Beneficial Bank

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Beneficial Bank
Public (NASDAQBNCL)
Industry Finance
Founded 1853
Headquarters Philadelphia, Pennsylvania, United States
Key people
Gerard P. Cuddy, president and CEO
Products Financial services
Total assets US $4.7 billion
Number of employees
950+
Slogan Your Knowledge Bank
Website thebeneficial.com

Beneficial Mutual Bancorp, Inc operates Beneficial Bank, a full-service bank whose assets total approximately $5 billion. Founded in 1853, Beneficial is the oldest and largest bank headquartered in Philadelphia, PA with more than 58 locations throughout Pennsylvania and Southern New Jersey.[1] Beneficial Bank provides financial services including personal and business banking, mortgages and loans, wealth management, business and insurance services.

History[edit]

Beneficial Bank’s foundation was built on Saint John Neumann's vision of providing a safe, secure place for Philadelphia's immigrants to deposit their savings. Members of the Board of Managers of St. Joseph's Hospital met in 1853 to discuss starting a Saving Fund Society. That same year, The Beneficial Saving Fund Society was incorporated. In 1854, Beneficial Bank began operations.

The bank celebrated its 160th anniversary in 2013. In 2005, Beneficial completed its acquisition of the insurance firm Paul Hertel & Co., through a subsidiary of the bank, Beneficial Insurances, LLC.

Beneficial has made two other major acquisitions in recent years, including the FMS Financial Corporation (the parent company of Farmers & Mechanics Bank) and St. Edmond's Federal Savings Bank.

In 2014, Beneficial moved its headquarters to 1818 Market Street in Philadelphia.[2]

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