Beneficial Bank

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Beneficial Bank
Type Public (NASDAQBNCL)
Industry Finance
Founded 1853
Headquarters 1818 Beneficial Bank Place, Philadelphia, Pennsylvania, United States
Key people Gerard P. Cuddy, president and CEO
Products Financial services
Total assets US $4.7 billion
Employees 950+

Beneficial Mutual Bancorp, Inc operates Beneficial Bank, a full-service bank whose assets total $4.7 billion. Founded in 1853, Beneficial is the oldest and largest bank headquartered in Philadelphia, PA[1] with over 60 locations throughout Pennsylvania and Southern New Jersey. Beneficial Bank provides financial services including personal checking and savings accounts, mortgages and loans, wealth management, business and insurance services.


February 14, 1853: Inspired by 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 meet to discuss starting a Saving Fund Society.

April 20, 1853: The Beneficial Saving Fund Society is incorporated.

January 30, 1854: Beneficial Bank opens its doors for business.

October, 1927: The School Savings Department begins as a way to teach young children the importance of starting to save at an early age.

2003: 150th Anniversary of Beneficial Bank.

January 14, 2005: The Bank completes the acquisition of the insurance firm Paul Hertel & Co., Inc. through the Bank's wholly owned subsidiary, Beneficial Insurances, LLC.

July 13, 2007: The Company completes its minority stock offering and acquires FMS Financial Corporation, the parent company of Farmers & Mechanics Bank.

October 5, 2007: Beneficial Mutual Bancorp, Inc., parent company of Beneficial Bank, announces that, through the Bank's wholly owned subsidiary, Beneficial Insurance Services, LLC, it will acquire the business of the CLA Agency, Inc.

December 5, 2011: The Bank announces the acquisition of St. Edmond's Federal Savings Bank. With this acquisition, Beneficial Bank grows to more than 60 offices throughout the Delaware Valley.

April 10, 2013: Beneficial Bank makes their office at 1818 Market Street in Philadelphia, Pennsylvania their corporate headquarters.[2]


External links[edit]