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WSFS Financial sells BMT Insurance Advisors to Patriot Growth

Jul. 07, 2022 5:58 PM ETWSFS Financial Corporation (WSFS) StockBy: Jessica Kuruthukulangara, SA News Editor
  • WSFS Financial (NASDAQ:WSFS) said Thursday it sold BMT Insurance Advisors, an independent insurance brokerage and risk management consulting firm, to Patriot Growth Insurance Services.
  • The deal, which includes an offer for continued employment for all BMTIA associates, is not expected to materially impact future earnings.
  • "We evaluated many factors when making this decision... Our focus is on long-term organic growth opportunities for the bank, wealth and trust business, and our other strategic fee-based businesses," said WSFS CFO Dominic Canuso.
  • The deal closed on Jun. 30.

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