Beneficial Bank: Your Partner in Financial Success

Beneficial Bank has been a trusted partner in financial success for over 130 years, with a rich history that spans multiple generations.

Beneficial Bank offers a wide range of personal and business banking services, including checking and savings accounts, loans, and investment products.

With over 60 branches across the Mid-Atlantic region, Beneficial Bank provides convenient access to banking services for individuals and businesses alike.

Beneficial Bank's commitment to community involvement is evident in its numerous charitable initiatives and sponsorships, demonstrating a genuine interest in giving back to the communities it serves.

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Beneficial Bank was founded in 1853 by members of the Board of Managers of St. Joseph's Hospital, who wanted to create a safe and secure place for Philadelphia's immigrants to deposit their savings.

The bank was incorporated in 1853 and began operations in 1854. This was a pivotal moment in the bank's history, marking the beginning of its long and storied past.

Beneficial Bank celebrated its 160th anniversary in 2013, a testament to its enduring legacy in the city of Philadelphia.

Over the years, Beneficial Bank made several major acquisitions, including the FMS Financial Corporation and St. Edmond's Federal Savings Bank. Its last acquisition was the 2015 purchase of Conestoga Bank of Chester Springs, Pennsylvania.

In 2014, Beneficial Bank moved its headquarters to 1818 Market Street in Philadelphia, where it remains to this day.

Here are some key facts about Beneficial Bank:

Beneficial State Bank offers a range of banking services to its customers. It provides commercial banking services to small and medium-size businesses, nonprofits, and community facilities.

The bank offers checking and money market accounts to individuals. Savings and checking accounts are also available to families and individuals in California, Washington State, and Oregon.

Businesses can take advantage of online cash management and commercial lending services. This includes lines of credit, term loans, commercial real estate loans, and loans guaranteed by the Small Business Association.

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Non-profit organizations can benefit from checking and savings accounts, as well as assistance bridging capital campaigns. The bank also helps non-profits with financing facilities and real estate, money market accounts, and managing deposits and payments.

Beneficial State Bank's CDARS service allows qualified non-profits to invest up to $50 million and be eligible for FDIC insurance on every dollar. This provides an added layer of security and peace of mind for non-profit organizations.

The bank lends to multiple nonprofit organizations and businesses, and offers cash management services to increase administrative and operational efficiency.

At Beneficial Bank, company culture is a top priority. The bank's approach to banking is centered around a concept called Beneficial Banking, which goes beyond traditional ethical banking.

Beneficial Banking meets four key criteria that guide the bank's decision-making and actions. These criteria are stakeholder capitalism, high impact lending practice, transparency and accountability, and equitable banking services and solutions.

Stakeholder capitalism is a key part of Beneficial Banking. This approach considers the potential impacts on all stakeholders, including clients, employees, communities, and the planet. It's a "triple bottom line" approach that prioritizes people and the planet alongside profit.

The bank's high impact lending practice is another core aspect of Beneficial Banking. At least 75% of the bank's lending is dedicated to supporting people and the planet, with the remainder avoiding harmful industries. This is a deliberate effort to make a positive impact.

Transparency and accountability are also essential at Beneficial Bank. The bank has sought out third-party certifications and memberships to demonstrate its commitment to responsible and impactful operations. These include B Corp certification, CDFI certification, and Fossil-Free certification, among others.

Beneficial Bank's commitment to equitable banking services and solutions means providing inclusive access to banking and delivering services that leave customers better off. This is a key part of the bank's mission to regenerate and restore communities and the planet.

Here are some of the certifications and memberships that demonstrate Beneficial Bank's commitment to transparency and accountability: