WSFS Reaches Dispute Resolution, $ 15 Recovery

WILMINGTON, Delaware, Jan.6, 2022 (GLOBE NEWSWIRE) – WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced that it has finalized a settlement to resolve the litigation against the counterparty to the purchase of 2010 shares agreement whereby WSFS purchased Christiana Bank & Trust Company (Christiana Trust). WSFS will receive $ 15 million as part of the settlement and expects a positive impact on diluted earnings per common share (EPS) of approximately $ 0.23 per share (after tax) during the fourth quarter of 2021.

In the litigation, WSFS sought to enforce compensation arising from the share purchase agreement and to recover any remaining amounts owed to WSFS relating to the arbitration proceeding previously disclosed by Universitas Education, LLC (Universitas). WSFS had entered into a settlement agreement on February 27, 2018 with Universitas to resolve arbitration claims related to services provided by Christiana Trust prior to its acquisition by WSFS in December 2010 by agreeing to pay Universitas $ 12 million to avoid uncertainties of arbitration and put an end to the costs of pending litigation. Subsequently, WSFS sued the insurance companies that provided coverage relating to the Universitas case and reached a settlement to recover approximately $ 8 million during the third quarter of 2018.

This $ 15 million settlement payment to resolve the compensation litigation as well as the approximately $ 8 million in recoveries of past litigation cases (including the insurance company lawsuit) resulted in the recovery. full of the $ 12 million paid to Universitas and all litigation costs incurred by WSFS in the Universitas arbitration and all related proceedings, including the pending litigation, plus an amount attributable to pre-judgment interest.

About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its principal subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company, headquartered in Delaware and the greater Philadelphia area. As of September 30, 2021, WSFS Financial Corporation had $ 15.4 billion in assets on its balance sheet and $ 27.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are bank offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides services comprehensive financial services, including commercial banking, retail banking, cash management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust Company of Delaware®, NewLane Finance®, Powdermill® Financial Solutions, West Capital Management®, 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 operating permanently 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 defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references predictions or expectations of WSFS 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 regarding profits, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words “anticipate”, “will” and similar expressions, among others, generally identify forward-looking statements. These forward-looking statements are based on various assumptions (some of which may be beyond the control of WSFS) and are subject to significant risks and uncertainties (which change over time) and other factors, including the acquisition by WSFS of Bryn Mawr Bank Corporation and the uncertain effects of the COVID-19 pandemic and the actions taken in response to it on WSFS ‘business, results of operations, capital and liquidity, which could result in a material difference between actual results and those currently expected. These risks and uncertainties are discussed in detail in WSFS Form 10-K for the year ended December 31, 2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q for the quarter ended March 31, 2021. June 30, 2021, Form 10-Q for the quarter ended September 30, 2021 and other documents filed by WSFS with the Securities and Exchange Commission from time to time.

WSFS cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made, and WSFS disclaims any obligation to revise or update any forward-looking, written or oral, which may be made from time to time by or on behalf of WSFS for any reason, except as specifically required by law. As used in this press release, the term “WSFS” refers to WSFS Financial Corporation and its subsidiaries, on a consolidated basis, unless the context indicates otherwise.

Investor contact: Dominique C. Canuso
302-571-6833
[email protected]

Media contact: Rebecca Acevedo
215-253-5566
[email protected]


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