WSFS Completes Wind Down of Reverse Mortgage Subsidiary

image WSFS Financial Corporation (Nasdaq: WSFS), the parent company of Wilmington Savings Fund Society, FSB (WSFS Bank), reported breakeven net income for the fourth quarter and a loss per common share of $0.09 after preferred stock dividends.

WSFS also completed the wind-down of 1st Reverse Financial Services, its national reverse mortgage subsidiary which contributed a loss of $363,000 or $0.03 per common share in the fourth quarter.

During the fourth quarter of 2009, 1st Reverse reported a pre-tax loss of $363,000 and recorded $219,000 in fee income along with expenses of $582,000 during the quarter.

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WSFS announced it would start winding down 1st Reverse last year.  According to HUD data, the company endorsed 265 HECMs in 2009.  Check out its listing at ReverseBase for more information.