PBIP Stock – What Investors Should Know about Fulton Financial Merger
Prudential Bancorp Inc. of Pennsylvania (PBIP Stock) has been acquired by Fulton Financial Corporation (Nasdaq: FULT). However, the two will act as independent subsidiaries until the merger is complete in late 2022-early 2023. Prudential Bancorp, Inc. of Pennsylvania (BPIP Stock) is the mid-tier holding company for Prudential Savings Bank. Prudential Savings Bank is a Pennsylvania-chartered, FDIC-insured savings bank.
Fulton Financial Corporation (NASDAQ: FULT) and Prudential Bancorp, Inc. (NASDAQ: PBIP) announced that Prudential Bancorp shareholders have voted to approve Fulton’s acquisition of Prudential Bancorp and its subsidiary, Prudential Bank, located in Philadelphia. More than 98% of the votes cast were voted in favor of approving the Agreement and Plan of Merger. The intended acquisition was previously announced on March 2, 2022.
“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.” (Source: E. Philip Wenger, Fulton’s Chairman, and CEO)
Fulton Financial Corporation acquired Prudential Bancorp, Inc. as of July 1, 2022. Prudential Bancorp, Inc. is the bank holding company for Prudential Bank, which offers a variety of banking products and services. The company accepts checking, money market, savings, and certificate of deposit accounts, both interest-bearing and non-interest-bearing. Following the completion of Fulton’s acquisition of Prudential Bancorp, Fulton will run two banking entities. They are Fulton Bank, N.A., and Prudential Bank – until Prudential Bank is merged into Fulton Bank. Fulton anticipates that the bank merger will take place in the fourth quarter of 2022. On June 13, 2022, the Office of the Comptroller of Currency approved Fulton’s proposal for a bank merger.
More About Prudential Bancorp, Inc. of Pennsylvania (BPIP Stock)
Prudential Savings Bank is a Pennsylvania chartered savings bank. It was founded in 1886 as a cooperative building and loan company. “The South Philadelphia Building and Loan Association No. 2” was the original name. In August 2004, the company became a mutual savings bank. Then, a Mutual Holding Company in March 2005. Finally, it became a totally owned stock subsidiary of Prudential Bancorp, Inc. in October 2013. Prudential is the parent business of Prudential Bank, a Pennsylvania-chartered savings bank with $1.1 billion in assets. Prudential Bancorp, Inc. Common Stock is the official name for PBIP Stock.
The bank’s loan portfolio includes single-family residential mortgages, construction and land development loans, and commercial real estate mortgage loans. Also, the bank provides home equity loans, lines of credit, and commercial business loans. This is in addition to consumer loans such as deposit account loans and unsecured personal loans. The company maintains a portfolio of investment and mortgage-backed assets and offers ATM, online, and mobile banking services. It has a main office in Philadelphia, Pennsylvania, as well as nine additional full-service branch offices. Seven branches in Philadelphia (Philadelphia County), one in Drexel Hill (Delaware County), and one in Huntingdon Valley (Montgomery County). Prudential Bancorp, Inc., is headquartered in Philadelphia, Pennsylvania.
More about Fulton Financial Corporation
Fulton Financial Corporation is a subsidiary of Fulton Bank. Fulton Bank provides banking services in five states: Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. In its market, the company provides a full range of consumer and business banking products and services. Consumer banking offerings include a variety of checking and savings deposit products, certificates of deposit, and individual retirement accounts. Additionally, the company provides a range of consumer loan options. Home equity loans and credit lines are examples of secured consumer loan products. Fulton Financial also provides a range of fixed, variable, and adjustable-rate products. This is in addition to construction loans and jumbo residential mortgage loans. In its market region, commercial banking services are generally supplied to small and medium-sized firms. Commercial real estate loans, commercial and industrial loans, construction loans, and equipment lease finance loans are examples of commercial lending products.
Fulton Financial has $26 billion in assets. The company provides financial services through 200 financial centers throughout Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. Fulton Financial’s Philadelphia and urban market initiatives are likely to benefit from the Prudential acquisition. The transaction will also provide FULT with a strategically important market for organic growth and expansion.
Prudential Bancorp, Inc. (PBIP Stock) – Investor Relations
PBIP stock trades on the Nasdaq Exchange using the PBIP Stock ticker symbol. The company’s online portal provides essential information to investors and shareholders.
- Prudential Bancorp, Inc. Corporate Headquarters
Prudential Bancorp, Inc.
1834 West Oregon Avenue
Philadelphia, PA 19145, (215) 755-1500 - Prudential Bancorp, Inc. Corporate WebSite – psbanker.com
- PBIP Stock – Investor Relations – psbanker.com/investor-relations
Prudential Bancorp, Inc. (PBIP Stock) Sec Filings
Prudential Bancorp Inc Of Pennsylvania is primarily in the business of savings institutions, not federally chartered. For financial reporting, their fiscal year ends on September 30th. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Prudential Bancorp Inc Of Pennsylvania.
Fulton Bank Integrates Prudential Bank Customers (October 2022)
In November 2022, Fulton Bank plans to merge with Prudential Bank customers.
- Fulton Bank Visa Card – Customers will receive your new Fulton Bank Visa Rewards Debit Card in the mail the Week of October 17, 2022
- Checks and deposit slips – Customers will receive a supply of checks and/or deposit and withdrawal tickets in the mail. You can begin using your Fulton Bank checks and/or deposit/withdrawal tickets on November 7, 2022.
- Fulton Bank Account access – Beginning Friday, November 4, 2022, at 5:00 p.m. customers WILL have access to your accounts via your Fulton Bank ATM/Debit Card and you can make purchases and access cash via ATMs; however, balance inquiries and transfers between accounts will not be available until after 7:00 a.m. Monday, November 7, 2022.
- Prudential Bank’s Online Banking – Online and Mobile Banking, including Mobile Deposit, will be unavailable beginning Friday, November 4, 2022, at 2:00 p.m.
- Transition weekend – You will be unable to initiate a bill payment or account transfer during the transition weekend. Scheduled bill payments and account transfers will occur during this time, but you will be unable to initiate a new payment or account transfer during the transition weekend. We recommend you schedule any upcoming payments or transfers to occur prior to Friday, November 4, 2022. See page 37 for more information.
- Assistance – For assistance over the transition weekend, call us at 1.800.FULTON.4 (1.800.385.8664). Please note: Account information will not be available during the transition weekend. (Source: fultonbank.com)
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