Fulton Financial wraps up $142m acquisition of Prudential Bancorp
Fulton Financial Corporation has completed the previously announced $142.1 million acquisition of Prudential Bancorp, a Philadelphia-based bank holding company.
The stock and cash transaction was announced in March 2022. In June 2022, it was approved by shareholders of Prudential Bancorp.
Prudential Bank, which is the subsidiary of Prudential Bancorp, will operate as an independent subsidiary of Fulton Financial Corporation until Q4 2022. After this, Fulton Financial Corporation expects to merge Prudential Bank into its subsidiary — Fulton Bank.
Fulton Financial Corporation and Fulton Bank will be the surviving entities with consolidated assets of around $26.4 billion. The bank holding company has 200 financial centers across Pennsylvania, Maryland, Delaware, Virginia, and New Jersey.
Fulton Financial wraps up $142m acquisition of Prudential Bancorp. Photo courtesy of Tumisu/Pixabay.
E. Philip Wenger — Fulton Financial Corporation Chairman and CEO said: “We are excited to have completed, in approximately four months, the acquisition of Prudential Bancorp.
“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.”