Beneficial Bank
| Company type | Public (Nasdaq: BNCL) |
|---|---|
| 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+ |
| 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, 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
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]
References
- ^ a b 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.
External links
- TheBeneficial.com, Official website
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