Beneficial Bank to Buy St. Edmond's Federal Savings Bank

announced Monday that it will acquire SE Financial Corp., the parent company of , for $30.6 million. 

Both banks have branches in Ardmore. Beneficial has a spot in the strip shopping center at 177 W. Lancaster Avenue, and St. Edmond’s is at 20 Woodside Road—less than a quarter mile away.

It is unclear at this early stage if the two branches, especially situated so close together, would constitute a redundancy for a future unified bank, perhaps causing one or the other to close. 

The acquisition is not expected to occur until the second quarter of 2012, pending regulatory and shareholder approvals. 

Founded in 1853, Beneficial is the oldest bank in the Philadelphia area. It has nine locations in Montgomery County (including Ardmore and Narberth), seven in Delaware County, and one branch in Exton, in addition to numerous branches throughout Philadelphia and southern New Jersey. 

St. Edmond's was founded in 1912 and has other locations in Drexel Hill, Roxborough, South Philadelphia and Deptford, N.J. 

Click here for more details on the deal from the Philadelphia Business Journal.