The Federal Reserve Bank of Philadelphia and the Pennsylvania Department of Banking and Securities have approved a proposal by Fulton Financial Corp. to acquire Prudential Bancorp, the holding company for Prudential Bank, based in Philadelphia.
“These regulatory approvals mark an important milestone in this acquisition, which will further strengthen Fulton’s presence in the Philadelphia region,” Fulton Chairman and CEO E. Philip Wenger said. “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 deal, first announced on March 2, remains subject to the approval of Prudential shareholders, who are scheduled to vote on the matter on June 15. Pending shareholder approval, the transaction is expected to close in the third quarter.
Once the deal is done, Prudential Bank will be merged into Fulton’s bank subsidiary, Fulton Bank. The bank will have approximately $27 billion in assets once combined. Fulton Bank provides financial services through 200 financial centers in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia.
Prudential conducts business from its headquarters and main office in Philadelphia, as well as seven additional full-service financial centers in Philadelphia, and one each in Drexel Hill, Delaware County, and Huntingdon Valley, Montgomery County.