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Actionable news in BNCL: Beneficial Mutual Bancorp, Inc.,

Beneficial Mutual: Executive Vice President And Chief Financial Officer PHONE:

The following excerpt is from the company's SEC filing.

(215) 864-6009

Beneficial Bancorp Closes Conestoga Bancorp Merger April 15

Philadelphia, Pennsylvania, April 15, 2016 Beneficial Bancorp, Inc. (NasdaqGS: BNCL) (the Company), today announced that, effective as of April 14, 2016, it has acquired all of the outstanding shares of common stock of Conestoga Bank from Conestoga Bancorp, Inc. and has merged Conestoga Bank with and into Beneficial Bank (the Bank). The transaction was consummated pursuant to the terms of a previously-announced Stock Purchase Agreement, dated as of October 21, 2015, by and between the Company, Conestoga Bancorp and Cone stoga Bank.

In accordance with the terms of the Stock Purchase Agreement, the Company acquired all of the outstanding shares of common stock of Conestoga Bank from Conestoga Bancorp in exchange for a cash payment of $105.0 million. The payment was made from the Companys working capital. During the second quarter of 2016, the Company expects to record merger and other restructuring charges of approximately $8.0 million, pre-tax, as a result of the completion of the transaction.

We are excited by the close of the Conestoga transaction today. I would like to extend my gratitude to Conestogas employees and Board. With this merger, we can continue to build on our 163 year heritage in community banking while providing even greater strength, size and stability for our customers, employees, shareholders and the communities we serve, said Gerard Cuddy, President and Chief Executive Officer of Beneficial.

Rick Elko, Chairman and Chief Executive Officer of Conestoga Bancorp, said, We are proud to be joining Beneficial, a company that has served the Philadelphia market for generations with similar culture and a common commitment to local decision making, exceptional personal service and community...


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