WSFS Financial Corporation announced the call and repayment of $70 million of fixed-to-floating rate subordinated notes due 2027. These notes were originally acquired from Bryn Mawr Trust and have now been repaid using the company's operating cash flows. This action reflects WSFS's proactive approach to balance sheet management.
David Burg, WSFS' Executive Vice President and Chief Financial Officer, stated that the repayment is consistent with the company's strategy of optimizing debt and collateral. This move leverages WSFS's strong capital and liquidity levels to reduce higher funding costs.
The repayment of this legacy debt enhances the company's financial flexibility and strengthens its overall capital structure. It demonstrates a disciplined approach to managing liabilities and improving profitability by reducing interest expenses.
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