New CFO at Beneficial Bank

Beneficial Mutual Bancorp, Inc., the parent company of Beneficial Bank has announced that Thomas D. Cestare has been named Executive Vice President and Chief Financial Officer of both the Company and the Bank.

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

Mr. Cestare previously served as Executive Vice President and Chief Accounting Officer of Sovereign Bancorp, Inc., the parent company of Sovereign Bank, headquartered in Reading, Pennsylvania with approximately $83 billion in assets. During his tenure with Sovereign, Cestare successfully led financial integrations for two major acquisitions; improved operating inefficiencies and helped to restructure Sovereign’s balance sheet. Prior to joining Sovereign in 2005, Cestare was a Partner with the public accounting firm of KPMG LLP. He began his career in 1990 with Arthur Andersen LLP where he served as Staff Auditor, Audit Manager and Senior Manager.

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

Mr. Cestare is a Certified Public Accountant and received his BS in Accounting from the University of Delaware.