WSFS Financial Corporation announced the formation of a new trust company, Christiana Trust Company of Delaware.
The new trust company will be a wholly- owned subsidiary of WSFS Financial Corporation and will supplement the existing WSFS Wealth businesses, including; WSFS Wealth Investments, Cypress Capital Management, West Capital Management, Powdermill Financial Solutions, and Christiana Trust, which is a division of WSFS Bank.
The name came out of a 2010 acquisition of Christiana Bank & Trust, a community bank and trust company that was founded in Greenville in the mid-1990s.
The newly formed Christiana Trust Company of Delaware is a Delaware limited purpose trust company. The new trust company will offer Delaware Advantage trust services including directed trusts, asset protection trusts and dynasty trusts.
“We are excited to have a Delaware-chartered trust company, which will put us in a better position to compete in the Delaware Advantage marketplace and to greater serve our clients and referral sources,” said Louis W. Geibel, senior vice president, chief trust officer, Christiana Trust, who will also serve as president of the new trust company.
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the Delaware Valley.