Beneficial Mutual Bancorp to Close SE Financial Corp Merger April 3
2012 APR 22 - (VerticalNews.com) -- In a vote on March 15, 2012, shareholders of SE Financial Corp. ("SE Corp") (Pink Sheets: SEFL), the holding company for St. Edmond's Federal Savings Bank("St. Edmond's") approved the merger pursuant to which Beneficial Mutual Bancorp, Inc. ("Beneficial") (NASDAQGS: BNCL), the holding company for Beneficial Mutual Savings Bank ("Beneficial Bank") will acquire all outstanding shares of common stock of SE Corp in a merger transaction.
On February 27, 2012, March 1, 2012 and March 29, 2012 Beneficial received notice from the Federal Reserve Bank of Philadelphia, Pennsylvania Department of Banking and the FDIC, respectively of their approval of Beneficial's merger with SE Corp. Beneficial will complete the acquisition on April 3, 2012.
"We are excited that the required approvals have been received and we will close the acquisition on April 3. With this merger, we can continue our focus on the Philadelphia Market and build on our 158 year heritage in community banking while providing even greater strength, size and stability for our customers, employees, shareholders and the communities we serve," said Gerry Cuddy, Chairman and Chief Executive Officer of Beneficial.
Marcy C. Panzer, Chairman of SE Corp, said, "We are pleased to report that our shareholders voted overwhelmingly in favor of our merger with Beneficial. We are proud to be joining Beneficial, a company that has served the Philadelphia market for generations with similar values and a common commitment to local decision making, exceptional personal service and community support".
Keywords: Investing and Investments, Beneficial Mutual Bancorp Inc..
This article was prepared by VerticalNews Internet editors from staff and other reports. Copyright 2012, VerticalNews Internet via VerticalNews.com.