PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Marvin N. Schoenhals
August 17, 2004 (302) 571-7294
WSFS Financial Corporation Announces New Board Member and Advisor
WILMINGTON, Del., Aug. 17 -- WSFS Financial Corporation (NASDAQ/NMS: WSFS)
announces that Calvert A. Morgan, Jr. has been elected a Director of the
Company. In addition, he will join the management team in the capacity of
Special Advisor.
Calvert A. Morgan, Jr. is the retired Chairman, President, and Chief Executive
Officer of PNC Bank, Delaware in Wilmington, Delaware.
"We are extremely fortunate to have Calvert join the WSFS Team," said Marvin N.
Schoenhals, Chairman and President of WSFS Financial Corporation. "He is an
outstanding Delaware banker and brings unparalleled banking experience and
knowledge that will be a tremendous benefit to WSFS. Mr. Morgan adds significant
depth to WSFS as we continue to grow and expand our presence in Delaware," he
added.
Mr. Morgan has considerable experience in Delaware banking. He joined Bank of
Delaware (predecessor to PNC Bank, Delaware) in 1970 as a management trainee in
Commercial Lending, advancing through various positions until being elected Vice
President and Department Head of Commercial Lending in 1977. He was elected
Senior Vice President of Corporate Banking in 1982 and Executive Vice President
of Corporate Banking, Bank Operations and Corporate Planning in 1986.
In 1987 he was elected to the Board of Directors and later that year to
President and Chief Operating Officer. In 1989, Mr. Morgan was elected Chief
Executive Officer and became Chairman in 1990. He also served as a member of the
Management Committee of PNC Financial Services Group, Inc. for several years.
"I am thrilled to join the WSFS organization in this capacity, and at this time
of expansion," said Mr. Morgan. "WSFS is clearly one of Delaware's leading
financial institutions, committed to delivering high levels of customer service
and shareholder value."
Active in both business and community, Mr. Morgan served as Treasurer and then
Chairman of the Delaware Business Roundtable, Inc., ending his term in 2003. Mr.
Morgan is a former Board Member and past President of the Delaware Bankers
Association. He also served as a Board Member of the United Way of Delaware.
At the present time, Mr. Morgan is a member of the Delaware Economic and
Financial Advisory Council, which provides budgetary advice to the Governor and
General Assembly of the State of Delaware. He also serves as a member of the
Visiting Committee of the Lerner College of Business and Economics at the
University of Delaware. He is a Board Member of Chesapeake Utilities Corporation
(NYSE). He also serves on their Corporate Governance Committee and the
Compensation Committee.
WSFS Financial Corporation is a $2.4 billion financial services company. At June
30, 2004, its principal subsidiary, Wilmington Savings Fund Society, FSB,
operated 23 retail banking offices in all three counties in Delaware, as well as
Chester and Delaware Counties in Pennsylvania. Other operating subsidiaries
include WSFS Credit Corporation, WSFS Reit, Inc., WSFS Investment Group, Inc.
and Montchanin Capital Management, Inc. 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.