies are arguably more important for Americans.”
 
However, one-third (34%) said they would probably (21%) or consider (13%) a reverse mortgage if it was relevant to their financial situation. After learning more about the use cases and benefits of reverse mortgages during the survey, 16% of respondents indicated they were very knowledgeable about reverse mortgages, 26% who were moderately knowledgeable, and 22% who were slightly knowledgeable said they would be more likely to get a reverse mortgage, compared to 17% who said they were not knowledgeable about reverse mortgages.
 
Among the list of Ruben’s recommendations:

• Know the basics: With a reverse mortgage repayment is due when the last of the borrowers no longer occupies the house as their primary residence. At least one borrower must be 62 years old or older and must occupy the house as their primary residence. Funds from a reverse mortgage can be provided in lump sums, monthly payments, or set up as a line of credit for when you need it.
• Potential Uses: A reverse mortgage can enable homeowners to leverage the equity they’ve built in their home to eliminate existing monthly mortgage payments, provide cash flow without needing to tap into other retirement savings, pay off debt, and more.
• For Those Looking to Downsize: Homeowners could sell their current home and use the proceeds from that sale coupled with a reverse mortgage on their new home to purchase without the need for monthly mortgage payments.
• Work Closely with Your Advisors: Your financial advisor and lender can help answer any questions you have and dispel the stigma of reverse mortgages being a ‘last resort.’ They will also be able to evaluate if one is right for your situation and help weigh the pros and cons.

 
Retirement and Financial Planning Factors
Reverse mortgages can play a significant role in retirement and financial planning by providing homeowners with a supplemental source of income. Three in ten (29%) indicated they would definitely or probably consider a reverse mortgage as part of their retirement plan.

“For many Americans, their house is their largest asset, but it can also be your largest liability in the sense of cash outflow each month. Your home comes with a lot of costs, like mortgage payments, utilities, property taxes, and more, which can impact retirement planning,” said Hopkins. “Housing, wealth, and retirement are more about cash flow, and can you maintain that cash flow and your property while living the life you want in retirement.”
 
Most homeowners with knowledge of reverse mortgages agree they can provide needed cash flow (76%) and more financial freedom (62%) in retirement, help cover expenses like long-term care (61%), and allow them to stay in their homes longer (79%). Among those who would consider taking out a reverse mortgage, the top reasons were covering home improvements (32%), supplementing regular income (32%), and helping cover daily living expenses (30%).
 
“You can use your home very strategically in retirement,” added Hopkins. “Cash flow from a reverse mortgage can be an alternative source to a traditional investment portfolio. It can help cover things like long-term care, provide retirement income, cash flow management, and tax planning benefits. A reverse mortgage isn’t earned income so it is not taxable, but you will need to stay current on your property taxes and insurance. It is vital to work closely with your financial advisor to determine if a reverse mortgage is a fit for you.”
 
Survey Methodology
The study was conducted by research company Opinium. The sample included 750 homeowners ages 60+ nationwide. The online survey was conducted from February 16-21, 2024, with a margin of error of +/- 4%.
 
 
About Opinium, Inc.
Opinium is an award-winning strategic insight agency built on the belief that in a world of uncertainty and complexity, success depends on the ability to stay on the pulse of what people think, feel, and do. Creative and inquisitive, we are passionate about empowering our clients to make the decisions that matter. We work with organizations to define and overcome strategic challenges – helping them to get to grips with the world in which their brands operate. We use the right approach and methodology to deliver robust insights, strategic counsel, and targeted recommendations that generate change and positive outcomes.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of December 31, 2023, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $84.3 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Nevada (1), and Virginia (1), and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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. 

According to a new study from Bryn Mawr Trust, a WSFS Company (Nasdaq: WSFS), 87% of women feel financially well prepared for retirement, due to their growing involvement in financial planning (99% are involved), along with support from financial advisors.
 
The study, which surveyed 826 women across the country age 40+ with either a household income of $175K+ or investable assets of $1M, assessed women’s roles and experiences in financial and retirement planning.
 
How Women Approach Financial Planning
Gone are the days when women asked others to handle their financial planning. In fact, only 1% reported not being involved in their financial planning and just 5% reported being minimally involved. Most women report sharing the responsibility of financial planning with their partner (60%), a fourth report having sole responsibility (25%), and about a tenth report being guided by their advisor (9%).
 
While one fourth of women maintain sole responsibility for financial decisions, they are increasingly sharing these responsibilities in areas like retirement planning (56%), trust and legacy planning (50%), investment planning and management (50%), and tax planning (46%).
 
Younger women are more likely to have shared responsibility in retirement planning, with seven in ten (68%) of those ages 40-49 sharing responsibility in retirement planning, compared to 51% of women ages 50-59, 52% of those ages 60-69, and 48% of women ages 70-79.
 
Mature women, however, are more likely to report having sole responsibility in retirement planning, with 16% of women ages 40-49 reporting having sole responsibility for retirement planning, compared to 23% of women ages 50-59, 19% of those ages 60-69, and 23% of those ages 70-79.
 
