Beneficial Mutual Bancorp, Inc. Announces Adoption of Stock Repurchase Program
Beneficial Mutual Bancorp, Inc. ("Beneficial") (NASDAQGS: BNCL), the
parent company of Beneficial Bank (the "Bank" or the "Company"), today
announced that it has adopted a stock repurchase program that will
enable the Company to acquire up to 2,500,000 shares, or approximately
7.0% of the Company's outstanding common stock not held by Beneficial
Savings Bank MHC, the Company's mutual holding company. Repurchases may
be conducted through open market purchases or privately negotiated
transactions from time to time when, at management's discretion, it is
determined that market conditions and other factors warrant the
repurchase of the Company's stock. There is no guarantee as to the exact
number of shares to be repurchased by the Company. Repurchased shares
will be held in treasury.
About Beneficial Mutual Bancorp, Inc.
Beneficial 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 60 offices in the
greater Philadelphia and South New 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.
Beneficial Mutual Bancorp, Inc.
Thomas D. Cestare
Vice President and Chief Financial Officer
Source: Beneficial Mutual Bancorp, Inc.
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