Beneficial Bank Buys Philadelphia’s Hertel Agency

January 24, 2005

Beneficial Savings Bank announced that its wholly owned subsidiary, Beneficial Insurance Services, has acquired Philadelphia-based insurance brokerage firm Paul Hertel & Company.

Beneficial, through Hertel, will now provide individual and business
customers full access to an array of property, casualty, life, health and
benefits insurance.

“This acquisition represents one of several strategic initiatives Beneficial
is undertaking to enhance its traditional banking services,” said George W.Nise, president and CEO of Beneficial Savings Bank. “It serves as a
platform for our planned extension into the insurance community and allows us to expand existing business relationships.”

Paul Hertel & Company, founded in 1908, will keep its headquarters at 325 Chestnut Street in Philadelphia and continue operating under the Paul Hertel & Company name. Robert J. Bush, CPCU, is also remaining as president of the company.

Founded in 1853, Beneficial Savings Bank presently has 36 offices in the greater Philadelphia region, with six additional branches opening in 2005. With its corporate headquarters located at 510 Walnut Street in
Philadelphia, Beneficial has $2.3 billion in assets.

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