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Beneficial Bank Moving Corporate Headquarters To Center City

CEO Gary Cuddy pulls the wraps off a handsome new sign. (credit: Steve Tawa)

CEO Gary Cuddy pulls the wraps off a handsome new sign. (credit: Steve Tawa)

Steve Tawa Steve Tawa
Steve Tawa joined KYW Newsradio in 1990, and splits his time between...
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By Steve Tawa

PHILADELPHIA (CBS) - A local bank shopped around, and is making a deposit in a new headquarters building.

The largest and oldest bank headquartered in Philadelphia is moving west.

“The Beneficial name is going to be uniquely visible as part of the night skyline.”

Beneficial Bank CEO Gerry Cuddy says they’re relocating from the former Penn Mutual Complex overlooking Independence Mall, to 1818 Market Street, in the heart of the city’s financial district:

“Our signage will sit atop 1818 Beneficial Bank Place. This magnificent building going forward will be renamed Beneficial Bank Place, and will be our corporate headquarters, effective Valentine’s Day, 2014, which is also our 161st birthday.”

Deputy Mayor Alan Greenberger says the city is providing up to $150,000 in each of three years through Philadelphia Works, to help Beneficial grow its 300-member workforce.

“All of those tools have a component of new jobs.”

In addition to occupying four floors of the tower, Beneficial will also have a ground floor branch to increase its presence.

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