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Beneficial Mutual Bancorp has completed the stock-sale portion of its conversion to a wholly stock-owned company, raising between $468 million and $550 million.
December 2 -
Mutual-to-stock conversions are facing new hurdles, as evidenced by events at a pair of Massachusetts mutuals. Depositors at Beverly Bank recently rejected its proposed conversion, while Reading Co-op Bank changed its bylaws to make it more difficult to convert.
August 19 -
Wells Fargo will lay off 89 workers at its legal-order processing group in Philadelphia.
May 29
Beneficial Bancorp in Philadelphia has hired a former Susquehanna Bank executive as a consultant.
The $4.8 billion-asset holding company for Beneficial Bank said it hired Robert Whalen as a business development consultant. Whalen will work with senior leadership to continue Beneficial's growth and manage the bank's increase in business, especially in commercial lending, the company said in a news release.
Whalen was the founder, chairman and chief executive of Founders' Bank, which was sold to Susquehanna Bank in 1997. After the acquisition, Whalen worked as a senior executive vice president at Susquehanna.
Beneficial in December