WSFS Declares Sale of BMT Insurance coverage Advisors to Patriot Progress Insurance coverage Companies, LLC

WSFS Declares Sale of BMT Insurance coverage Advisors to Patriot Progress Insurance coverage Companies, LLC

WSFS Monetary Company

WILMINGTON, Del., July 07, 2022 (GLOBE NEWSWIRE) — WSFS Monetary Company (NASDAQ: WSFS) right now introduced it offered the enterprise of BMT Insurance coverage Advisors (BMTIA), an unbiased insurance coverage brokerage and danger administration consulting agency all through the USA that builds customized insurance coverage options for shoppers and companies, to Patriot Progress Insurance coverage Companies, LLC (Patriot). The deal consists of a proposal of constant employment for all BMTIA Associates and isn’t anticipated to materially influence future earnings.

Based mostly in Fort Washington, Pa., Patriot is a growth-focused nationwide insurance coverage companies agency that companions with worker advantages and property and casualty companies throughout the USA. Patriot’s collaborative mannequin delivers sources and strategic assist to its companies, whose leaders proceed to function with a excessive diploma of autonomy of their native markets.

“We evaluated many elements when making this choice, with a precedence of sustaining high-quality service and merchandise for our Purchasers, and continued alternatives for our BMTIA Associates,” mentioned Dominic C. Canuso, Govt Vice President and Chief Monetary Officer, WSFS. “Our focus is on the long-term natural progress alternatives for the Financial institution, the Wealth and Belief enterprise, and our different strategic fee-based companies. We decided that one of the best alternative for BMTIA was with Patriot, which brings further product choices and scaled operations to the workforce and is a pacesetter within the insurance coverage business.”

“I’m thrilled to have BMTIA be part of the Patriot household as a result of not solely are they on an accelerated natural progress path, in addition they have an amazingly gifted workforce,” mentioned Matt Gardner, Founder and CEO of Patriot. “As a lifelong Philadelphian, I used to be already conversant in BMTIA and I’m excited for them to now have all of Patriot’s nationwide sources to supply to their purchasers. I do know this will probably be an awesome partnership.”

The deal closed on June 30, 2022.

About Patriot Progress Insurance coverage Companies
Based in 2019, Patriot is a growth-focused nationwide insurance coverage companies agency that companions with worker advantages and property & casualty companies throughout the USA. In 2021, Patriot was ranked because the 27th largest privately held dealer within the U.S. by Enterprise Insurance coverage. With over 1,450 staff working in 120 places throughout 22 states, Patriot’s collaborative mannequin delivers sources and strategic assist to its companies, whose leaders proceed to function with a excessive diploma of autonomy of their native markets. Patriot creates true alignment with its associate companies, and its working philosophy fosters enhanced profession alternatives for its devoted {and professional} workforce. Patriot is backed by GI Companions and Summit Companions. For extra info, please go to www.patriotgis.com.

About WSFS Monetary Company
WSFS Monetary Company is a multi-billion-dollar monetary companies firm. Its main subsidiary, WSFS Financial institution, is the oldest and largest domestically headquartered financial institution and belief firm headquartered in Delaware and the Larger Philadelphia area. As of March 31, 2022, WSFS Monetary Company had $21.0 billion in belongings on its steadiness sheet and $58.1 billion in belongings underneath administration and administration. WSFS operates from 122 workplaces, 94 of that are banking workplaces, situated in Pennsylvania (63), Delaware (39), New Jersey (18), Virginia (1) and Nevada (1) and offers complete monetary companies together with industrial banking, retail banking, money administration and belief and wealth administration. Different subsidiaries or divisions embrace Arrow Land Switch, Money Join®, Cypress Capital Administration, LLC, NewLane Finance®, Powdermill® Monetary Options, West Capital Administration®, WSFS Institutional Companies®, WSFS Mortgage®, WSFS Wealth® Investments, and The Bryn Mawr Belief Firm of Delaware. Serving the Larger Delaware Valley since 1832, WSFS Financial institution is without doubt one of the ten oldest banks in the USA repeatedly working underneath the identical identify. For extra info, please go to www.wsfsbank.com.

