Beneficial Bank

Beneficial Bank, originally established as The Beneficial Saving Fund Society of Philadelphia on April 20, 1853, underwent several name and structural changes throughout its history. The institution became known as Beneficial Mutual Savings Bank on May 29, 1959. In 2004, it transitioned to a stock savings bank and was classified as an FDIC supervised state savings bank. The bank expanded through acquisitions, including Northwood Savings Bank in 2005, Farmers and Mechanics Bank in 2007, and St. Edmond's Federal Savings Bank in 2012. It renamed itself Beneficial Bank on January 15, 2015, and moved its main office to 1139 Chestnut Street, Philadelphia, Pennsylvania, on February 1, 2014. On April 15, 2016, Beneficial Bank acquired Conestoga Bank in Chester Springs, Pennsylvania. Ultimately, Beneficial Bank merged with Wilmington Savings Fund Society, FSB on March 1, 2019, becoming part of that institution based in Wilmington, Delaware.

Below is a list of some important events in banks history, including mergers and acquisitions.

1853-04-20Institution established. Original name: The Beneficial Saving Fund Society of Philadelphia.

1959-05-29Changed Institution Name to Beneficial Mutual Savings Bank.

2003-12-31Main Office moved to 530 Walnut Street, Philadelphia, PA 19106.

2004-08-24Changed Bank Class to FDIC Supervised State Savings Bank.

2004-08-24Changed Organization Type to Stock Savings Bank.

2005-11-10Acquired Northwood Savings Bank in Philadelphia, PA.

2007-07-13Acquired Farmers and Mechanics Bank in Burlington, NJ.

2011-04-14Changed Institution Name to Beneficial Mutual Savings Bank.

2012-04-02Acquired St. Edmond's Federal Savings Bank in Philadelphia, PA.

2014-02-01Main Office moved to 1139 Chestnut Street, Philadelphia, PA 19107.

2015-01-15Changed Institution Name to Beneficial Bank.

2016-04-15Acquired Conestoga Bank in Chester Springs, PA.

2019-03-01Merged and became part of Wilmington Savings Fund Society, Fsb (17838) in Wilmington, DE.