Beneficial Mutual Bancorp, Inc. (“Beneficial”) (NASDAQGS: BNCL), the holding company for Beneficial Mutual Savings Bank
and SE Financial Corp. (“SE Corp”) (Pink Sheets: SEFL), the holding company for the
St. Edmond’s Federal Savings Bank
(“St. Edmond’s”), announced today the signing of a definitive merger agreement pursuant to which shares of SE Corp will be exchanged for the right to receive $14.50 in cash per share, and St. Edmond’s will be merged into Beneficial Bank. The transaction is valued at approximately $30.6 million.
St. Edmond’s assets totaled $303 million at September 30, 2011, and it operates 5 banking offices in the greater Philadelphia area. The transaction, approved by the boards of directors of both companies, will enhance Beneficial’s already strong presence in southeastern Pennsylvania, and will increase market share in the Philadelphia and Delaware counties. Additionally, the merger will give Beneficial branches in Roxborough, PA and Deptford, NJ.
Gerry Cuddy, Chairman and Chief Executive Officer of Beneficial, said, “This merger with SE Corp demonstrates Beneficial’s commitment to growth in the Philadelphia market. Beneficial Bank and St. Edmond’s have both been in the Philadelphia area for over 100 years. Combining our two well-established and well-respected companies will create an enhanced community banking franchise that is better positioned to serve our customers, our employees and our communities.”
Mr. Cuddy added, “We look forward to working with SE Corp’s talented management team and employees to fulfill our mission of helping our customers do the right thing financially.”
Marcy C. Panzer, Chairman of SE Corp, said, "We are excited to be joining Beneficial, a company that has served the Philadelphia market for generations. Both Beneficial and SE Corp share similar values and a common commitment to local decision making, exceptional personal service and community support. Our merger with Beneficial will allow us to deepen our customer relationships and provide access to a wide array of products, services, and locations.”