Candice Caruso, Chief Consumer Lending Officer at WSFS Bank, spoke with MONTCO Today about growing up in Elkins Park, where she watched her family manage several thriving businesses: a hair salon, a manufacturing business, and a dress shop. As she got older, she honed a competitive streak through academics and her part-time jobs in high school, including one at an actuarial firm.

Caruso discussed why she chose Philadelphia University, starting her own business, and how she ended up at WSFS. She also talked about how WSFS is helping small businesses and the importance of a solutions-oriented mindset.

Where were you born and where did you grow up, Candice?

I was born in Montgomery County and grew up in Elkins Park, which is part of Cheltenham Township.

What did your parents do?

My family had a family business, and my parents worked in the business. We had a hair salon and spa in Elkins Park for two generations. It carried into the third, but I didn’t work as a hairdresser.

We also had a manufacturing business. My grandfather was a platform artist back in the ’50s, like Vidal Sassoon. They did the beehives and intricate hair designs, and they would compete onstage. My grandfather invented a steam hair curler, which became successful in the ’80s and ’90s. My dad ran that manufacturing business.

My mom was a hairdresser in the salon, and my grandmother had an adjoining dress shop. Later, my mom also worked in the hair curler business.

Where were you in the pecking order?

I’m the oldest of three children. I have two younger brothers. We all still live in different parts of Montgomery County.

Do you still live in the Elkins Park area?

I now live in Lower Providence.

Did you play any sports when you were growing up?

I played softball and basketball in grade school through community organizations. I swam competitively. But I was more academically focused when I was in high school.

How did you distinguish yourself in high school?

I went to Saint Basil Academy, which is a girls’ college prep school. I excelled in my academics there, and I also worked quite a bit throughout high school. I was competing, but I wasn’t necessarily competing in the sense of athletics.

I did get involved in the Spanish Club. I also won the science fair, not only at my school, but I got recognition in Montgomery County. And I wrote for The Lariat, which was creative writing.

What jobs did you have in high school?

I had some of the traditional high school jobs. I worked for Hollywood Video, I worked for Manhattan Bagel, and I sold Cutco. I also worked at our family business in the customer service and marketing areas. Also, when I was 17, I started working for an actuarial firm, which brought me into the financial world. I worked there in qualified plans and 401(k)s and long-term care.

Most 17-year-olds may not even realize what an “actuary” is, and there you were. You have a very strong work ethic.

Yes. I would say that’s something that has been a constant throughout my life. I enjoy my work, I’m very dedicated and I love to learn.

Candice, where does that work ethic come from?

I saw my family work very hard in their own business, particularly my grandfather. I spent a lot of time with both of my grandparents and saw their commitment to their work and to being successful in their own right, so I always tried to emulate that.

What about music? For most people, music is a theme in their life when they’re growing up.

Music makes me happy. I enjoy dancing and concerts, so I tend to like rhythmic music, whether it’s pop music or R&B. I liked Destiny’s Child (now Beyonce), Lady Gaga — all those kinds of things. That’s my fun side. I have my serious side when it comes to work, but I enjoy that party atmosphere that music can bring out of you.

I’ve been to a lot of concerts. I saw Michael Jackson on the Thriller tour, I’ve been to a number of Madonna concerts, and Tina Turner.

Do you have a favorite one?

Madonna is a tremendous performer, especially in her peak time, like the Blond Ambition tour. At the time, that was a very progressive show. I’ve enjoyed Lady Gaga concerts and Beyonce. Those strong, dynamic female performers have always caught my interest, and they usually have a tie to dance.

You were a good student; you could have gone anywhere to college. Where did you end up going, and why there?

I went to Philadelphia University, as it was called at the time, which is now part of Jefferson. I liked a more intimate classroom setting, as I had that in high school, and it allowed me to excel. When I went to visit Philadelphia University, I loved the diversity of all the different people that attended. There were so many different majors and people from different parts of the world. Also, at that time, it had just rebranded from Philadelphia College of Textiles and Science to Philadelphia University, so they were investing in the business program.

I was working full-time as I was going to school full-time, so I wanted something commutable. I always lived at home and helped with my siblings. Philadelphia University gave me that flexibility. They also had a Bucks campus that I leveraged for different classes as well.

It sounds like, looking back, it was a good fit for you.

It was. And I made some good friends that I still have today from attending that school.

Looking back over your career, who were the people who saw promise in you and opened up doors and created opportunities for you?

There’s a number of people who were supportive. It’s really important to have champions throughout your career. When I worked at the actuarial firm, although I was very young, the actuary who owned the firm took a lot of interest in me. He was certainly a champion for me at that stage.

I started my own business, so my partners, who believed in me enough to partner in that business and provide that backing, were certainly champions.

When I came to WSFS, Glenn Coker — who had recruited me into the bank and knew me through the community, the work I was doing, and the business I was running — was a great champion.

What do you think Glenn saw in you?

I was doing coaching and mentoring for startups in Delaware, so he knew me through that channel. I also was serving on a board, which I still serve on today, that was focused on financial literacy. The Chief Consumer Banking Officer at WSFS at the time was also on that board, so he had known me. I also was working with WSFS Bank as a Broker, so they knew my quality of work and my attention to detail.

I think Glenn saw that I had a passion for helping people and small businesses as a channel for doing so. Also, I think I had a sense of dedication that distinguished me from others.

