Good afternoon everyone,
As you might have noticed in our Personnel Files column a week ago that WSFS executive Tom Stevenson plans to retire at the end of the year after more than two decades at the company.
Stevenson is one of the reasons WSFS was able to grow with the acquisition of Philadelphia-based Beneficial Bank.
It was Stevenson who came up with the concept of Cash Connect, a thriving WSFS business. Former CEO Marvin “Skip” Schoenhals gave the green light to Stevenson in launching the company that provides services for automatic teller machines and related systems.
Stevenson, like Schoenhals, was a fellow Michigander and headed a Midwestern ATM venture prior to joining WSFS.
The launch came after Schoenhals had guided the bank out of a near-death experience brought on by imprudent lending decisions and a helter-skelter diversification effort.
Most CEOs dealing with such an ordeal would have stuck to the basics, but Skip and Tom moved forward. One built-in advantage was WSFS’ pioneering effort in debit cards used in ATMs and store purchases.
Cash Connect has since grown into the second largest provider of ATM cash management and delivery services for 26,000 non-bank machines and systems nationwide. Better yet, the company added $51 million in fee income in 2018.
Cash Connect and a decision to move into profitable fee-based trust and other financial services gave WSFS enough heft to acquire less diversified Beneficial.
Stevenson has also made an impact on the community, thanks to efforts that included chairing Kind to Kids, a nonprofit serving children in foster care or other situations. He is now a committee member with the Bay Hundred Youth Coalition.
The challenge for current CEO Roger Levinson and management is to keep those entrepreneurial fires alive in the difficult process of integrating Beneficial.
WSFS did make a wise decision in making a big investment in technology in integrating the systems of the two financial institutions.
Enjoy what seems to be shaping up to be a nice weekend.
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