Rahul Sharma (Editor)

Beneficial Bank

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Type
  
Public (NASDAQ: BNCL)

Products
  
Number of employees
  
950

Total assets
  
4.7 billion USD

Industry
  
Website
  
thebeneficial.com

Founded
  
1853

Beneficial Bank httpsre21ultiprocomben1000jobboardCustomS

Key people
  
Gerard P. Cuddy, president and CEO

Headquarters
  
Philadelphia, Pennsylvania, United States

CEO
  
Gerard P Cuddy (1 Jan 2007–)

Beneficial bank s escrow campaign tv spot


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. The bank provides financial services including personal and business banking, mortgages and loans, wealth management, business and insurance services.

Contents

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.

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.

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

References

Beneficial Bank Wikipedia


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