This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Beneficial Mutual Bancorp, Inc. To Acquire SE Financial Corp.

Stocks in this article: BNCL

Beneficial Mutual Bancorp, Inc. (“Beneficial”) (NASDAQGS: BNCL), the holding company for Beneficial Mutual Savings Bank (“Beneficial 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.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs