|Traded as||Formerly NASDAQ: BNCL|
Russell 2000 Component
|Headquarters||Philadelphia, Pennsylvania, United States|
|Gerard P. Cuddy, president and CEO|
|Total assets||US $4.7 billion|
Number of employees
Beneficial Mutual Bancorp, Inc. operated Beneficial Bank, a full-service bank whose assets totaled approximately $5 billion upon its acquisition by WSFS in 2019. Founded in 1853, Beneficial was the oldest and largest bank headquartered in Philadelphia, Pennsylvania with more than 58 locations throughout Pennsylvania and Southern New Jersey. The bank provided financial services including personal and business banking, mortgages and loans, wealth management, business and insurance services.
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 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.
WSFS and Beneficial announced that WSFS would acquire Beneficial, with the deal expected to close in early 2019. The deal ultimately closed March 1st, 2019. All former Beneficial offices will be rebranded under the WSFS name on August 26th.
- Beneficial Bank. "Beneficial Bank". Beneficial Bank. Retrieved 9 July 2015.
- DiStefano, Joseph N. (15 August 2014). "Beneficial, Philly's largest bank, to sell majority stake". Philly.com. Retrieved 9 July 2015.
- DiStefano, Joseph N. (2 December 2014). "Beneficial Bank: Weak stock offering; 'fraudulent texts'". Philly.com. Retrieved 9 July 2015.
- Spikol, Liz. "Today: 1818 Market Street Is Renamed, Becomes Beneficial's Corporate Headquarters". Philadelphia Magazine. Retrieved 9 July 2015.
- "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.
- "Beneficial is now officially part of the WSFS Bank family". Wilmington Savings Fund Society. Retrieved 18 June 2019.
- TheBeneficial.com, Official website