Beneficial Bank

Last updated
Beneficial Bank
TypePublic
Formerly Nasdaq:  BNCL
Russell 2000 Component
Industry Finance
Founded1853
Defunct2019
FateAcquired by WSFS Bank
HeadquartersPhiladelphia, 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 Archived

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, with more than 58 locations throughout Pennsylvania and South Jersey. [1] The bank provided financial services including personal and business banking, mortgages and loans, wealth management, business and insurance services. [1]

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. [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 had 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. Its last 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] The deal ultimately closed March 1, 2019. Beneficial offices as well as some WSFS offices were consolidated and/or rebranded under the WSFS name on August 26. [6]

Related Research Articles

East West Bank, the primary subsidiary of East West Bancorp, Inc., is the largest publicly traded bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. It is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations in the U.S. and China, including in the markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West Bank's presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. Forbes magazine has recognized East West Bank as one of “America’s Best Banks” since 2010. In 2018, Forbes ranked East West Bank number five of "America's 100 Biggest Banks."

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania, United States. PSFS was founded in December 1816, the first savings bank to organize and do business in the United States. The bank would develop as one of the largest savings banks in the United States and became a Philadelphia institution. Generations of Philadelphians first opened accounts as children and became lifelong depositors.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of June 2021, it is the 10th largest bank with $509 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world with $2.27 billion in annual revenue.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is a bank headquartered in Michigan. It is the primary subsidiary of Flagstar Bancorp, Inc., a bank holding company. It is one of the largest residential mortgage servicers and is on the list of largest banks in the United States.

Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in Wayne, New Jersey, with approximately $42 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, and Queens, as well as Long Island, Florida, and Alabama. Valley Bank holds approximately $29 billion in assets.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB) is a bank headquartered in Westbury, New York with 225 branches in New York, New Jersey, Ohio, Florida and Arizona. NYCB is on the list of largest banks in the United States.

<span class="mw-page-title-main">WSFS Bank</span> Financial Holding Company

WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, a federal savings bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.

First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with assets of over $37.1 billion as of June 30, 2013. Their slogan is "Do Great Things"

<span class="mw-page-title-main">1818 Market Street</span> 40-story skyscraper in downtown Philadelphia, Pennsylvania, United States

1818 Market Street is a 40-story skyscraper in downtown Philadelphia, Pennsylvania. The building was designed by the firm Ewing Cole Cherry Brott. Construction began on the property in 1972. The developer, Walters Associates, which also developed the Holiday Inn at 1800 Market, planned a construction budget of $50 million for the property. It was the tallest building erected in Philadelphia between the completion of City Hall in 1901 and the completion of One Liberty Place in 1987, during the period of the "gentlemen's agreement", the observation of an unofficial height restriction of the top of the hat of the statue of William Penn atop City Hall that stood for 86 years. The building is the eleventh-tallest in Philadelphia.

<span class="mw-page-title-main">Northwest Bank</span> Pennsylvania Bank

Northwest Bank is a bank headquartered in Warren, PA. It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company. It operates 170 branches in central and western Pennsylvania, western New York, eastern Ohio, and Indiana.

<span class="mw-page-title-main">Dime Savings Bank of New York</span>

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

Eastern Bank is a bank based in Boston, Massachusetts. Before de-mutualizing in 2020, it was the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts. With 95 branches, Eastern had a 3.2% market share in Massachusetts in 2016. It was founded in 1818 in Salem, and then moved to Lynn, Massachusetts. The company began an aggressive expansion campaign near the end of the 1990s and moved its headquarters to Boston's Financial District. In 2020, Eastern Bank announced plans to de-mutualize and become a publicly traded corporation.

Sandy Spring Bancorp, Inc. is a bank holding company headquartered in Olney, Maryland and operating in the Washington metropolitan area.

CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois. Founded in 1989 as The PrivateBank and Trust Company, a subsidiary of PrivateBancorp Inc., the company became a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce (CIBC) after a US$5 billion acquisition in June 2017. This acquisition marks the Canadian bank's second formal entry into the American retail and investment banking market. CIBC Bank is one of the largest banking institutions in the United States

Berkshire Bank is a bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company. The bank operates 130 branches in New England, New York and the Mid-Atlantic, and is the largest regional bank headquartered in Massachusetts.

OceanFirst Bank, N.A. is an American regional bank subsidiary of the U.S. financial services holding company OceanFirst Financial Corp founded and headquartered in Ocean County, New Jersey, with operations throughout New Jersey, and in the major metropolitan markets of Philadelphia, New York City, Baltimore, Washington D.C., and Boston.

References

  1. 1 2 "Beneficial Bank". Beneficial Bank. Archived from the original on 6 July 2015. Retrieved 9 July 2015.
  2. DiStefano, Joseph N. (15 August 2014). "Beneficial, Philly's largest bank, to sell majority stake". The Philadelphia Inquirer . Retrieved 31 August 2020.
  3. DiStefano, Joseph N. (2 December 2014). "Beneficial Bank: Weak stock offering; 'fraudulent texts'". The Philadelphia Inquirer. Retrieved 31 August 2020.
  4. Spikol, Liz. "Today: 1818 Market Street Is Renamed, Becomes Beneficial's Corporate Headquarters". Philadelphia . Retrieved 31 August 2020.
  5. "WSFS Financial Corporation Announces Combination with Beneficial Bancorp, Inc., Creating the Largest, Premier, Locally-Headquartered Community Bank for the Greater Delaware Valley" (Press release). WSFS Financial. 8 August 2018. Retrieved 31 August 2020.
  6. DiStefano, Joseph N. (4 March 2019). "WSFS and Beneficial are now one big bank, Philly's largest, but the stock is off 20 percent since the deal was announced". The Philadelphia Inquirer. Retrieved 31 August 2020.