“Women play a vital role in the economic picture of their families and communities. Taking a proactive and engaged approach to their financial planning is crucial,” said Jamie P. Hopkins, Senior Vice President, Director of Private Wealth Management, Bryn Mawr Trust. “This study shows how women can be more confident in their retirement plans, which is an important step in bridging the gender and wealth gap for many.”
 
Confidence in Retirement Planning
With women’s involvement in financial planning increasing, it’s not surprising that their confidence in retirement planning has also increased. Among women who are currently not retired, only 38% are anxious or overwhelmed when thinking about retirement planning. The remainder (62%) are neutral (29%), confident and in control (25%), or excited and optimistic (6%). Only 2% are unsure.
 
While emotional readiness plays a huge role in money management and financial planning, the majority (87%) of women feel financially well prepared for retirement. More specifically, 87% feel well prepared or moderately prepared, while only 13% report feeling not prepared financially for retirement.
 
Beyond feeling financially well prepared for retirement, most of these women are also confident in their ability to sustain and enjoy themselves in retirement. Women report being confident in their ability to manage any debts and financial obligations effectively (81%), support hobbies and personal interests (78%), engage in the leisure and travel activities they want to (75%), cover unexpected expenses (74%), and maintain their current lifestyle (73%). These are all factors that most consider “concerns” when planning for retirement.
 
“Increasing involvement and understanding in any field naturally boosts confidence, which in turn, propels growth,” stated Jackie Reeves, Director of Retirement Plan Services at Bryn Mawr Trust. “Given the dynamic landscape of financial regulations and retirement planning, seeking guidance from expert advisors is not merely advantageous, but it's critical for informed, strategic decision-making that stands the test of time.”
 
Learning from the Experts
When it comes to learning about the ins and outs of financial planning, such as budgeting, saving, investing and retirement planning, most respondents prefer to consult the experts. More than half (57%) turn to a professional financial advisor as their preferred source of learning, followed by a spouse or other family member (40%), online resources (37%), resources from their employer (19%), educational books on retirement planning (14%) and online educational courses or programs (14%). Less popular resources are in-person courses or programs (8%) and social media (6%).
 
With retirement planning being top of mind for women, it’s not surprising that it is the leading life event prompting women to consult financial professionals. Among those who reported retirement/planning for retirement had an impact on their financial planning, more than two in five (44%) sought advice from a financial advisor. Other major life events that prompted seeking guidance from a financial advisor were losing a spouse or loved one (32%), having a bad experience with a financial advisor (27%), and experiencing poor investment performance (26%).
 
“The ideal source for financial and retirement planning insights is an advisor who stays attuned to economic trends, market dynamics, investment strategies, and sector developments. Merged with their comprehensive, current insights, this positions them uniquely to navigate you safely through the complexities of the financial landscape, ensuring your goals are met with precision," Reeves added.
 
Survey Methodology
The study was conducted by research company Opinium. The sample included 826 national female respondents ages 40+ with either a household income of $175K+ or investable assets of $1M+. The online survey was conducted from December 14-18, 2023, with a margin of error of +/- 3.4 percent.
 
About Opinium, Inc.
Opinium is an award-winning strategic insight agency built on the belief that in a world of uncertainty and complexity, success depends on the ability to stay on pulse of what people think, feel and do. Creative and inquisitive, we are passionate about empowering our clients to make the decisions that matter. We work with organizations to define and overcome strategic challenges – helping them to get to grips with the world in which their brands operate. We use the right approach and methodology to deliver robust insights, strategic counsel and targeted recommendations that generate change and positive outcomes.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of December 31, 2023, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $84.3 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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. 

The WSFS CARES Foundation, the charitable giving arm of WSFS Bank (Nasdaq: WSFS), announced it provided grants and donations totaling more than $2.7 million to more than 390 community organizations located across Delaware, New Jersey and Pennsylvania in 2023. WSFS also made a $2.0 million contribution to the WSFS CARES Foundation in 2023 to support future investments in its Communities.
 
In addition to the grants, Team WSFS, the WSFS corporate volunteer program, volunteered more than 18,000 hours during 2023. This included the inaugural “We Stand for Service Day” in June, a volunteer initiative where WSFS closed its banking offices for a half day so approximately 1,200 Associates could volunteer nearly 5,000 hours at more than 80 organizations and make an impact across the Greater Philadelphia and Delaware region.
 
“In 2023, the WSFS CARES Foundation provided grants to more than 390 community organizations who have a shared focus with the Foundation’s key pillars,” said Patrick J. Ward, Executive Vice President, Pennsylvania Market President at WSFS Bank and Chairman of the WSFS CARES Foundation. “We’re proud of the impact the WSFS CARES Foundation and our Team WSFS volunteers have made by working hand-in-hand to address the needs of our Communities, and I would like to thank our dedicated Associate volunteers for living our mission each day.”
 
The WSFS CARES Foundation’s key pillars of support include community investments, affordable housing, revitalization and business economic empowerment, education and leadership development, and strengthening those in need.
 
