Description of Beneficial Bancorp's Business Segments
Beneficial Bancorp Inc. is a financial holding company that provides an extensive array of financial products and services aimed at meeting the diverse needs of individuals, families, and businesses. The company is structured around two primary segments: Banking and Insurance, each offering a variety of products tailored to its customer base.
Banking Segment
1. Personal Banking Beneficial Bancorps personal banking services are designed to help individuals manage their finances effectively. Key offerings include:
- Checking Accounts: Various checking options with features such as no monthly maintenance fees, free online bill pay, and access to a wide network of ATMs. - Savings Accounts: High-yield savings accounts that encourage customers to save money while earning interest. - Money Market Accounts: These accounts provide higher interest rates than traditional savings accounts, along with check-writing privileges for added convenience. - Individual Retirement Accounts (IRAs): Traditional, Roth, and SEP IRAs designed to help customers save for retirement with tax advantages. - Certificates of Deposit (CDs): Fixed-term investment options that offer competitive rates, allowing customers to plan for future savings goals.
All personal banking accounts come with robust online and mobile banking capabilities, enabling customers to manage their accounts, transfer funds, and deposit checks remotely. Additional services include debit and credit card offerings, as well as optional overdraft protection to safeguard against accidental overdrafts.
Business Banking Beneficial Bancorp aims to support businesses with a comprehensive suite of banking services tailored to their unique needs:
- Deposit Accounts: Business checking and savings accounts that provide features such as low fees, online access, and various account options for different business sizes. - Commercial Loans: Lending solutions for purchasing equipment, real estate, or financing operational expenses. - Lines of Credit: Flexible borrowing options that provide businesses with access to funds as needed, facilitating cash flow management. - Cash Management Services: Tools that help businesses optimize their cash flow, including ACH services, wire transfers, and remote deposit capture. - Merchant Services: Payment processing solutions that cater to businesses, enabling them to accept credit, debit, and mobile payments seamlessly.
This range of services is designed to empower businesses to grow and operate efficiently, regardless of their size or industry.
Mortgage Banking In the mortgage banking sector, Beneficial Bancorp offers a suite of products designed to help customers achieve home ownership:
- Conventional Mortgages: Flexible terms and competitive interest rates for homebuyers looking to purchase a new home or refinance an existing mortgage. - Home Equity Loans and Lines of Credit (HELOCs): Options that allow customers to leverage the equity in their homes for various needs, such as renovations, debt consolidation, or education expenses.
The mortgage process is supported by a dedicated team that provides personalized guidance, ensuring that customers find the right financing solution for their needs.
Wealth Management Beneficial Advisors, the wealth management division of Beneficial Bancorp, offers high-net-worth individuals and families a variety of services aimed at enriching their financial well-being:
- Investment Management: Professional management of investment portfolios tailored to individual risk tolerances and financial objectives. - Retirement Planning: Strategic planning services to help customers identify their retirement goals and ensure they are on track to meet them. - Trust Administration: Management of trusts to protect and grow family assets while ensuring compliance with legal requirements. - Comprehensive Financial Planning: Integrative planning that encompasses budgeting, tax strategies, insurance needs, and estate planning to help clients achieve their overarching financial goals.
This segment focuses on providing personalized strategies that cater to the unique financial landscapes of each client.
Insurance Segment
Beneficial Insurance Services, a subsidiary of Beneficial Bancorp Inc. offers a broad range of insurance products to help clients safeguard their assets and provide financial security. Key offerings include:
- Auto Insurance: Policies that provide coverage for vehicles, including liability, collision, and comprehensive options to protect against various risks. - Home Insurance: Homeowners policies that cover property damage, liability, and personal belongings, ensuring peace of mind for homeowners. - Life Insurance: Various life insurance products, including term and whole life policies, designed to provide financial protection for beneficiaries in the event of the policyholders death. - Business Insurance: Tailored insurance solutions for businesses, encompassing general liability, property insurance, and other coverages to mitigate risks associated with business operations.
Licensed insurance agents work closely with clients to assess their individual needs and develop customized insurance solutions that provide appropriate coverage and peace of mind.
Conclusion Beneficial Bancorp Inc. operates as a valuable financial partner in the Philadelphia region, offering a comprehensive range of banking, mortgage, wealth management, and insurance products. With a focus on personalized service, competitive pricing, and broad solutions, Beneficial Bancorp aims to support its clients in achieving their financial objectives, ensuring a secure and prosperous future for individuals, families, and businesses alike.
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