Neil Cotiaux, FHLBank, 412-335-9488; Neil.email@example.com
Stephanie A. Heist, WSFS Bank, 302-571-5259; firstname.lastname@example.org
WSFS Bank Recognized for Outstanding Community Service, Receives Pillars of the Community Award at a Gathering of Regional Bankers
Malvern, PA, May 31 – WSFS Bank was presented today with the coveted Pillars of the Community Award in recognition of its commitment to community service over the past year.
WSFS Bank received the award at a meeting of its Delaware and eastern Pennsylvania peers during a bankers conference in Malvern, PA. The honor is bestowed annually on a bank that has done an outstanding job of creating housing for lower-income families and promoting community development throughout the region. It is presented each year by the Federal Home Loan Bank (FHLBank) of Pittsburgh, a private cooperative of nearly 300 financial institutions across Delaware, Pennsylvania and West Virginia.
An active member of the FHLBank cooperative, WSFS Bank promoted five successful projects that received nearly $1.3 million in Affordable Housing Program funds. Additional affordable housing and community development projects have been supported by WSFS Bank loans and tax credit purchases.
WSFS Bank was also cited at today’s awards ceremony for its commitment to businesses in the region. WSFS has accessed more than one-half million dollars from FHLBank’s Banking On Business (BOB) program, saving or creating more than 50 jobs. In 2011, the bank also introduced the Small Business Loans-for-Job Creation Program to further stimulate job growth. It is an originator of small business loans under several government programs and is a preferred lender under the U.S. SBA’s guaranteed loan program.
WSFS Bank’s commitment to community extends well beyond its branch doors. Its associates participate in a number of financial literacy programs, including support for a working branch office in Junior Achievement of Delaware’s BizTown. There, students assume various business roles to learn basic life skills and economic principles. WSFS is also involved in public education reform to help narrow the achievement gap for economically disadvantaged students.
Associates contributed more than 8,000 hours of service to local communities and nonprofits last year. Bank management and board members routinely serve on the boards of local nonprofits, and the bank makes contributions to more than 150 charities ranging from the Connections Community Support Programs, Inc. to the Sunday Breakfast Mission.
“WSFS Bank remembers and lives its values,” commented Winthrop Watson, president and chief executive officer of FHLBank Pittsburgh. “Its belief in and commitment to its neighbors continues to be evident in its record of superior community investment. FHLBank is pleased to work alongside the people of WSFS Bank on a daily basis to make life better for the people and businesses of Delaware and eastern Pennsylvania.”
About WSFS Bank
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest, locally managed bank and trust company headquartered in Delaware with $4.3 billion in assets on its balance sheet and $11.8 billion in fiduciary assets, including approximately $1.0 billion in assets under management. WSFS operates from 49 offices located in Delaware (39), Pennsylvania (8), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking and trust and wealth management. Other subsidiaries or divisions include Christiana Trust, WSFS Investment Group, Inc., Cypress Capital Management, LLC and Cash Connect. Serving the Delaware Valley since 1832, WSFS is the seventh oldest bank in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.
FHLBank Pittsburgh provides a steady stream of low-cost liquidity to local lenders in support of housing finance and community and economic development. FHLBank is privately funded and capitalized and uses no taxpayer dollars. At March 31, 2012, the Bank had 297 financial institution members in its cooperative and approximately $53.3 billion in assets.