Conformed
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported) November 21, 1996
Beneficial Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-1177 51-0003820
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
301 North Walnut Street, Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (302)425-2500
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
The following is the text of a press release of Beneficial
Corporation issued on November 21, 1996:
BENEFICIAL CORPORATION ANNOUNCES AUTHORIZATION
OF SHARE REPURCHASE PROGRAM
WILMINGTON, Del. -- Beneficial Corporation (NYSE: BNL) today announced
that its Board of Directors has authorized the repurchase of up to
1.2 million shares of the Company's common stock. Such shares would be
repurchased from time-to-time on the open market or in privately
negotiated transactions at prices deemed appropriate by the Company. The
Company has approximately 53.7 million shares currently outstanding, so
that the authorization represents 2.2% of outstanding common shares.
Repurchased shares will be placed in the Treasury and used for general
corporate purposes.
Finn M. W. Caspersen, chairman and chief executive officer, commented,
"We expect to receive upstream cash dividends from our insurance,
commercial banking, and Canadian subsidiaries totaling more than
$160 million before year-end. These significant dividends further
liquify and strengthen our already strong balance sheet. Accordingly,
this share repurchase program is entirely consistent with our dual goals
of both maximizing long-term total return to the shareholders and
maintaining both healthy credit ratings and strong relationships with our
debt holders."
Beneficial Corporation is a $15 billion, New York Stock Exchange-listed
financial services holding company. Subsidiaries of the Company provide
financial services through their various consumer-finance, credit-card,
banking and insurance operations located throughout the United States,
Canada, the United Kingdom, Ireland, and Germany.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
BENEFICIAL CORPORATION
(Registrant)
By /s/ Samuel F. McMillan
Samuel F. McMillan
Senior Vice President
and Treasurer
Dated: November 21, 1996
