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Beneficial Mutual Bancorp Names New CFO

Beneficial Mutual Bancorp, the parent company of Beneficial Bank, has named Thomas Cestare as executive vice president and CFO of both the company and the bank.

Mr Cestare previously served as executive vice president and chief accounting officer of Sovereign Bancorp, the parent company of Sovereign Bank. During his tenure with Sovereign, he led financial integrations for two major acquisitions; improved operating inefficiencies and helped to restructure Sovereign’s balance sheet.

Prior to joining Sovereign in 2005, Mr Cestare was a partner with the public accounting firm of KPMG. He began his career in 1990 with Arthur Andersen where he served as staff auditor, audit manager and senior manager.

Gerard Cuddy, president and CEO of Beneficial Mutual Bancorp, said: “We are pleased to welcome Tom to Beneficial. He brings a strong range of financial experience as well as a solid reputation. We are confident his skill set and expertise will contribute to Beneficial’s continued stability and growth.”

Mr Cestare said: “I am excited to be joining Beneficial. I look forward to furthering Beneficial’s 157-year mission of educating customers to do the right thing financially.”