Capping a four-year comeback from near death with a non-bank acquisition, WSFS Financial Corp. of Wilmington, Del., is buying a reverse mortgage lender. The $1.2 billion-asset financial services company announced this week it has signed a definitive merger agreement to acquire Providential Corp. through a tender offer valued at about $25 million.

A subsidiary of WSFS, called Wilmington Savings Fund Society Federal Savings Bank, will make the tender offer within the next week of all of Providential's outstanding stock at $4 per share. Bank officials expect the offering to be complete by the first of December.

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