How a 75-Year-Old Business Flourished During the Recession
When gourmet food purveyor Di Bruno Bros. was looking to grow their business, stay competitive and find new ways to serve their customers during the economic instability of 2009, Beneficial Bank was there to lend a hand. Beneficial took an interest in longstanding Philly business Di Bruno Bros. because Beneficial is also a longstanding Philly business.
Di Bruno Bros. had been part of the culinary fabric of Philadelphia since 1939, so a partnership with a local bank seemed like a natural fit. They felt that Beneficial, with its nearby location and history of success with local businesses, was the bank that could help them get to the next level — despite the sluggish economy. If their resulting growth is any indication, this was a wise decision.
William Mignucci Jr., President of Di Bruno Bros., recalls the experience of working with Beneficial Bank:
Seeing the big picture
In 2009, many banks were less willing to work with small businesses because of the economy. We had a significant refinancing and had to re-evaluate our business and capital structure. We needed a bank that would be willing to look beyond the balance sheet to see our long-term vision and focus on all we could accomplish.
At a time when the food and beverage industry was on the decline, Beneficial saw our 75-year history, our good will and our reputation that kept our customers coming in the store and kept our business stable.
The local bank difference
Working with Beneficial didn’t feel like we were working with bankers; they quickly became a part of our daily life. They got to know our core values that motivate our entire company. Their team became a valuable resource by making recommendations and using local connections that went beyond the scope of other banking relationships.
The approachability of the bank and its leader really cascades throughout the company and they are very approachable people. Gerry Cuddy, President and CEO, knows everybody. Through our relationship with Beneficial Bank, we’ve been acquainted with other clients who have become customers of our catering and corporate gift giving offering.
A positive outcome
In addition to Beneficial helping us finance our flagship Rittenhouse location, they recognized the importance of our company’s growing infrastructure and have enabled us to fund the expansion of our catering business, our commissary kitchen and our newer stores.
Di Bruno Bros. has a short and long-term strategic plan and uses partners like Beneficial as another voice around the table. We’ve asked them to be a sounding board for any significant decisions.
Looking forward, we understand our growth is about going back to our roots and being part of the revitalization of the great Philly business corridor. And who better than a local partner that “gets it” to join us?
The perfect partner
Beneficial is right down the street (literally) and is always at-the-ready to help. Any member of our senior management team can reach out to them and receive a prompt follow-up. We can call on them day in and day out and they always help to point us in the right direction. Our banker is a speed dial away on my cell and I don’t hesitate to pick up the phone anytime for a quick answer or idea.
We’ve always said, “Tough times never last; tough people do.” That’s definitely something Beneficial recognized in our business and our family. Through it all, they have our best interests in mind.
If you want to see what banking locally can do for your business, talk to Beneficial’s President and CEO, Gerry Cuddy. With a Beneficial Conversation, you’ll see how our knowledge and insights can help your business grow. Contact Gerry at 215-864-6001 or visit one of our 56 local branches.
Beneficial Bank, Member FDIC, is an Equal Housing Lender. All loan products subject to credit approval.This is a paid partnership between Beneficial Bank and Philadelphia Magazine's City/Studio