Beneficial Savings Bank has announced the purchase by its subsidiary, Beneficial Insurance Services, of the Philadelphia insurance brokerage Paul Hertel & Co.
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Beneficial Insurance, through Hertel, will now be able to offer individual and business customers property, casualty, life, health, and benefits coverage, the bank said on Friday.
Paul Hertel & Co. will continue to operate under the Hertel name, and Robert J. Bush will remain its president.
Beneficial Savings Bank has 36 offices in the Philadelphia area, and it plans to open six this year. It has $2.3 billion of assets.
