Fulton Financial completed its acquisition of Prudential Bancorp, which is headquartered in Philadelphia, in a transaction in which Prudential Bancorp was merged into Fulton Financial.
Prudential Bancorp’s subsidiary, Prudential Bank, will operate as a separate subsidiary of Fulton Financial until Q4/22 when Fulton Financial expects to merge Prudential Bank into its existing subsidiary, Fulton Bank, and to convert Prudential Bank’s operating systems and customer accounts to Fulton Bank’s. Until the bank merger and systems conversion occurs, Prudential Bank customers will continue to be served through Prudential Bank’s current product and service offerings, and Prudential Bank’s existing office locations will continue to operate as Prudential Bank.
“We are excited to have completed, in approximately four months, the acquisition of Prudential Bancorp,” E. Philip Wenger, chairman and CEO of Fulton Financial, said. “I am really proud of the team members from both banks, who are joining together to create a smooth transition for Prudential Bank customers as they become Fulton Bank customers later this year. Our company’s enhanced presence in Philadelphia will help us expand our efforts to change lives for the better in the communities we serve. I would also like to welcome Prudential Bancorp’s shareholders to Fulton. We are delighted to have you with us.”
In conjunction with the acquisition, as previously announced, Fulton Financial has made a $2 million contribution to the Fulton Forward Foundation, which was designated to provide impact gifts to nonprofit community organizations in Philadelphia that are focused on advancing economic empowerment, particularly in underserved communities. Grants will focus on programs in the areas of affordable housing and home ownership; job training and workforce development; financial education and economic empowerment; and diversity, equity and inclusion.
The merger was approved by banking regulators and by Prudential Bancorp’s shareholders. Under the terms of the merger agreement between Fulton Financial and Prudential Bancorp, Prudential Bancorp shareholders are receiving shares of Fulton Financial common stock based on a fixed exchange ratio of 0.7974 of a Fulton Financial share and $3.65 in cash for each share of Prudential Bancorp common stock they own.
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