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Beneficial Bank

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NEWS
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.
BUSINESS
May 17, 2011 | By Harold Brubaker, Inquirer Staff Writer
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.
BUSINESS
April 11, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
July 30, 2014 | By Harold Brubaker, Inquirer Staff Writer
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.
BUSINESS
June 6, 2014 | By Harold Brubaker, Inquirer Staff Writer
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.
NEWS
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  
NEWS
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
NEWS
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
BUSINESS
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.
NEWS
December 28, 2014 | By Aubrey Whelan, Inquirer Staff Writer
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.
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BUSINESS
August 9, 2016
Abington-Jefferson Health has named Orlando C. Kirton as surgeon-in-chief and chair of the Department of Surgery at Abington Hospital-Jefferson Health. Kirton, a trauma surgeon, served between 1992 and 2001 in the U.S. Army Reserve Medical Corps, where he ascended to the rank of major. He had been the Ludwig J. Pyrtek, MD Chair of Surgery and chief of trauma at Hartford Hospital, Hartford, Conn., and professor and vice chair of surgery University of Connecticut School of Medicine.
BUSINESS
May 24, 2016 | By Joseph N. DiStefano, Staff Writer
Philadelphia citizen Vincent Fumo, still The Senator to his admirers as if the FBI never moved him from Harrisburg to Ashland, Ky., has a public-service warning: Today's thieves are more brazen than ever online and it's easier to lose lots of money, fast, from one email. Here's how it nearly happened to him: It's boating season, and eager new captains like Fumo have been making payments to Drexel Hill's John McDevitt, broker at Bluewater Yachts , with offices from the Chesapeake to the Keys.
BUSINESS
April 26, 2016 | By Joseph N. DiStefano, Staff Writer
Where have all the bankers gone? The continental lenders, with their corner branches - Wells Fargo and PNC , Citizens , TD and Bank of America - still compete with JPMorgan Chase , Capital One , and other branchless brands for Philadelphia's corporate and mass consumer clients. But the local banks that focused on local businesses and their owners have consolidated, to cut costs and squeeze profits from low interest rates and weak loan demand in this slow-growing region. BB&T , from North Carolina, has taken over National Penn and Susquehanna . Souderton- based Univest is absorbing Fox Chase Bank . Philadelphia's East River Bank agreed last month to sell to Downingtown's DNB . Beneficial Bank , last of the multibillion-dollar banks once based in Philadelphia, made $93 million in new loans, mostly to businesses, in the year's first three months - but spent $82 million buying back its own stock to prop up share prices, betting that would be a better investment than more loans.
NEWS
March 31, 2016
FBI seeks help catching robber The FBI/Philadelphia Police Joint Violent Crimes Task Force is seeking help in identifying a man suspected of robbing at least three Center City banks in the last year. The stickups happened July 27 at the Beneficial Bank, 1600 Chestnut St.; Oct. 7 at the Republic Bank, 1601 Walnut St.; and March 18 at the Firstrust Bank, 1515 Market St. Officials said that in each robbery the bandit wore a baseball cap and sunglasses, passed a demand note to a teller, and fled on foot after getting the money.
BUSINESS
March 15, 2016 | Mike Zebe Staff
The Community Design Collaborative, a Philadelphia provider of pro bono design services to nonprofit organizations in greater Philadelphia, has named Julie Bush, Kevin Gray, and Carol Horne Penn to its board. Bush is a registered landscape architect and vice president of Ground Reconsidered, Gray is director of real estate development for New Kensington Community Development Corp., and Penn is a vice president with Clemens Construction Co. Elise Vider has been named the new chair of the steering committee of the Design Advocacy Group , succeeding architect Kiki Bolender.
NEWS
February 19, 2016
An alleged Center City bank robber was arrested by police Tuesday after refusing to pay for his meal at an International House of Pancakes restaurant, according to federal authorities. Michael Bellini of Philadelphia was arrested at the restaurant at 13th and Walnut Streets after a manager called police to complain that Bellini had declined to pay his bill, according to charging documents. Bellini - already under federal supervision for a previous bank-robbery conviction - subsequently confessed to robbing three banks in four days starting Saturday, charging documents said.
BUSINESS
November 3, 2015
Litigator and higher-education legal authority Robert C. Clothier has been hired as senior assistant to the president at Ursinus College , Collegeville. A cabinet-level position, he will provide in-house legal counsel and serve as the college's primary liaison to its board of trustees. He had been a partner at Saul Ewing L.L.P. in the firm's Higher Education and Commercial Litigation practices. World Wide Stereo, a Hatfield electronics retailer, has promoted Emily Cole to director of e-commerce, from director of customer experience.
BUSINESS
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.
ENTERTAINMENT
September 29, 2015 | By Jenny DeHuff, Daily News
Although there were some skeptics in the crowd, I thought Mark Wahlberg gave a polished delivery during the officiating of Saturday night's Festival of Families. He didn't take himself too seriously or pretend to be something he was not, a fear I had when I first heard he was hosting. In reference to the movie, "Ted," he said: "Holy Father, please forgive me . . . I've always hoped the good Lord has a sense of humor when it comes and pertains to many of the movies that I've made.
REAL_ESTATE
September 28, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
One in a continuing series spotlighting real estate markets in the region's communities. Real estate agent Tomeki J. McDuffie calls Beverly "the itty-bitty city. " Perhaps that's because cities are usually much larger than this Burlington County community hugging the Delaware River between Delanco and Edgewater Park. With a population of about 2,600, Beverly also is physically one of New Jersey's smallest cities - 502 acres, about the size of your typical Philadelphia-area borough, which it was until 1857.
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