Ahead-Wanting Assertion Disclaimer

This press launch incorporates estimates, predictions, opinions, projections and different “forward-looking statements” as that phrase is outlined within the Personal Securities Litigation Reform Act of 1995. Such statements embrace, with out limitation, references to the Firm’s predictions or expectations of future enterprise or monetary efficiency in addition to its targets and aims for future operations, monetary and enterprise tendencies, enterprise prospects, and administration’s outlook or expectations for earnings, revenues, bills, capital ranges, liquidity ranges, asset high quality or different future monetary or enterprise efficiency, methods or expectations. The phrases “imagine,” “anticipate,” “anticipate,” “plan,” “estimate,” “goal,” “challenge” and related expressions, amongst others, usually establish forward-looking statements. Such forward-looking statements are based mostly on numerous assumptions (a few of which can be past the Firm’s management) and are topic to dangers and uncertainties (which change over time) and different elements which may trigger precise outcomes to vary materially from these at present anticipated. Such dangers and uncertainties embrace, however will not be restricted to, tough market situations and unfavorable financial tendencies in the USA usually, and significantly within the markets by which the Firm operates and by which its loans are concentrated, together with attainable declines in housing markets, a rise in unemployment ranges, rates of interest, inflation, provide chain points and slowdowns in financial progress, together with because of the novel coronavirus and its variants (“COVID-19”) pandemic; attainable further mortgage losses and impairment of the collectability of loans; further credit score, fraud and litigation dangers related to our PPP lending actions; financial and monetary influence of federal, state and native emergency orders, vaccine mandates and different actions taken in response to the COVID-19 pandemic; the continuation of those situations associated to the COVID-19 pandemic, together with whether or not as a result of a resurgence or further waves of COVID-19 infections or variants thereof, significantly because the geographic areas by which we function proceed to re-open, and the way rapidly and to what extent regular financial and working situations can resume and the potential waning of vaccine effectiveness or results of low vaccination charges; the Firm’s degree of nonperforming belongings and the prices related to resolving downside loans together with litigation and different prices and complying with government-imposed foreclosures moratoriums; adjustments in market rates of interest which can improve funding prices and cut back incomes asset yields and thus cut back margin; the influence of adjustments in rates of interest and the credit score high quality and energy of underlying collateral and the impact of such adjustments in the marketplace worth of the Firm’s funding securities portfolio; the credit score danger related to the substantial quantity of economic actual property, development and land growth, and industrial and industrial loans within the Firm’s mortgage portfolio; the intensive federal and state regulation, supervision and examination governing virtually each side of the Firm’s operations and potential bills related to complying with such laws; the Firm’s capability to adjust to relevant capital and liquidity necessities, together with its capability to generate liquidity internally or elevate capital on favorable phrases; attainable adjustments in commerce, financial and financial insurance policies and stimulus packages, legal guidelines and laws and different actions of governments, companies, and related organizations, and the uncertainty of the short- and long-term impacts of such adjustments; any impairments of the Firm’s goodwill or different intangible belongings; situations within the monetary markets, together with the destabilized financial surroundings attributable to the COVID-19 pandemic, the altering rate of interest surroundings and inflation, which will restrict the Firm’s entry to further funding to fulfill its liquidity wants; the discontinued publication of London Inter-Financial institution Provided Charge (LIBOR) and the transition to an alternate reference rate of interest, such because the Secured In a single day Financing Charge (SOFR), together with methodologies for calculating the speed which are totally different from the LIBOR methodology and adjusted language for current and new floating or adjustable fee contracts; the success of the Firm’s progress plans, together with its plans to develop the industrial small enterprise leasing, residential, small enterprise and Small Enterprise Administration portfolios and wealth administration enterprise following its latest acquisition of Bryn Mawr Belief; the Firm’s capability to efficiently combine and totally notice the price financial savings and different advantages of its acquisitions, handle dangers associated to enterprise disruption following these acquisitions, and post-acquisition Buyer acceptance of the Firm’s services and products and associated Buyer disintermediation, together with its latest acquisition of Bryn Mawr Belief; destructive perceptions or publicity with respect to the Firm usually and, specifically, the Firm’s belief and wealth administration enterprise; failure of the monetary and operational controls of the Firm’s Money Join® division; antagonistic judgments or different decision of pending and future authorized proceedings, and value incurred in defending such proceedings; the Firm’s reliance on third events for sure vital features, together with the operation of its core programs, and any failures by such third events; system failures or cybersecurity incidents or different breaches of the Firm’s community safety, significantly given widespread distant working preparations; the Firm’s capability to recruit and retain key Associates; the results of issues encountered by different monetary establishments that adversely have an effect on the Firm or the banking business usually; the results of climate, together with local weather change, and pure disasters resembling floods, droughts, wind, tornadoes and hurricanes in addition to results from geopolitical instability, public well being crises and man-made disasters together with terrorist assaults; the results of regional or nationwide civil unrest (together with any ensuing department or ATM closures or injury); attainable adjustments within the velocity of mortgage prepayments by the Firm’s Prospects and mortgage origination or gross sales volumes; attainable adjustments within the velocity of prepayments of mortgage-backed securities as a result of adjustments within the rate of interest surroundings, and the associated acceleration of premium amortization on prepayments within the occasion that prepayments speed up; regulatory limits on the Firm’s capability to obtain dividends from its subsidiaries and pay dividends to its stockholders; any status, credit score, rate of interest, market, operational, litigation, authorized, liquidity, regulatory and compliance danger ensuing from developments associated to any of the dangers mentioned above; and different dangers and uncertainties, together with these mentioned within the Firm’s Type 10-Okay for the 12 months ended December 31, 2021 and different paperwork filed by the Firm with the Securities and Change Fee sometimes.

We warning readers to not place undue reliance on any such forward-looking statements, which communicate solely as of the date on which they’re made, and the Firm disclaims any obligation to revise or replace any forward-looking assertion, whether or not written or oral, that could be made sometimes by or on behalf of the Firm for any cause, besides as particularly required by legislation. As used on this press launch, the phrases “WSFS,” “the Firm,” “registrant,” “we,” “us,” and “our” imply WSFS Monetary Company and its subsidiaries, on a consolidated foundation, except the context signifies in any other case.

Investor Relations Contact:
Dominic C. Canuso
(302) 571-6833
[email protected]

Media Contact:
Rebecca Acevedo
(215) 253-5566
[email protected]