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Beneficial Bank Launches The Beneficial Foundation School Challenge

Program to award $13,000 to local schools through a grant competition

PHILADELPHIA, Pa., September 21, 2011 – Beneficial Bank and The Beneficial Foundation have launched The Beneficial Foundation School Challenge, which will provide schools in the greater Philadelphia and South Jersey regions with the opportunity to compete for grants to fund education-improvement projects. The Beneficial Foundation will award multiple $5,000, $1,000 and $500 grants, for a total of $13,000 in grant prizes.

Funds will be awarded to schools whose students develop a project concept that will create an impactful, long-term improvement at their school. The ultimate winners will be chosen by the public through an online voting contest.

"The Beneficial Foundation School Challenge is a manifestation of our education mission," said Gerry Cuddy, Beneficial Bank President & CEO. "As an education company, Beneficial has always been committed to enhancing the learning experience for students in our local schools. Beginning with our School Savings program in 1927, and leading up to today's School Challenge initiative, Beneficial has been an integral part of the education community in this region. We couldn't be more proud to provide this opportunity to hundreds of schools and thousands of students."

The Beneficial Foundation School Challenge call for entries will be open from October 1-November 15. All schools within the Beneficial footprint in Pennsylvania (Philadelphia, Montgomery, Bucks, Chester and Delaware Counties) and New Jersey (Burlington and Camden Counties) are eligible to compete for the grant dollars. Submissions can be made in either one of two categories- Grades 4-8 or Grades 9-12. Entries must be classified as belonging to the Financial Literacy/Math, Science/History or Language Arts/Reading subject area. Complete Beneficial Foundation School Challenge entry rules and application form can be found at https://www.thebeneficial.com/school-challenge.asp.

In early 2012, Beneficial will announce the 10 finalist schools- five in each grade category. The 10 finalist schools will then be responsible for developing a creative video showcasing their Beneficial Foundation School Challenge idea and stating why their school should be awarded grant funds. All videos will be posted on the Beneficial YouTube Channel, allowing the public to vote on their favorite and ultimately selecting the winners. A first, second and third place winner will be named in each grade category, for a total of six winning projects. First place winners will receive a $5,000 grant, second place winners will be awarded a $1,000 grant and third place will receive $500 in grant funds. The final winners will be announced in March 2012.

"Providing the public with the opportunity to ultimately select the Beneficial Foundation School Challenge winners will allow our customers to experience, first-hand, the ingenuity and creativity of local students," said Cuddy.

Teachers or school administrators with questions about the program should direct them to .

For more information about Beneficial and all of the Bank's education initiatives, please visit www.thebeneficial.com or www.facebook.com/beneficialbank.

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1818 Market Street
Philadelphia, PA 19103

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