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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 7, 1999
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WSFS FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-16668 22-2866913
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
838 Market Street, Wilmington, Delaware 19801
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(Address, including zip code, of principal executive office)
(302) 792-6000
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
(a)
On December 7, 1999, WSFS Financial Corporation issued a press release
announcing an initiative to expand its home equity lending business through
Community Credit Corporation ("CCC"), a wholly-controlled operating subsidiary
of its primary subsidiary, Wilmington Savings Fund Society, F.S.B. ("WSFS"), a
federally chartered thrift.
To achieve its objective, WSFS has attracted seasoned executive managers
to CCC in order to lead the expansion. WSFS expects that the short term
incremental impact on operating results of this expansion will cost
approximately $.05 to $.10 per share, in total, over the next twelve months.
This cost will primarily come from the hiring of new management and staff, the
opening of new offices, and other costs associated with the expansion of this
business line. To reflect the new management and new business plan, CCC will be
renamed Wilmington National Finance.
In expanding its home equity lending business, WSFS, through CCC will
continue to directly originate loans and will directly underwrite and originate
loans to investors specifications. WSFS plans to sell substantially all of the
loans within 45 days of origination into the cash market, generating income for
WSFS. WSFS also intends to retain a portion of those originations that are
generally consistent with the lower loan-to-value and higher credit quality
standards of CCC.
A copy of the press release of WSFS Financial Corporation announcing its
expansion of its home equity lending business is being filed as Exhibit 99.1 to
this report and is incorporated herein by reference.
(b)
On December 13, 1999 WSFS Financial Corporation issued a press release
announcing that everbank.com, a division of WSFS, is open for public
transactions. A press release dated September 7, 1999, and filed with the
Securities and Exchange Commission on Form 8-K, announcing WSFS Financial
Corporation's anticipated launch of everbank.com is incorporated herein by
reference.
Everbank.com is a joint effort between WSFS and CustomerOne Financial
Network, Inc. ("C1FN"). C1FN is a privately owned company headquartered in St.
Louis, Missouri.
A copy of the press release of WSFS Financial Corporation announcing that
everbank.com is open for public transactions is being filed as Exhibit 99.2 to
this report and is incorporated herein by reference.
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ITEM 7. EXHIBITS.
Exhibits
99.1 Press Release announcing an initiative to expand WSFS Financial
Corporation's home equity lending business through CCC.
99.2 Press Release announcing the public opening of everbank.com.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
WSFS FINANCIAL CORPORATION
(Registrant)
By: /s/ Marvin N. Schoenhals
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Marvin N. Schoenhals
President and Chief Executive Officer
Date: December 28, 1999
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INDEX TO EXHIBITS
Sequential
Exhibit Page No.
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99.1 Press Release announcing an initiative to expand WSFS Financial
Corporation's home equity lending business through CCC...........
99.2 Press Release announcing the public opening of everbank.com......