Wilmington
Savings Fund Society (WSFS) - (en)
Wilmington Savings Fund Society, FSB, currently branded as WSFS Bank,
is a Delaware chartered thrift headquartered in Wilmington, DE and is
the retail banking subsidiary of WSFS Financial Corporation.
The bank operates 27 retail branches in all three counties in
Delaware, and Chester and Delaware counties in Pennsylvania. WSFS
offers traditional retail banking services such as checking and
savings accounts, CDs, consumer mortgages, lines of credit, and home
equity loans, and also offers commercial bankings services for small
businesses, business banking and middle market customers, and for real
estate development and investment.
Wilmington Savings Fund Society was chartered as a Delaware thrift in
1832 by a group of Wilmington community leaders and businessmen. The
bank was formed for the working citizens of Wilmington to encourage
thrift, and safeguard and increase their savings in a community bank.
The bank's first day of business was February 18, 1832, in a rented
room "one door below" Town Hall on Market Street.
The bank grew steadily through the 19th century, and moved locations
twice more before constructing their own building at 838 N. Market
Street in 1895.
The building stood until 1929, when the current building was
constructed and opened for business. Three years later the building
would receive its landmark mural, Apotheosis of the Family by N.C.
Wyeth. The mural, 60'x19', was commissioned by Frederick Stone to
celebrate the bank's 100th anniversery, and still hangs in the banking
hall today.
WSFS's growth continued in the 1950's and 60's, and was the first bank
in the United States to issue debit cards in the late 1960's. By the
1980's, WSFS had expanded from northern New Castle County into Kent
and Sussex counties, and took the company public in the mid 1980's on
the NASDAQ market. By early 1990 the bank was in poor financial shape,
and was near bankruptcy. The Board of Directors hired Marvin "Skip"
Schoenhals in 1992, and began a dramatic turnaround. Nearly all of the
lower Delaware branches were sold, and lending practices and credit
quality were administered more closely.
As the bank returned to profitability and stability, WSFS created new
subsidiaries: Wilmington National Finance: a sub-prime mortgage and
reverse mortgage lender (since sold); 838 Investments: an investment
group offering insurance, brokerage services, etc.; Everbank: an
interest banking company (since sold); and Cash Connect: an ATM
servicing and operating business.
WSFS entered the 21st century on strong footing. Strong growth
continues in its commercial banking division, and through an
increasing branch network. Recently the bank has opened new branches
in west Dover, Lewes and Oxford, PA, and has renovated its older
existing branches.
WSFS has also moved its headquarters from 838 N. Market Street, where
it has been since 1885, to 500 Delaware Avenue. WSFS partnered with
Buccini/Pollin Group to construct a new 15 floor, multi-tenant office
building at 500 Delaware Avenue to serve its increased space needs.
The building is the first multi-tenant building built in Wilmington in
nearly 15 years.
