Cook bacon over low heat in heavy bottomed saucepan until crisp. Remove bacon to paper towels to drain. Pour off all but 1 tablespoon fat from pan. Raise heat to medium; add onion. Cook until soft and golden, about 2 minutes.
Add white beans, chicken broth, molasses, tomato paste, brown sugar, mustard, salt and pepper to taste. Stir until beans are coated, and sauce is blended.
Cover beans; cook over low heat 45 minutes. Crumble cooked bacon and stir into beans before serving.