April 18, 2014 4:32 AM ET


Company Overview of Beneficial Mutual Savings Bank

Company Overview

Beneficial Mutual Savings Bank provides personal and business banking services. It offers deposit accounts, such as money market accounts, certificates of deposits, individual retirement accounts, and health savings accounts. The company offers loan products, including home equity loans, personal loans, auto loans, student loans, and mortgage products. Its investment products include mutual funds and annuities. The company offers online banking, business cash management, beneficial insurance, and financial consultation services. The company was formerly known as The Beneficial Saving Fund Society Of Philadelphia. It was founded in 1853 and is based in Philadelphia, Pennsylvania. Beneficial M...

530 Walnut Street

Philadelphia, PA 19106

United States

Founded in 1853





Key Executives for Beneficial Mutual Savings Bank

Age: 53
Chief Financial Officer
Age: 44
Executive Vice President and Director of Operations
Age: 44
Executive Vice President
Age: 65
Senior Vice President
Compensation as of Fiscal Year 2013.

Beneficial Mutual Savings Bank Key Developments

MichaMichael J. Morris to Retire from Board of Directors of Beneficial Mutual Bancorp Inc., Beneficial Savings Bank MHC and Beneficial Bank

On January 17, 2013, Michael J. Morris notified Beneficial Mutual Bancorp Inc. his intent to retire from the Board of Directors of the company, Beneficial Savings Bank MHC and Beneficial Bank, effective upon the expiration of his current term at the company’s 2013 annual meeting of shareholders.

Beneficial Mutual Savings Bank Faces ATM Accessibility Class Action Lawsuit

An ATM accessibility class action lawsuits, pursuant to the Americans with Disabilities Act (ADA), against Philadelphia-area banks was filed in federal district court in Philadelphia. The lawsuit against Beneficial Mutual Savings Bank was filed by Carlson Lynch. The plaintiff in the lawsuit against Beneficial is Darryl Garner, who is blind and who claims to have been denied access to certain ATMs operated by Beneficial. Garner's complaint specifically quotes a March 2012 Wall Street Journal article that maintains that nearly 50% of the more than 400,000 ATMs in the United States are inaccessible to the visually impaired, despite the fact that new standards pertaining to accessibility to ATMs for the visually impaired took effect on March 15, 2011, and all ATMs were required to be upgraded to meet these new requirements by March 15, 2012.

Beneficial Mutual Savings Bank Announces Executive Changes

Beneficial Mutual Savings Bank promoted Martin Gallagher to executive vice president, chief credit officer from senior vice president, chief credit officer. Robert Maines was promoted to executive vice president, director of operations from senior vice president, chief risk officer. Joanne Ryder was promoted to executive vice president, brand and strategy and human resources from senior vice president, brand and strategy.

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