WSFS Bank appoints new Chief Compliance Officer

WILMINGTON, Del. - WSFS Bank, the primary subsidiary of WSFS Financial Corporation (NASDAQ:WSFS), announced the appointment of Kate McGlinchey as Senior Vice President, Chief Compliance Officer. McGlinchey will report to Christine Davis, Executive Vice President and Chief Risk Officer, and will oversee the bank’s Compliance Management, Fraud, and Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) programs. According to InvestingPro data, WSFS maintains a "GOOD" financial health score, reflecting strong operational fundamentals and risk management practices.

With over 20 years of experience in regulatory compliance and risk management, McGlinchey has held senior roles at various financial institutions, including TD, Capital One, ING Direct, and most recently, First Citizens Bank. Her expertise spans financial crimes, risk management, governance, and fraud risk management. The appointment comes as WSFS trades at a P/E ratio of 10.35, with analysts setting price targets between $58 and $68, suggesting potential upside opportunities.

Christine Davis expressed confidence in McGlinchey’s capabilities, stating her extensive industry experience will bolster the bank’s commitment to regulatory standards and support its growth. McGlinchey herself is excited to join WSFS and aims to refine the bank’s safeguards to serve its clients, communities, and stakeholders effectively.

McGlinchey holds a Certified Regulatory Compliance Manager (CRCM) designation and an Enterprise Risk Management certification. She studied at the University of Maryland and Drexel University and is active in community service, serving on the board of Communities in Schools of Delaware.

WSFS Financial Corporation, a $2.69 billion market cap financial services company, operates WSFS Bank, the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of December 31, 2024, the corporation reported $20.8 billion in assets and $89.4 billion in assets under management and administration. With annual revenue of $985 million and a 28-year track record of consistent dividend payments, WSFS Bank serves the Delaware Valley from 114 offices across various states, offering a range of financial services. InvestingPro analysis reveals several additional growth indicators and financial metrics available to subscribers, including detailed valuation models and comprehensive financial health assessments.

This appointment is based on a press release statement and reflects the strategic moves WSFS Bank is making to strengthen its leadership team and ensure compliance with regulatory standards.

In other recent news, WSFS Financial Corporation reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $1.11, compared to the forecast of $0.98. However, the company reported a slight miss on revenue, with actual figures at $261.5 million against the expected $263.49 million. Additionally, Keefe, Bruyette & Woods analyst Kelly Motta increased the price target for WSFS Financial to $68.00, up from the previous $64.00, while maintaining a Market Perform rating. The analyst noted WSFS Financial’s strong performance prospects for 2025, highlighting its management of net interest margin amidst potential interest rate cuts.

WSFS Financial’s wealth management segment is expected to experience another year of double-digit growth, supported by strategic investments. Credit costs are anticipated to continue normalizing lower, benefiting the company’s profitability. In other company developments, WSFS Bank appointed Chris Ballard as the Senior Vice President, Director of Total Rewards, to enhance its rewards strategy. Ballard brings nearly two decades of human resources experience to the role, which is part of WSFS Bank’s commitment to creating a rewarding workplace for its associates. These recent developments reflect WSFS Financial’s ongoing strategic efforts to strengthen its market position and financial performance.

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