Fulton Financial Corporation completed the acquisition of Prudential Bancorp, Inc. from a group of shareholders.
The deal is subject to customary regulatory approvals, effectiveness of the registration statement with the Securities and the approval by Prudential's shareholders. The transaction has been unanimously approved by the Boards of Directors of both Fulton Financial and Prudential Bancorp. The registration statement was declared effective by the SEC on May 5, 2022. As on May 23, 2022, the Federal Reserve Bank of Philadelphia and the Pennsylvania Department of Banking and Securities have approved the respective applications with respect to the transaction. A special meeting of Prudential shareholders to vote on the merger is scheduled to be held virtually on June 15, 2022. As on June 15, 2022, Prudential Bancorp shareholders approved the merger. The deal is expected to close in the third quarter of 2022. As of June 15, 2022, the transaction is expected to close in the fourth quarter of 2022.
Paul G. Mattaini and Kimberly J. Decker of Barley Snyder LLC acted as legal advisor and Stephens Inc. acted as financial advisor to Fulton. Keefe, Bruyette, & Woods, Inc. acted as financial advisor and fairness opinion provider and Philip R. Bevan and Hugh T. Wilkinson of Silver, Freedman, Taff & Tiernan LLP, and Obermayer Rebmann Maxwell & Hippel LLP acted as legal advisors to Prudential. Joseph Moeller and Graham Hixon of KBW LLC served as financial advisor to Prudential Bancorp. Computershare Trust Company, National Association acted as transfer agent to Prudential Bancorp, Inc. Alliance Advisors, LLC acted as the information agent to Prudential and will receive a fee of $6,000 for its services.
Fulton Financial Corporation (NasdaqGS:FULT) completed the acquisition of Prudential Bancorp, Inc. (NasdaqGM:PBIP) from a group of shareholders on July 1, 2022. Upon closing, Prudential Bancorp was merged with and into Fulton, with Fulton surviving the merger and the separate existence of Prudential Bancorp having ceased. Prudential Bancorp's subsidiary, Prudential Bank, will operate as a separate subsidiary of Fulton until the fourth quarter of 2022, when Fulton expects to merge Prudential Bank into its existing subsidiary, Fulton Bank, N.A.