Wilmington-based WSFS Financial Corporation named Arthur J. Bacci, Executive Vice President and Chief Wealth Officer of WSFS Financial Corporation to also serve as Interim Chief Financial Officer.
Bacci replaces Dominic C. Canuso, WSFS’ former Chief Financial Officer, whose employment ends on August 31.
WSFS issued the following:
“The decision was not related to the company’s financial statements, operating results, or to any disagreements or concerns regarding the company’s financial or reporting practices. Out of respect for associate confidentiality, we cannot comment further on personnel matters. We thank Dominic for his service and wish him the best in his future endeavors.”
Before joining WSFS in 2018, Bacci successfully led multiple business segments with the Principal Financial Group during his 16 years with the company. Bacci served as CEO of Principal Bank, CFO and CEO of Principal Trust Company, and CFO of Ashton Technology Group, Inc., a NASDAQ publicly traded company.
“Art has a deep understanding of our Company and the proven leadership skills and professional background to step into this interim role while we begin our search for our next Executive Vice President and Chief Financial Officer,” said Rodger Levenson, CEO of WSFS Bank. “We thank Dominic for his service and wish him the best in his future endeavors,” Levenson added.
WSFS is the largest bank headquartered in the Delaware Valley but has a small share of the market when compared to rivals like PNC and Wells Fargo.
WSFS has grown rapidly in recent years with the acquisition of Philadelphia-based Beneficial and Bryn Mawr, which was based on the Main Line.
Regional banks like WSFS have been under the microscope by ratings agencies over concerns about rising interest rates. Shares of WSFS were down nearly 4% on Friday, a day when other banks saw smaller stock price declines.