WSFS combines two businesses to form equipment finance division
WSFS Financial in Wilmington, Del., has combined two businesses it gained from its purchase of Beneficial Bancorp in Philadelphia.
The $7.2 billion-asset company said in a press release Wednesday that it rebranded Neumann Finance and Beneficial Equipment Finance as NewLane Finance. The combined business focuses on equipment financing.
WSFS, which bought Beneficial on March 1, said NewLane will use "advanced technologies" to provide expedited financing decisions. The business is based in Philadelphia.
Dan Dyer is NewLane's CEO, while George Pelose is the division's president. Joe Pucci, who was president of Beneficial Equipment Finance, will join NewLane’s leadership team.
The move was important because it allows WSFS to build its equipment financing business on a single platform, Rodger Levenson, the company's president and CEO, said in the release.
"Our new name, combined with the strength of Beneficial Equipment Finance ... and the backing of WSFS, will provide significant opportunities to scale our business," Dyer said in the release.