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Beneficial Mutual Bancorp, Inc. operated Beneficial Bank, a full-service bank whose assets totaled approximately $5 billion upon its acquisition by WSFS in 2019. Founded in 1853, Beneficial was the oldest and largest bank headquartered in Philadelphia, with more than 58 locations throughout Pennsylvania and South Jersey. [1]
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The bank spent millions of dollars modernizing the building and converting the former department store floors to banking space. [15] [16] Among the changes was the addition of a sign with the bank's initials in 1955. [17] The bank officially opened in what was now called the PNB Building on January 16, 1956.
In 1926, the bank merged with the Philadelphia Trust Company, established in 1869, to become the Fidelity-Philadelphia Trust Company. [10] 1928 was the Fidelity-Philadelphia Trust Company the trustee of shares from the Alex. Wolfington's Son, Inc. In 1928, the bank erected a 29-story headquarters building at 123-151 South Broad Street in ...
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