Beneficial Mutual Bancorp Inc. of Philadelphia has agreed to acquire SE Financial Corp.
The $4.6 billion-asset Beneficial said Monday that it will pay $30.6 million, or $14.50 a share, for SE Financial, which is also based in Philadelphia. The deal, expected to close in the second quarter of 2012, is contingent on SE Financial having less than $15 million in nonperforming assets between Oct. 31 to the closing date.
The $303 million-asset SE Financial owns St. Edmond's Federal Savings Bank, a federally chartered stock savings bank with five branches. After the merger, SE Financial Chairman Marcy C. Panzer will join the boards of Beneficial and Beneficial Mutual Savings Bank.
Beneficial expects the deal to add to earnings next year while resulting in 1.7% dilution to fully converted tangible book value at closing.