October 27, 2011
Beneficial Bank, the biggest bank headquartered in Philadelphia, reported its biggest quarterly profits in more than a year, but chief executive Gerry Cuddy still has a subdued outlook on the economy. "We remain concerned about economic conditions and the interest rate environment and believe we are in a period of slow growth that will last well past 2012," Cuddy said in a news release announcing that Beneficial earned $4 million, or 5 cents per share, in the third quarter, which ended Sept.
May 17, 2011 |
Beneficial Bank, which is fighting a higher level of troubled loans than most rivals, has replaced its chief lending officer, Andrew J. Miller, a 37-year company veteran. In a regulatory filing Friday, Beneficial, the biggest bank still based in Philadelphia, said Miller, 55, left May 6 "to pursue other opportunities" and would be paid $880,980 over two years. Miller's replacement is James E. Gould, 64, most recently managing director of private banking for Wilmington Trust Bank in Pennsylvania and southern New Jersey and a veteran of CoreStates and Mellon Bank.
April 11, 2013 |
Looking for a new headquarters, Gerard P. Cuddy, chief executive of Beneficial Bank, the biggest and oldest bank still based in Philadelphia, has been cruising the tenants' market that is Center City's office-rental scene. "We analyzed space in 28 buildings," Cuddy said Tuesday. "This is a good time to be a shopper looking for 100,000 square feet in Philadelphia. David Binswanger, our broker, is extraordinary. This wasn't a transaction for him; it was like a mission. " On Wednesday, Cuddy plans to announce Beneficial's new headquarters: four floors of a 42-story tower at 1818 Market St., owned by Sovereign Capital Management Group, that will be renamed Beneficial Place.
July 30, 2014 |
A New Jersey investment firm has agreed to pay $30.25 million for Northeast Philadelphia's Deer Meadows Retirement Community, which filed for bankruptcy protection in April. Investment 360 L.L.C., of Lakewood, will function as a "stalking horse bidder" at an auction next month, setting a baseline price, according to a bankruptcy court filing. U.S. Bankruptcy Judge Eric L. Frank on Monday scheduled a hearing for Aug. 11 on a proposed breakup fee that would pay 2.5 percent of the purchase price, or $756,250, to Investment 360 if the deal does not close or a higher bidder emerges.
June 6, 2014 |
A bankruptcy judge in Philadelphia showed a trace of impatience with creditors of Deer Meadows Retirement Community at a hearing Wednesday. "I really expect there to be a settlement here, from the facts that I've heard," said Chief Judge Eric L. Frank after a session that included an hour-long recess punctuated by testy exchanges among lawyers. "I find it astounding that there is no agreement on this," he continued, before scheduling another hearing in the case Monday. Specifically, Frank was referring to the conditions under which Deer Meadows, where nearly 500 elderly live, including many in a nursing home, is allowed to spend cash that also functions as collateral for lenders.
September 19, 2011
Beneficial Mutual Bancorp Inc., which owns Beneficial Bank, the biggest bank based in Philadelphia, said Monday it adopted a stock-repurchase program that will allow it to buy back up to 2.5 million shares, or 7 pecent of the bank's 34.9 million shares that are publicly traded. Beneficial's shares closed in Nasdaq trading at $7.90, down 23 cents. Beneficial has 60 branches and had $3.8 billion in deposits at the end of June. -Harold Brubaker
March 24, 2012
Police and the FBI are searching for a man who slid a threatening demand note to a teller Friday afternoon at a Center City bank and fled with an undisclosed amount of cash. The man walked into the Beneficial Bank branch near 16th and Chestnut Streets about 12:45 p.m. He was last seen running north, police said. Authorities said tipsters may call the FBI at 215-418-4000 or the city police tip line at 215-686-8477 (TIPS). - Staff report
August 19, 2012
A 55-year-old woman was robbed of $20,000 while she tried to make a night deposit at a Port Richmond bank Friday, police said. The robbery occurred about 9:10 p.m. at the Beneficial Bank branch at 2514 Aramingo Ave., Officer Tanya Little said. An unidentified man came up from behind the woman and grabbed her deposit bag, Little said. He was last seen getting into a dark-colored Chevrolet Suburban. - Robert Moran
October 20, 2015
Cedric Rockamore has been elected to the board of the Walnut Street Theatre , Philadelphia. He is vice president, hub operations, Philadelphia International Airport, American Airlines. Beneficial Bank, Philadelphia, has named Michael J. Donahue to its board. A veteran of 16 boards of directors, he works as an adviser to growth companies funded by the venture-capital firm NewSpring Capital. Previously, he was chief operating officer, KPMG L.L.P. and KPMG Consulting (BearingPoint). Delaware Valley Floral Group , Sewell, has elected Christine Jacobs and Ron Carkoski to the board of the family-owned floral-distribution company.
December 28, 2014 |
Federal and local authorities on Friday asked for the public's help in finding a serial bank robber who in just two weeks has made off with cash from four banks and attempted to rob two more. The man tried to rob a Beneficial Bank in Center City on Dec. 11, and from there, he has hit banks around the city, from West Mount Airy to Point Breeze and Ogontz. On Friday, the man attempted to rob the Wells Fargo Bank at 1575 N. 52d St. in the Parkside section of West Philadelphia, federal authorities said.