WSFS to report 2Q gain from selling Visa stock
WSFS Financial in Wilmington, Del., will report a $22 million gain in the second quarter from selling Visa shares.
The $12.3 billion-asset company disclosed in a regulatory filing Thursday that it sold 360,000 shares of class B shares earlier in the week. WSFS said it still holds about 4,000 class B shares.
WSFS received about 50,000 shares of stock when Visa went public in 2008. WSFS said it acquired another 325,000 shares over time. It received 17,000 more shares when it bought Beneficial Bancorp last year.
The company, which invested $17.7 million to obtain the shares, said its returns on the investment have totaled $78 million. That number included $48.5 million in mark-to-market gains, $4.5 million from a 2018 sale of stock and $3 million in dividends.