WSFS, which next month plans to finish combining
In a filing with the
— a $5.7 million loan “related to a refinery that experienced an isolated event which impacted the facility’s operations”
— a $5.9 million loan “to a managed health care facility that was recently placed into receivership by state authorities.”
The total is slightly less than the $13 million in net income WSFS reported for the first three months of 2019. WSFS acquired Beneficial in March.
WSFS had identified both credits as “nonperforming loans for an extended period,” and said the company had been “actively working toward resolution” to get some of its money back, before the borrowers’ recent crises.
Which refinery, and which managed-care facility?
Bankruptcy filings list both WSFS and Beneficial as PES creditors. It is “reasonable to assume” WSFS’ refinery losses are due to the PES fire, wrote analyst
There is no shortage of financially troubled healthcare facilities in the region. For example, last year, the state of
Schiraldi says he expects other banks will be reporting similar credit problems. He cut his earnings estimates for WSFS but said he expects the company will remain profitable and growing.
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