-----------
[LOGO] WSFS FINANCIAL
CORPORATION 838 Market Street, Wilmington, Delaware 19801
-----------
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Joan Sullivan
December 13, 2004 (302) 571-7288
WSFS FINANCIAL CORPORATION ANNOUNCES NEW Chief Financial Officer
Wilmington, Del. -- WSFS Financial Corporation (NASDAQ/NMS: WSFS)
announces that Stephen A. Fowle has joined the executive management team as
Chief Financial Officer effective January 3, 2005.
Mr. Fowle most recently held the position of Chief Financial Officer at
Third Federal Savings and Loan Association of Cleveland, MHC, in Cleveland,
Ohio. Third Federal is an $8 billion multibank mutual holding company
headquartered in Cleveland that serves the Ohio and Florida markets. Third
Federal is the largest mutual S & L organization in the U.S.
"We are extremely fortunate to have someone with Steve's experience
join the WSFS Team," said Marvin N. Schoenhals, Chairman and President of WSFS
Financial Corporation. "He has a strong and diverse background that integrates
finance, operations and strategic planning which will serve us well as we
continue to grow and expand our banking and wealth management business in
Delaware."
"I am thrilled to be part of such a high performing company and I am
looking forward to future challenges," said Mr. Fowle.
Prior to working for Third Federal, Mr. Fowle was Vice President of
Corporate Finance at Robert W. Baird & Co. Incorporated in Milwaukee, WI.
-----------
[LOGO] WSFS FINANCIAL
CORPORATION 838 Market Street, Wilmington, Delaware 19801
-----------
WSFS New Chief Financial Officer
Page 2
In 1987, Mr. Fowle received a United States Presidential Appointment to
consult with members of the Federal Home Loan Bank Board in Washington, DC. His
advisory included FSLIC thrift resolutions, oversight of Freddie Mac and the
Federal Home Loan Bank System.
Mr. Fowle also held internships as a Market Research Analyst in Tokyo,
Japan; as a Business Liaison Officer at the White House in Washington, DC; and
as a Business and Taxation Intern in the United States Senate, Washington, DC.
Mr. Fowle is a graduate of Stanford University and holds a Masters of
Management, Finance and Marketing from Northwestern University's, J.L. Kellogg
Graduate School of Management in Evanston, IL.
WSFS Financial Corporation is a $2.4 billion financial services
company. At September 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 www.wsfsbank.com.
# # #