WSFS Financial Corporation. the parent company of WSFS Bank, announced this week that it has been ranked No. 1 in trust revenue growth in Delaware by “Bank Director” magazine. “Bank Director” also ranked WSFS No. 26 nationally in the same category.
“We are thrilled to have earned this ranking,” said Louis W. Geibel, senior vice president and chief trust officer. “We have experienced rapid growth over the past few years in alignment with our strategic plan, and we look forward to continued success.”
The growth was made possible by Christiana Trust’s merger/acquisition by WSFS Bank. Christiana Trust’s business model focuses on targeting centers of influence, resulting in incredible sales growth and significant repeat and referral business.
Low interest rates and a tight regulatory environment have presented challenges with revenue generation for many banks in recent years. In contrast, trust has become both promising and lucrative as baby boomers begin taking advantage of wealth management services. Institutional and Corporate Trust Services have also been major contributors to growth.
Trust income grew by 20.8 percent for the banking industry from 2012 to 2014, according to “Bank Director.”