News

Cash Connect owner named nation's top mid-tier bank

September 3, 2003

NEWARK, Del. -- WSFS Financial Corporation (NASDAQ/NMS: WSFS), the parent company of Wilmington Savings Fund Society, FSB, and Cash Connect ATM Solutions, has been named by US Banker as this year's top mid-tier bank in the nation.

The ranking, which appears in the August edition of US Banker, was based on numbers from Keefe Bruyette & Woods, SNL Financial and FactSet. The primary criteria was a three-year average return on equity, ranking performance of the top 100 banks and thrifts with assets greater than $1 billion but excluding the country's 50 largest financial firms.

According to a news release, WSFS has assets of $2 billion, a total capital ratio of more than 21 percent and a stock price that recently hit a new 52-week high of $45.41.

Helping contribute to the success was WSFS' Cash Connect division, which provides ATM vault cash services for more than 4,400 ATMs nationwide. According to the release, Cash Connect experienced growth of more than 100 percent in both 2001 and 2002.

"WSFS is very proud of the accomplishments of our Cash Connect Division. With two straight years of triple digit growth, it is clear that Cash Connect is doing an extraordinary job of meeting the needs of ATM operators all across the country," said Marvin N. Schoenhals, chairman and president of WSFS.

Tom Stevenson, president of Cash Connect, said that WSFS provides a strong foundation for the Cash Connect business.

"Cash is the lifeblood of the ATM industry," Stevenson said. "ATM owners need to know that their cash provider has the financial strength to be there for them regardless of the economy or market trends. In recent years, we have seen a number of vault cash providers exit the business and it has had a profound impact on their customers."

WSFS' Wilmington Savings Fund Society, FSB, operates 22 retail banking offices in Delaware and Pennsylvania.

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