Beneficial Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1853 |
| Defunct | 2019 |
| Fate | Acquired by WSFS Financial Corporation |
| Headquarters | Philadelphia , United States |
Area served | Pennsylvania, South Jersey |
| Products | Retail and commercial banking, mortgage lending, loan products, wealth advisory, insurance solutions |
Beneficial Mutual Bancorp, Inc. was the parent company of Beneficial Bank, a comprehensive banking institution managing roughly $5 billion in assets at the time of its 2019 acquisition by WSFS. Established in 1853, Beneficial held the distinction of being Philadelphia’s oldest and largest bank, with a network of more than 58 branches throughout Pennsylvania and South Jersey. Its service portfolio included retail and commercial banking, mortgage lending, loan products, wealth advisory, and insurance solutions.
History
Beneficial Saving Fund Society was founded in 1853, inspired by Saint John Neumann’s mission to create a reliable savings institution for immigrants in Philadelphia; it commenced operations the following year.
The institution celebrated 160 years of service in 2013. In 2005, it broadened its offerings to include insurance by acquiring Paul Hertel & Co. through its subsidiary Beneficial Insurances, LLC.
Significant acquisitions over the years encompassed FMS Financial Corporation (the parent company of Farmers & Mechanics Bank), St. Edmond's Federal Savings Bank, and Conestoga Bank in 2015.
Beneficial transitioned to a publicly traded company in early 2015, with advisory assistance from Sandler O'Neill and Partners.
In 2014, the bank moved its main office to 1818 Market Street in Philadelphia, renaming the building as 1818 Beneficial Bank Place.
WSFS announced its intention to acquire Beneficial in August 2018, completing the transaction on March 1, 2019. The subsequent integration involved consolidating branches and rebranding them under the WSFS name by August 26.
External links
- TheBeneficial.com, Former official website (Archived 2 March 2019)