PHILADELPHIA, Nov. 14, 2017 /PRNewswire/ -- Beneficial
Bank (NASDAQ: BNCL), a leader in providing financial services
and education for Delaware Valley customers for more than
160 years, announced the formation of Neumann Finance – a new
equipment leasing firm within Beneficial Bank, named after the
bank's pioneering founder, John
Neumann. The new strategic partnership will focus on
providing financing products and services to businesses
nationwide.
The partnership between Beneficial Bank and Neumann Finance
brings together two established leadership teams, building a
network aimed at helping businesses find the best equipment
financing options and services. Neumann Finance will target various
equipment categories including technology, software, office,
medical and other areas.
Neumann Finance will be headed by industry veterans Daniel Dyer and George
Pelose. Mr. Dyer, who brings more than 30 years of
experience as the co-founder and former Chairman and Chief
Executive Officer of Marlin Business Services Corp., will serve as
Chief Executive Officer of Neumann Finance. Mr. Pelose, who brings
nearly 20 years of experience as the former Chief Operating Officer
and General Counsel of Marlin Business Services Corp., will serve
as President.
"This expansion will provide a significant growth opportunity
for Beneficial Bank helping us to achieve higher levels of
profitability and adding diversity to our loan portfolio," said
Beneficial Bank Chief Executive Officer, Gerry Cuddy. "Our management team sees great
synergies and an opportunity to establish a nationwide network with
two proven industry veterans, and looks forward to working with
Neumann Finance on this new and exciting venture."
"We're thrilled to have the backing of an established financial
institution such as Beneficial Bank," said Neumann Finance Chief
Executive Officer, Daniel Dyer.
"With the support of Beneficial Bank, we will be able to focus on
developing and growing the business, establishing a premier
equipment financing company," added George
Pelose, President of Neumann Finance.
About Beneficial Bank
Founded in 1853, Beneficial Bank
is the oldest and largest bank headquartered in Philadelphia.
With 63 offices in the
greater Philadelphia and South Jersey regions
and approximately $5.7 billion in assets, Beneficial is a
full service financial institution whose product offering includes
commercial, consumer and real estate lending, equipment finance,
insurance and wealth management services. Beneficial has been
committed to providing financial education to individuals and
businesses in the Delaware Valley for more than 160
years. Visit www.thebeneficial.com for more
information.
Contact: Robert Woods,
1-212-601-8189, robert.woods@porternovelli.com
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SOURCE Beneficial Bank