Beneficial Bank names new launch after its founder

Beneficial Bank, which has been established for more than 160 years, is the oldest and largest bank headquartered in Philadelphia.

Neumann Finance will be headed by industry veterans Daniel Dyer and George Pelose.

Dyer, who will serve as CEO of Neumann Finance, brings more than 30 years of experience as the co-founder and former chairman and CEO of Marlin Business Services.

Pelose, who has almost 20 years of experience as the former chief operating officer and general counsel with the same company, will serve as its president. 

Beneficial Bank CEO Gerry Cuddy (pictured above) said: “This expansion will provide a significant growth opportunity for Beneficial Bank, helping us to achieve higher levels of profitability and adding diversity to our loan portfolio.

“Our management team sees great synergies and an opportunity to establish a nationwide network with two proven industry veterans, and looks forward to working with Neumann Finance on this new and exciting venture.”

Dyer said: “With the support of Beneficial Bank, we will be able to focus on developing and growing the business, establishing a premier equipment financing company.”