Business Services Industry
Philadelphia-based Beneficial Mutual Savings Bank changes ownership structure.
Knight Ridder/Tribune Business News, August, 2004
By Todd Mason, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Aug. 10--Beneficial Mutual Savings Bank is changing its ownership structure to make it easier for the 151-year-old bank to raise money and grow.
The mutual bank will hold a special meeting of depositors at the Sheraton Society Hill on Aug. 20 to vote on a plan to convert to stock ownership. The bank is now owned by its customers.
Beneficial intends to form a mutual holding company to own the bank. Depositors would control the mutual holding company. Beneficial is not selling shares to the public, although documents sent to depositors say it could ultimately sell a 49.9 percent stake.
By converting the bank to a stock institution, Beneficial would be...
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