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Legal Proceedings
9 Months Ended
Sep. 30, 2011
Legal ProceedingsAbstract 
Commitments And Contingencies Disclosure Text Block

16. LEGAL PROCEEDINGS

 

As disclosed in previous filings, we were served with a complaint filed in U.S. Bankruptcy Court by a bankruptcy trustee relating to a former WSFS Bank customer. The complaint challenges the Bank's actions in exercising its rights concerning an outstanding loan and also seeks to avoid and recover the pre-bankruptcy repayment of that loan. Management of the Bank believes it acted appropriately and will vigorously defend itself against the complaint. No litigation reserve has been recorded as it is not yet possible to establish the probability of or reasonably estimate a potential loss. Our insurance carrier has preliminarily determined our future litigation defense costs are covered by an insurance policy we have for such matters.