Prudential Bancorp gets shareholder approval for Fulton Financial deal

Fulton Financial Corporation said that shareholders of Prudential Bancorp have voted to approve the former’s previously announced $142.1 million acquisition of the latter and its subsidiary.

The stock and cash deal was announced in March 2022.

Located in Philadelphia, Prudential Bancorp secured over 98% of the votes in favor of the deal.

E. Philip Wenger — Fulton Financial Corporation Chairman and CEO said: “The approval by Prudential Bancorp shareholders, coupled with the receipt of all required regulatory approvals, enables us to move forward with completing this acquisition.

“We anticipate the transaction will be consummated in early July, allowing Fulton to welcome Prudential Bank team members and customers to Fulton while, at the same time, significantly enhancing Fulton Bank’s presence in the Philadelphia community.”

Prudential Bancorp is the holding company of Prudential Bank, a chartered savings bank based in Pennsylvania with assets of around $1.1 billion.

Fulton Financial, on the other hand, is the bank holding company for Fulton Bank. The bank, which has consolidated assets of nearly $26 billion, has 200 financial centers in Pennsylvania, Maryland, Delaware, Virginia, and New Jersey.

Following the closing of the deal, Fulton Financial will operate a couple of banking subsidiaries — Fulton Bank and Prudential Bank till the latter is merged into the former.

The merger is expected to be finalized in Q4 2022.