This acquisition represents one of several strategic initiatives Beneficial is undertaking to enhance its traditional banking services, said George Nise, president and CEO of Beneficial Savings Bank. It serves as a platform for our planned extension into the insurance community and allows us to expand existing business relationships.
Paul Hertel & Company, one of the US’ oldest independent insurance brokerage firms, is a leader in providing personal, commercial and specialty insurance products to diversified clients. The company will keep its headquarters in Philadelphia and continue operating under the Paul Hertel & Company name.
We are extremely excited about this unique opportunity, stated Robert Bush, president of Paul Hertel & Company. This partnership aligns us with a strong and growing financial services company that operates with a similar mission of establishing and maintaining relationships through personalized service.
Beneficial Savings Bank presently has 36 offices in the greater Philadelphia region and has $2.3 billion in assets.
