Beneficial Bank

Not to be confused with Beneficial Corporation.
Beneficial Bank
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

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]


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]


  1. 1 2 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". Retrieved 9 July 2015.
  3. DiStefano, Joseph N. (2 December 2014). "Beneficial Bank: Weak stock offering; 'fraudulent texts'". Retrieved 9 July 2015.
  4. Spikol, Liz. "Today: 1818 Market Street Is Renamed, Becomes Beneficial's Corporate Headquarters". Philadelphia Magazine. Retrieved 9 July 2015.

External links

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