Effective Nov. 5, Lancaster-based Fulton Financial Corp. announced the merger of Prudential Bank with and into Fulton Bank and the conversion of Prudential’s systems onto Fulton Bank’s banking platforms.
The move brings new products and services to former Prudential Bank customers.
Fulton Financial, a $26 billion financial services holding company, said in early March that it had entered into a definitive agreement to acquire Philadelphia-based Prudential.
“We welcome Prudential Bank customers to Fulton Bank! You now have access to our full suite of products, services, digital platforms and financial centers throughout the mid-Atlantic region,” Curtis J. Myers, Fulton Bank’s chairman and CEO, said in a release.
“We are excited to be expanding Fulton Bank’s presence in Philadelphia, and we look forward to serving our new customers, strengthening the Philadelphia community and continuing to fulfill our company purpose to change lives for the better.”
Fulton Financial has made a $2 million contribution to the Fulton Forward Foundation to provide impact gifts to nonprofit organizations in Philadelphia focused on economic empowerment, particularly in underserved communities.
As part of Fulton Financial, Fulton Bank offers products and services at more than 200 financial centers across Pennsylvania, New Jersey, Maryland, Delaware and Virginia.
Fulton Financial Corp. Is a step closer to acquiring Philadelphia-based Prudential Bank with application approval from the Federal Reserve Bank of Philadelphia and the Pennsylvania Department of Banking and Securities.
“These regulatory approvals mark an important milestone in this acquisition, which will further strengthen Fulton’s presence in the Philadelphia region,” said E. Philip Wenger, Fulton’s chairman and CEO. “With these approvals, we remain on track to bring our talented teams together to help even more customers and communities in Philadelphia achieve financial success.”
The proposed acquisition in which Prudential will merge with Fulton in a stock and cash transaction was publicly announced on March 2 and remains subject to the approval of Prudential shareholders.
A special meeting of Prudential shareholders to vote on the merger is scheduled to be held virtually via the Internet on Wednesday, June 15 at 11:00 a.m.
The transaction is expected to close in the third quarter of this year after receipt of Prudential shareholder approval and satisfaction of the closing conditions described in the Agreement and Plan of Merger by and between Prudential and Fulton, Fulton said.
Following the closing, Prudential Bank will be merged into Fulton’s bank subsidiary, Fulton Bank, N.A. The bank merger is expected to occur in the fourth quarter of this year.
Fulton Bank’s application for approval of the bank merger was submitted to the Office of the Comptroller of the Currency on April 25 and is pending.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.