WSFS Financial Corporation, Wilmington, announced that its board has approved a quarterly cash dividend of $0.15 per common share payable on November 21 to shareholders of record as of November 7.
This represents an increase of $0.03 per common share from the second quarter 2014 dividend of $0.12 per share, or a 25 percent increase. WSFS last increased its dividend in 2008.
The board of WSFS Financial Corporation has also authorized a stock repurchase program of up to 5 percent of total outstanding shares of common stock, or approximately 470,000 shares. WSFS has approximately 9,400,000 shares of common stock outstanding.
Under the program, purchases may be made from time to time in the open market or through negotiated transactions, subject to market conditions and other factors, and in accordance with applicable securities laws. There is no fixed termination date for the repurchase program, and the repurchase program may be suspended or discontinued at any time. WSFS had an active share repurchase program from 1996 – 2008.
Mark A. Turner, WSFS CEO, said, “The return to an increased cash dividend and a stock buyback reflects our strong capital position and earnings momentum. These combined actions provide increased returns to our broad shareholder base, while also maintaining the flexibility to reinvest in the business and pursue attractive growth opportunities.”
WSFS Financial Corporation’s primary subsidiary, WSFS Bank, is the oldest, locally-managed bank and trust company headquartered in Delaware with $4.9 billion in assets on its balance sheet and $10.6 billion in fiduciary assets.
