WILMINGTON, Del., March 1 /PRNewswire-FirstCall/ -- WSFS Financial Corporation , the parent company of Wilmington Savings Fund Society, FSB, announced today that it has repurchased 200,000 shares of the Company's common stock at $68.10 from Peninsula Investment Partners, L.P. This price represents WSFS shares' average trading price on March 1, 2007. Including this transaction, since December 31, 2006, WSFS has repurchased 355,000 shares at an average price of $68.13. WSFS has purchased approximately 64.4% of its outstanding shares at an average price of $24.98 since its repurchase program began in 1996. Over that same period, WSFS has returned more than 64% of its earnings to shareholders through cash dividends and share repurchases. Under the current authorization, approximately 191,600 shares remain eligible for repurchase. After the repurchase of shares from Peninsula, WSFS continues to be capitalized at levels in excess of regulatory requirements for "well capitalized" institutions.
R. Ted Weschler, a Director of WSFS since 1992, is the founder and Managing Partner of Peninsula Investment Partners, L.P. a private investment management company in Charlottesville, VA. Mr. Weschler is not standing for re-election at the end of his current term as Director, which expires at the April 2007 Annual Meeting of Shareholders.
Marvin N. Schoenhals, Chairman and President of WSFS said, "We are enthusiastic about this opportunity to buy a substantial block of shares with an execution that would be unavailable through open market repurchases. This repurchase further demonstrates WSFS' active, disciplined capital management strategy." He went on to say, "Mr. Weschler indicated that he was liquidating the remaining portion of Peninsula's investment in WSFS due to increases in the targeted minimum investment size for his fund and in keeping with the aggressive risk profile of the fund he manages."
Mr. Weschler stated, "Although I will miss the regular interaction with the WSFS team, I have very much enjoyed being a part of the customer-focused and shareholder-friendly WSFS culture. I look forward to watching the ongoing success of this outstanding management team."
WSFS Financial Corporation is a $3.0 billion financial services company. Its principal subsidiary, Wilmington Savings Fund Society, FSB, operates 28 retail banking offices in all three counties in Delaware, as well as Chester and Delaware Counties in Pennsylvania providing banking services under the WSFS Bank brand and wealth management and personal trust services under Wilmington Advisors, a division of WSFS bank. Other operating subsidiaries include WSFS Reit, Inc., WSFS Investment Group, Inc. and Montchanin Capital Management, Inc. WSFS, celebrating its 175th anniversary, is one of the ten oldest, continuously-operating banks in the Untied States. For more information, please visit the Bank's website at http://www.wsfsbank.com/.
Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by WSFS Financial Corporation with the Securities and Exchange Commission from time to time. The Corporation does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Corporation.
