Key Developments For Beneficial Mutual Bancorp, Inc.
Beneficial Mutual Bancorp, Inc. (BNCL.O) (Nasdaq)
Beneficial Mutual Bancorp, Inc. Announces Adoption of Stock Repurchase Program
Beneficial Mutual Bancorp, Inc. announced that it has adopted a stock repurchase program that will enable the Company to acquire up to 1,823,584 shares, or 5.0% of the Company's outstanding common stock not held by Beneficial Savings Bank MHC, the Company's mutual holding company. Repurchases may be conducted through open market purchases or privately negotiated transactions from time to time when, at management's discretion, it is determined that market conditions and other factors warrant the repurchase of the Company's stock.
Beneficial Mutual Bancorp, Inc. Announces Plans to Reduce Its Work Force
Beneficial Mutual Bancorp, Inc. announced plans to reduce its work force. In order to accomplish this restructuring of its management team and workforce, the Company has approved severance plans, including the adoption of a severance pay plan. The Company expects that the work force reduction and payment of benefits under the severance arrangements it has adopted will result in approximately $3.7 million of charges during the fourth quarter of the Company's fiscal year ending December 31, 2007, consisting of the payment to or accrual of severance benefits for 40 employees.
Beneficial Mutual Bancorp, Inc. Acquires CLA Agency, Inc.
Beneficial Mutual Bancorp, Inc. announced that through the Bank's wholly owned subsidiary, Beneficial Insurance Services, LLC, it has acquired the business of the CLA Agency, Inc. Headquartered in Newtown Square, Pennsylvania, CLA Agency is a full-service property and casualty, and professional liability insurance brokerage company. The CLA Agency was founded in 1973 by John Raimondo and Mike Kempski. Financial terms were not disclosed.
Beneficial Mutual Bancorp, Inc. To Initiate Process For Approval Of Share Repurchase Program
Beneficial Mutual Bancorp, Inc. announced that its Board of Directors has authorized the Company to file a waiver request with the Office of Thrift Supervision (OTS) requesting permission to repurchase up to 5% of the outstanding shares of its common stock during the first year following its initial public minority stock offering.
Beneficial Mutual Bancorp, Inc. Announces Acquisition Of FMS Financial Corporation
Beneficial Mutual Bancorp, Inc. announced the acquisition of FMS Financial Corporation, the holding company for Farmers and Mechanics Bank, which has merged with and into Beneficial Mutual Savings Bank. Shares of FMS ceased trading as of the close of business. The stock of Beneficial Mutual Bancorp is expected to commence trading on July 16, 2007 on the NASDAQ Global Select Market under the symbol 'BNCL.' In the merger, shareholders of FMS will receive approximately 11,915,200 shares of Beneficial Mutual Bancorp's common stock and approximately $64.2 million in cash. No fractional shares of the Company's common stock will be issued. Persons otherwise entitled to receive a fractional share of FMS common stock will receive cash in an amount equal to $28.00 multiplied by such fraction. The purchasers of stock in the subscription offering, the Beneficial Foundation, and former FMS shareholders who received Beneficial Mutual Bancorp's common stock in the merger will own 44.33% of the Company's outstanding shares of common stock and the Company's parent, Beneficial Savings Bank MHC, a mutual holding company, will own 55.67% of the outstanding shares.
