WSFS Buys Majority Stake in 1st Reverse

WSFS Bank, a subsidiary of WSFS Financial Corp., Wilmington, Del., has acquired a majority interest in 1st Reverse Mortgage Financial Services LLC, a Westmont, Ill.-based reverse mortgage wholesaler. "In addition to WSFS's long history and extensive experience with the reverse mortgage business, this acquisition is the right investment in the right industry at the right time, especially as baby boomers need more choices to finance their retirements," said Mark A. Turner, WSFS's president and chief executive. "1st Reverse has been making loans for more than a year now and, to reach its significant potential, will need the investment and resources that WSFS can provide. As with many new initiatives, we expect modest start-up losses in the first year, but believe the revenue and profit opportunities of providing this product are great." 1st Reverse will retain its name, headquarters, and its management team will remain in place.