Beneficial Bank

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Beneficial Bank
Public
Traded asNASDAQBNCL
Russell 2000 Component
IndustryFinance
Founded1853
HeadquartersPhiladelphia, Pennsylvania, United States
Key people
Gerard P. Cuddy, president and CEO
ProductsFinancial services
Total assetsUS $4.7 billion
Number of employees
950+
Websitethebeneficial.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, Pennsylvania with more than 58 locations throughout Pennsylvania and Southern New Jersey.[1] The bank provides financial services including personal and business banking, mortgages and loans, wealth management, business and insurance services.[1]

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.[2]

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 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. The bank's most recent acquisition was the 2015 purchase of Conestoga Bank of Chester Springs, Pennsylvania.

Beneficial completed its conversion to a publicly traded company in early 2015, and was advised by Sandler O'Neill and Partners.[3]

In 2014, Beneficial moved its headquarters to 1818 Market Street in Philadelphia, at which point the building was renamed 1818 Beneficial Bank Place.[4]

WSFS and Beneficial announced that WSFS would acquire Beneficial, with the deal expected to close in early 2019.[5]

References[edit]

  1. ^ a b Beneficial Bank. "Beneficial Bank". Beneficial Bank. Retrieved 9 July 2015.
  2. ^ DiStefano, Joseph N. (15 August 2014). "Beneficial, Philly's largest bank, to sell majority stake". Philly.com. Retrieved 9 July 2015.
  3. ^ DiStefano, Joseph N. (2 December 2014). "Beneficial Bank: Weak stock offering; 'fraudulent texts'". Philly.com. Retrieved 9 July 2015.
  4. ^ Spikol, Liz. "Today: 1818 Market Street Is Renamed, Becomes Beneficial's Corporate Headquarters". Philadelphia Magazine. Retrieved 9 July 2015.
  5. ^ "WSFS Financial Corporation Announces Combination with Beneficial Bancorp, Inc., Creating the Largest, Premier, Locally-Headquartered Community Bank for the Greater Delaware Valley". Nasdaq. 8 August 2018. Retrieved 29 August 2018.

External links[edit]