Roxborough Bank to Become Beneficial

Customers at in Roxborough are in for a change.

The holding company behind Beneficial Mutual Savings Bank announced Monday it acquired SE Financial Corp., the owner of St. Edmond’s.

The Federal Reserve Bank of Philadelphia, Pennsylvania Department of Banking and the FDIC all approved Beneficial's merger with SE Financial Corp., and the move became official Tuesday.

"With this merger, we can continue our focus on the Philadelphia Market and build on our 158 year heritage in community banking while providing even greater strength, size and stability for our customers, employees, shareholders and the communities we serve,” Beneficial CEO Gerry Cuddy said in a news release.

Members of the Central Roxborough Civic Association noted on Thursday night that previously, the closet Beneficial Bank was in Flourtown. By taking over St. Edmond's, Beneficial will absorb the bank at 5873 Ridge Ave.

According to a news release, the combined company will have approximately $5 billion in assets and 65 locations in Pennsylvania and New Jersey.