WSFS

SITUATION

In the period from August 2021 to July 2022, WSFS Financial Corporation embarked on a significant acquisition journey. The bank completed the acquisition of Bryn Mawr Bank Corporation, a strategic move that would strengthen its position in the Greater Philadelphia and Delaware region. The challenge lay in seamlessly integrating the newly acquired bank into WSFS operations.

TASK

WiserWulff and its team of experienced consultants was entrusted with managing this complex merger. The task involved not only the acquisition of an entire organization but also the integration of its brand with WSFS. One critical issue emerged during the process: compliance discrepancies between the two banks. Specifically, Bryn Mawr had a unique approach to handling Certificates of Deposit (CDs) that differed from WSFS’s practices. This discrepancy required careful consideration to minimize customer impact.

SOLUTION

WiserWulff took a strategic approach to address the challenges:

1. Experienced Project Management: We assigned an experienced project manager to lead the risk workstream. This workstream spanned eight different departments, including audit, legal, fraud, compliance, enterprise, and risk management.
2. Cross-Functional Coordination: Our team facilitated day-to-day management across various workstreams. Weekly meetings were held for each workstream to identify what needed to be transitioned from WSFS to the newly acquired bank. We also determined staffing requirements, reporting structures, and technical equipment needs.
3. Compliance Management: Given the regulatory landscape, the compliance department played a crucial role. We ensured adherence to regulations while notifying customers about the closure of certain CDs.
4. Successful M&A Execution: The merger and acquisition process was executed successfully. The project benefited from exceptional leadership by the manager and director of the Project Management Office (PMO). Their organization, clear expectations, and empowerment of employees contributed to the project’s overall success.
5. Talent Recognition: During the project, we identified hidden talents within the team. For instance, one team member stepped up to lead the Quality Assurance (QA) department and manage test scripts.

BENEFITS

The partnership between WSFS and WiserWulff achieved the following outcomes:

1. WSFS solidified its position as the premier bank and wealth management franchise in the Greater Philadelphia and Delaware region.
2. Total assets increased significantly, positioning WSFS as a dominant force in the local financial market.
3. Lessons learned were documented, which summarized issues, executive summaries, and key takeaways from this transformative project.