Beneficial has 56 branches. Conestoga has 14.
Nine months after raising nearly $500 million in a second-step conversion, Beneficial Bancorp said Thursday that it will buy Chester Springs-based Conestoga Bancorp for $105 million in cash.
Conestoga has $712 million in assets, $506 million in loans and $530 million in deposits and 14 branches in Philadelphia, Delaware, Montgomery, Bucks, Chester and Lehigh counties. It also has an equipment leasing subsidiary and is quite active with Small Business Administration lending — an area in which Beneficial has been trying to expand recently.
Philadelphia Business Journal: Beneficial Bank to make $105M acquisition