Former Marlin CEO to Lead New Leasing Business for Beneficial

Beneficial Bank formed Neumann Finance, a new equipment leasing firm within the bank, named after the bank’s founder, John Neumann. The new strategic partnership will focus on providing financing products and services to businesses nationwide.

The partnership between Beneficial Bank and Neumann Finance brings together two established leadership teams, building a network aimed at helping businesses find equipment financing options and services. Neumann Finance will target various equipment categories including technology, software, office, medical and other areas.

Neumann Finance will be headed by Daniel Dyer and George Pelose. Dyer, who brings more than 30 years of experience as the co-founder and former chairman and CEO of Marlin Business Services, will serve as CEO of Neumann Finance. Pelose, who brings nearly 20 years of experience as the former chief operating officer and general counsel of Marlin Business Services, will serve as president.

“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,” said Gerry Cuddy, Beneficial Bank CEO. “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.”

“We’re thrilled to have the backing of an established financial institution such as Beneficial Bank,” 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,” Pelose added.

Founded in 1853, Beneficial Bank is headquartered in Philadelphia. With 63 offices in the greater Philadelphia and South Jersey regions and approximately $5.7 billion in assets, Beneficial is a full service financial institution with product offerings that include commercial, consumer and real estate lending, equipment finance, insurance and wealth management services.

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