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Beneficial Mutual Bancorp (BNCL) in Philadelphia said Friday that it has completed its acquisition of hometown rival SE Financial and that SE Financial's former president and chief executive, Pamela Cyr, has joined Beneficial as its chief retail officer.
June 8
Beneficial Mutual Bancorp (BNCL) in Philadelphia will separate the position of chairman from those of president and chief executive.
The $4.8 billion-asset company said in a regulatory filing Thursday that the move would improve how its corporate governance aligns with practices in the banking industry.
The board appointed director Frank Farnesi as its chairman. He will serve in this role through May 2014.
Farnesi joined Beneficial's board in 2004 after retiring as a partner at KPMG, where he had worked from 1969 to 2001, Frank Schiraldi, an analyst at Sandler O'Neill & Partners wrote in a note to clients. While at KPMG, Farnesi served as the firm's Pennsylvania business unit partner in charge of tax; he was also a national partner in charge of tax compliance.
Gerard Cuddy will remain Beneficial's president and chief executive. He has held both posts since January 2007.
The company's management indicated that there was no external pressure behind the change and there were no financial issues that this was meant to get ahead of, Schiraldi wrote.
Beneficial also reduced the number of directors by one, shrinking its board to 12 members.
