WSFS Financial (WSFS) in Wilmington, Del., is expanding its consumer lending business to include private student loans.
The $4.4 billion-asset company has joined with the cloud-based banking technology company LendKey to offer private and consolidated student loans, it announced Wednesday. WSFS will underwrite and own the loans, while LendKey will manage the application process, disbursement and servicing.
"WSFS identified an area of opportunity and we knew we could fill a growing need within our communities to help fund the cost of higher education," Rick Wright, WSFS' chief retail banking officer, said in a news release. "We want to be that valued resource that customers turn to when they start the difficult process of figuring out how to fund college."
On Monday, WSFS announced plans to buy the mortgage banking company Array Financial Group in Haverford, Pa.