Daily News: July 11, 2019

WFSF Writes Down $11.6MM in Bad Loans


The Philadelphia Inquirer reported that WSFS, the largest Philadelphia—based bank, faces millions in losses from bad loans to an oil refinery and a nursing home operator.

According to the Inquirer, WSFS, which next month plans to finish combining Beneficial Bank of Philadelphia into WSFS Bank of Wilmington to create a 90-branch network across the city, its suburbs and Delaware, has had to write down a total of $11.6 million in bad loans due to events “occurring within the last 30 days.”