Beneficial Mutual Bancorp,
Inc., a federal corporation (the "Company") BNCL, today announced
that Beneficial Bancorp, Inc. ("Beneficial Bancorp"), the proposed new holding
company for Beneficial Bank (the "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, 2014. At the special meeting, shareholders of the Company also approved
the contribution of $1.0 million 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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