<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
WSFS FINANCIAL CORPORATION
--------------------------
(Name of Issuer)
Common Stock
par value $0.01 per share
-------------------------
(Title of Class of Securities)
929328102
---------
(CUSIP Number)
ROBERT E. SULLIVAN
Pillsbury Madison & Sutro LLP
235 Montgomery Street
San Francisco, CA 94104
(415) 983-1361
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 7, 1997
---------------
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [X].
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP No. 929328102 13D Page 2
- --------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS Isocrates Limited
S.S. OR I.R.S. IDENTIFICATION Isocrates Trust
NO. OF ABOVE PERSONS Sorgente Company Unlimited
Zayucel Limited
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS See Item 3
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 860,742
SHARES --------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY --------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 860,742
REPORTING --------------------------------------------------------------
PERSON 10. SHARED DISPOSITIVE POWER
WITH
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
860,742
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.24%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO and OO
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 929328102 13D Page 3
Item 5. Interest in Securities of the Issuer.
-----------------------------------
(a) and (b) WSFS has advised the filing entities that, as of
November 8, 1996, there were issued and outstanding 13,789,826 shares of
Common Stock. As of the close of business on November 1, 1996, Sorgente Company
Unlimited directly owned beneficially 740,742 shares of Common Stock and Zayucel
Limited directly owned beneficially 494,229 shares of Common Stock. On January
7, 1997 (further described in Item 5, paragraph (c) below) Zayucel sold 254,229
of those shares. On January 8, 1997 Zayucel sold an additional 15,000 shares of
Common Stock and on January 9, 1997 sold an additional 105,000 shares.
Therefore, as of the close of business on January 9, 1997, Isocrates Limited and
Isocrates Trust indirectly owned beneficially the aggregate of the shares owned
by Sorgente Company Unlimited and Zayucel Limited, numbering 860,742 shares.
Such shares in the aggregate constitute 6.24% of the total number of shares of
Common Stock outstanding. The filing entities have the sole power to vote and to
dispose of all such shares of Common Stock.
(c) See Item 3 with respect to shares acquired in partnership
distributions. On January 7, 1997 Zayucel Limited sold 254,229 shares of Common
Stock of WSFS at an average price of $11.04 per share with net proceeds to
Zayucel Limited of $2,806,085. On January 8, 1997 Zayucel Limited sold 15,000
shares of Common Stock of WSFS at an average price of $11.17 per share with net
proceeds to Zayucel Limited of $167,499. On January 9, 1997 Zayucel Limited sold
105,000 shares of Common Stock of WSFS at an average price of $11.15 per share
with net proceeds to Zayucel Limited of $1,170,921.
(d) Inapplicable.
(e) Inapplicable.
<PAGE>
Signature: After reasonable inquiry and to the best of my knowledge
and blief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: January 13, 1997.
ISOCRATES LIMITED
By: /s/ R. TED WESCHLER
-------------------------
Name: R. Ted Weschler
Title: Director
ISOCRATES TRUST
By: /s/ R. TED WESCHLER
-------------------------
Name: R. Ted Weschler
Title: Director of
Isocrates Limited,
Trustee
SORGENTE COMPANY UNLIMITED
By: /s/ LAURENCE MOH
-------------------------
Name: Laurence Moh
Title: Director
ZAYUCEL LIMITED
By: /s/ R. TED WESCHLER
-------------------------
Name: R. Ted Weschler
Title: Director