Beneficial Mutual Bancorp, Inc. Announcesthe
Appointment of a Chief Financial Officer
June 17, 2010 08:03 AM Eastern Daylight Time
PHILADELPHIA--(EON: Enhanced Online News)--Beneficial Mutual Bancorp, Inc. (Nasdaq: BNCL) (the
"Company"), the parent company of Beneficial Bank (the "Bank"), today announced that Thomas D. Cestare has
been named Executive Vice President and Chief Financial Officer of both the Company and the Bank.
"We are pleased to welcome Tom to Beneficial. He brings a strong range of financial experience as well as a solid
reputation," said Gerard P. Cuddy, President and Chief Executive Officer of Beneficial Mutual Bancorp, Inc. "We
are confident his skill set and expertise will contribute to Beneficial's continued stability and growth."
Mr. Cestare previously served as Executive Vice President and Chief Accounting Officer of Sovereign Bancorp,
Inc., the parent company of Sovereign Bank, headquartered in Reading, Pennsylvania with approximately $83 billion
in assets. During his tenure with Sovereign, Cestare successfully led financial integrations for two major acquisitions;
improved operating inefficiencies and helped to restructure Sovereign's balance sheet. Prior to joining Sovereign in
2005, Cestare was a Partner with the public accounting firm of KPMG LLP. He began his career in 1990 with
Arthur Andersen LLP where he served as Staff Auditor, Audit Manager and Senior Manager.
"I am excited to be joining Beneficial," said Mr. Cestare. "I look forward to furthering Beneficial's 157-year mission
of educating customers to do the right thing financially."
Mr. Cestare is a Certified Public Accountant and received his BS in Accounting from the University of Delaware.
Beneficial Mutual Bancorp, Inc. is a community-based, diversified financial services company providing consumer
and commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and businesses in
the Delaware Valley area since 1853. The Bank is the oldest and largest bank