Among the organizations receiving a grant from the WSFS CARES Foundation in 2023 was Philadelphia Academies, Inc. (PAI) to support its mission to be an innovative nonprofit organization that works with students, educators, and partners to improve outcomes for Philadelphia's young people. In addition to the grant, WSFS provided 10 financial education workshops for more than 150 PAI students in 2023.
 
“WSFS Bank has been instrumental in our efforts to improve outcomes for youth in Philadelphia,” said Jay Vazquez, President and CEO, Philadelphia Academies, Inc. “Thanks to their partnership, our students have gained invaluable financial literacy instruction and enjoyed transformative learning experiences.”
 
In New Jersey, Cathedral Kitchen received a grant to support its mission to help people out of food insecurity and champion their pursuit of stability and prosperity. In addition to financial support, Team WSFS took part in regular volunteer initiatives with the organization, including for the inaugural “We Stand for Service Day.”
 
“Cathedral Kitchen is grateful to the WSFS CARES Foundation for their generous support, both financially and through their dedicated Associate volunteerism,” said Carrie Kitchen-Santiago, Executive Director, Cathedral Kitchen. “Their support helps us continue to meet the immediate needs of vulnerable families and individuals in our community while helping them break down barriers to stability.”
 
The WSFS CARES Foundation also provided support to Sunday Breakfast Mission through a grant as well as partnering together for WSFS’ annual Food Drive, which raised 56,000 pounds of food to be donated to Sunday Breakfast Mission and Sharing Excess.
 
“When you think about a partnership between a Bank and a charity that has resulted in more than a million and a half meals to hungry men, women and children, as well as hundreds of lives that have been transformed through programs that began with one of those meals, it is no longer just a Bank and a charity,” said Rev. Tom Laymon, Senior Pastor, CEO and President, Sunday Breakfast Mission. “It is a wonderful life-giving family adventure – that is what WSFS Bank has been with Sunday Breakfast Mission.”
 
About the WSFS CARES Foundation
The WSFS CARES Foundation brings WSFS’ mission of We Stand for Service® to life across the communities we serve. The mission of the WSFS CARES Foundation is to support qualified nonprofit service organizations within our regional footprint that are invested in improving communities, fostering a spirit of inclusion and diversity, and whose focus aligns with the WSFS CARES Foundation’s transformational vision. For more information, please visit https://www.wsfsbank.com/about/community/the-wsfs-cares-foundation/.
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of December 31, 2023, WSFS Financial Corporation had $20.6 billion in assets on its balance sheet and $84.3 billion in assets under management and administration. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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. 

WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today celebrated the Grand Opening of its banking office and the accompanying Wiss Fiss Lounge, marking another chapter in the Bank’s commitment to Philadelphia. The new banking office is located at WSFS’ Philadelphia headquarters at 1818 WSFS Bank Place on Market Street.
 
Located in the heart of Center City, the new banking office includes offices for meetings with Customers, a full-service ATM, and a modern banking environment. In addition to the new banking office, WSFS leased an additional 1,479 square feet in the building lobby to create the Wiss Fiss Lounge. This space will provide building tenants, visitors, local businesses, and the Community a place to meet and host special events, with access to a variety of quick-serve food and beverage options.
 
WSFS Bank Chairman, President and CEO, Rodger Levenson, and Chief Consumer Banking Officer, Shari Kruzinski, were joined by representatives from the State of Pennsylvania, City of Philadelphia, Center City District, The Chamber of Commerce for Greater Philadelphia, Philadelphia Industrial Development Corporation, WSFS Associates, Customers, and Community partners to celebrate the banking office and Wiss Fiss Lounge Grand Opening.
 
The WSFS CARES Foundation, the charitable giving arm of WSFS Bank, provided its first grant of 2024 to Gift of Life Howie’s House. The $10,000 grant will support the organization’s mission to serve as a “home away from home” for transplant patients and their families by providing temporary, affordable lodging, and supportive services to those who travel to Philadelphia for transplant-related care. The celebration also featured a performance by a Mummers string band, and an appearance by Phang, the Philadelphia Union’s mascot.
 
“Since WSFS moved into this building in 2019, we’ve anxiously awaited this day and the opportunity to open a banking office at WSFS Bank Place,” said Kruzinski. “We look forward to welcoming customers to our new banking office and Wiss Fiss Lounge. This location will provide a full range of amenities to meet Customers’ needs and space to share with Customers, Community members, and our fellow tenants of 1818 Market Street. WSFS has been serving our Customers and Communities for nearly 200 years, and our team is eager to bring banking services to this new location in Center City Philadelphia.”
 
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the Greater Philadelphia and Delaware region. As of September 30, 2023, WSFS Financial Corporation had $20.0 billion in assets on its balance sheet and $77.6 billion in assets under management and administration. WSFS operates from 116 offices, 88 of which are banking offices, located in Pennsylvania (59), Delaware (40), New Jersey (14), Florida (1), Nevada (1), and Virginia (1), and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust^®, The Bryn Mawr Trust Company of Delaware, Cash Connect^®, NewLane Finance^®, Powdermill^® Financial Solutions, WSFS Institutional Services^®, WSFS Mortgage^®, and WSFS Wealth^® Investments. 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.