It was perfect timing when he reached out. I was having a child and I wanted to be closer to home. It was meant to be; it was the right time and the right place.

How long have you been with WSFS?

Six and a half years.

Here we are, heading into the home stretch of 2024. What are the priorities and projects that you’re focused on, now and through the end of the year?

My role as the Chief Consumer Lending Officer includes overseeing Consumer Lending, such as home equity lines of credit, auto loans, and things of that sort. It also includes our Small Business and SBA banking and lending efforts, and WSFS places an emphasis on supporting small businesses and being the small business bank of choice in the region. Small businesses are the lifeblood of our community, and we have a commitment to show up for the small businesses that we serve throughout the greater Philadelphia region, into Delaware, South Jersey, and beyond.

One of the things we saw during PPP and COVID broadly is how in need small businesses are of support. WSFS wants to show up for that small business community and not just to say, “Here are the solutions,” but to consult with those small business owners and instead ask, “What are your needs? How can we help you? How can we add value? How can we help you drive your bottom line?” Doing this allows us to uncover opportunities where we can naturally say, “Here’s a solution to help you meet that need.”

Throughout my career, from when I joined that actuarial firm and beyond, I’ve been focused primarily on consumers and small business owners and helping them. This could mean helping them build wealth for retirement, helping them protect themselves with insurance, or, as when I transitioned into lending about 15 years ago, helping support their needs and leveraging debt in responsible ways that drive growth in their business. Now, I’m excited to have a team to help do that broadly throughout the bank.

Philadelphia’s a pretty competitive banking market. What does WSFS bring to the table that’s unique and distinctive in the consumer lending space?

I think it comes down to our mission: We Stand for Service. It’s all about service. We’re committed to understanding the customer and their unique needs to provide them with a personalized approach. Certainly, rate — whether it be a deposit, return, with a money market, or CD — is important, and in lending, rates are critical. But how that plays into the broader strategy and how we consult with the customer around that is going to differentiate us.

It can feel very commodified that we are in an older section of the country that is well-served, but we also have that distinct local underwriting. There might be other lenders, particularly if you go to those larger institutions, who aren’t going to understand. And even the smaller institutions are getting more conservative right now because of the banking environment that we’re in.

So, with that, WSFS is well-positioned. I always like to say we’re the Goldilocks. We’re just right. We can meet the needs of the local organization that knows your community, your business, and the customers you serve, but we also can lend and provide the right level of digital tools and the consultation that’s going to support your relationship at all stages of the life cycle.

Are there specific projects that you’re focused on right now?

We’re looking to do more with smaller dollar lending. When I say “smaller dollar,” particularly in the small business space, that’s $350,000 and under. That might sound like a big number, but it’s not as big as you might think, especially with the rising costs of items. So, we’re looking to do more with businesses that have needs and are looking to grow.

We always want to make sure we can provide competitive and attractive money market and CD rates. Cash management is critical to the life cycle of the business and, when it makes sense, potentially leveraging a line of credit. We want to make sure the right tools are in the small business owner’s toolbox.

We are also a top SBA lender. We strive, even if there’s a credit enhancement needed, to meet small business owners where they need to be met, so that as they grow and evolve, they continue to be our customers.

What’s something big that you’ve changed your mind about over the past five or six years, Candice?

I don’t know if I would say it’s a change of mind, but I always approach things with an open-mindedness. I try to be intellectually curious.

I also strive to make sure we have a lot of different insights and opinions before we make a decision. Sometimes you think you know the answer, but maybe what you thought doesn’t turn out to be exactly the way you anticipated. I’ve gotten comfortable with the fact that we may not always know the answer, but we should come up with a hypothesis, we should test and learn, and if we find that our hypothesis is not quite right, that’s okay! We can come up with a new idea and test that. That’s what makes things fun and interesting and, frankly, with the speed of change today, we have to have that agility and curiosity to continue to move and evolve.

And there’s not just one way to do things. If someone has another approach that may maybe equally effective but makes it more accessible, why not try it?

What keeps you hopeful and optimistic?

I am a glass-half-full kind of person. I’m naturally an optimist, but I’m also a realist. The people you surround yourself with, whether that be friends, family, or coworkers, are critically important to maintaining that optimism. Ultimately, it’s about doing purposeful, good work. It’s important to feel like you’re making a difference.

What is that for you? What gives you a sense that you’re purposefully making a difference?

I love to celebrate the successes of others, so if we have a loan, I love going out and seeing the location in action and how it’s helping the business or how it’s created jobs for others. It’s not about how we did the work to approve that loan, it’s about what it’s doing to make an impact on that community, to that business owner. Is it helping a family support their kids in going to school or other programs? All those activities are what fill my bucket.

Finally, Candice, what’s the best advice you’ve ever received?

I always strive for greatness. I always want to be my best self. I’m not comparing myself to others, but I want to strive for greatness. I think every successful person has failed, but they’ve learned from it. It’s more about the progression.

Also, being solution-oriented is important. When you have that persistence and solution mindset, it will drive progress and innovation. It will, at times, challenge you, but ultimately, as you make the progression, you’ll reflect and see that what you thought was the end was not the end. It was just another stepping stone to help you through that journey. It’s about having that growth mindset and abundance, knowing that there’s more for you out there, and encouraging others to strive for that as well.