Prudential Bancorp Inc. shareholders voted to approve Fulton Financial Corp.’s acquisition of the corporation and its subsidiary, Prudential Bank.
Prudential, located in Philadelphia, said more than 98% of the votes cast were in favor of approving the agreement and plan of merger that was previously announced on March 2.
“The approval by Prudential Bancorp shareholders, coupled with the receipt of all required regulatory approvals, enables us to move forward with completing this acquisition,” said E. Philip Wenger, Fulton’s chairman and CEO. “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.”
After Fulton’s acquisition of Prudential Bancorp is complete, Fulton will operate two banking subsidiaries – Fulton Bank, N.A. and Prudential Bank – until Prudential Bank is merged into Fulton Bank.
Fulton expects the bank merger to occur in the fourth quarter of 2022. Fulton received approval of its application for the bank merger from the Office of the Comptroller of the Currency on June 13.
Fulton, the bank holding company for Fulton Bank, with consolidated assets of approximately $26 billion, provides financial services through 200 financial centers in Pennsylvania, Delaware, Maryland, New Jersey and Virginia.
Prudential Bancorp is the bank holding company of Prudential Bank, a Pennsylvania-chartered savings bank with assets of approximately $1 billion.