Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Beneficial Mutual Bancorp Inc | t68363_8k.htm |
| EX-10.1 - EXHIBIT 10.1 - Beneficial Mutual Bancorp Inc | ex10-1.htm |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
|
Contact:
|
Gerard
P. Cuddy
|
|
President
and Chief Executive Officer
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|
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(215)
864-6000
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BENEFICIAL
MUTUAL BANCORP, INC. ANNOUNCES
THE
APPOINTMENT OF A CHIEF FINANCIAL OFFICER
PHILADELPHIA, PENNSYLVANIA,
June 17, 2010 - Beneficial Mutual Bancorp, Inc. (Nasdaq:
BNCL) (the "Company"), the parent company of Beneficial Bank (the
"Bank"), today announced that Thomas D. Cestare has been named Executive Vice
President and Chief Financial Officer of both the Company and the
Bank.
" We are
pleased to welcome Tom to Beneficial. He brings a strong range of
financial experience as well as a solid reputation," said Gerard P. Cuddy,
President and Chief Executive Officer of Beneficial Mutual Bancorp,
Inc. "We are confident his skill set and expertise will contribute to
Beneficial's continued stability and growth."
Mr.
Cestare previously served as Executive Vice President and Chief Accounting
Officer of Sovereign Bancorp, Inc., the parent company of Sovereign Bank,
headquartered in Reading, Pennsylvania with approximately $83 billion in
assets. During his tenure with Sovereign, Cestare successfully
led financial integrations for two major acquisitions; improved operating
inefficiencies and helped to restructure Sovereign's balance
sheet. Prior to joining Sovereign in 2005, Cestare was a Partner with
the public accounting firm of KPMG LLP. He began his career in 1990
with Arthur Andersen LLP where he served as Staff Auditor, Audit Manager and
Senior Manager.
"I am
excited to be joining Beneficial," said Mr. Cestare. "I
look forward to furthering Beneficial's 157-year mission of educating customers
to do the right thing financially."
Mr.
Cestare is a Certified Public Accountant and received his BS in
Accounting from the University of Delaware.
Beneficial
Mutual Bancorp, Inc. is a community-based, diversified financial services
company providing consumer and commercial banking services. Its principal
subsidiary, Beneficial Bank, has served individuals and businesses in the
Delaware Valley area since 1853. The Bank is the oldest and largest bank
headquartered in Philadelphia, Pennsylvania, with 68 offices in the greater
Philadelphia and South Jersey regions. Insurance services are offered through
the Beneficial Insurance Services, LLC and wealth management services are
offered through the Beneficial Advisors, LLC, both wholly owned subsidiaries of
the Bank. For more information about the Bank and Beneficial, please visit
www.thebeneficial.com.
This
press release may contain projections and other “forward-looking statements”
within the meaning of the federal securities laws. These statements
are not historical facts, rather statements based on the current expectations of
Beneficial Mutual Bancorp, Inc. regarding its business strategies, intended
results and future performances. Forward-looking statements are
preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and
similar expressions.
Management’s
ability to predict results or the effect of future plans or strategies is
inherently uncertain. Factors that could affect actual results
include interest rate trends, the general economic climate in the market area in
which the Company operates, as well as nationwide, the Company’s ability to
control costs and expenses, competitive products and pricing, loan delinquency
rates, changes in federal and state legislation and regulation and other factors
that may be described in the Company’s filings with the Securities and Exchange
Commission, including the Annual Report on Form 10-K and other required
filings. These factors should be considered in evaluating the
forward-looking statements and undue reliance should not be placed on such
statements. The Company assumes no obligation to update any
forward-looking statements.