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Stock Market & Financial Investment News

News Breaks
October 25, 2013
07:54 EDTBNCLBeneficial Mutual upgraded to Buy from Neutral at Sterne Agee
Sterne Agee upgraded Beneficial Mutual as it believes the company will conduct a second-step conversion once the Department of Justice's investigation is complete. Price target is $11.50.
News For BNCL From The Last 14 Days
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December 15, 2014
17:11 EDTBNCLBeneficial Bancorp shareholders approve Plan of Conversion
Beneficial Mutual Bancorp announced that Beneficial Bancorp, the proposed new holding company for Beneficial Bank, will sell a total of 50,383,817 shares of common stock at $10.00 per share, including 2,015,352 shares to be purchased by the Bank's employee savings and stock ownership plan. The shares are being sold in connection with the Bank's conversion from the mutual holding company to the stock holding company form of organization. As part of the conversion, each existing share of company common stock will be converted into the right to receive 1.0999 shares of Beneficial Bancorp common stock. The exchange ratio is intended to ensure that, immediately after the conversion and offering, the public shareholders of the company will have approximately the same ownership interest in Beneficial Bancorp as they owned in the company immediately prior to the conversion. Cash will be paid in lieu of fractional shares based on the offering price of $10.00. The company also announced that the shareholders of the company approved the Plan of Conversion and Reorganization at a special meeting held on December 15. At the special meeting, shareholders of the company also approved the contribution of $1M in cash to The Beneficial Foundation in connection with the conversion. The completion of the conversion and offering is subject to customary closing conditions as well as the receipt of final regulatory approvals and the approval of the plan by the Bank's depositors at a special meeting to be held on January 9, 2015.

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