Will Expand Fulton Bank’s Presence in
Philadelphia;
$2 Million Pledged to Support Neighborhood
Causes
Fulton Financial Corporation (NASDAQ: FULT) (“Fulton”) today
announced the successful completion of its acquisition of
Prudential Bancorp, Inc. (formerly NASDAQ: PBIP) (“Prudential
Bancorp”) headquartered in Philadelphia, Pennsylvania, in a
transaction in which Prudential Bancorp was merged into Fulton (the
“Merger”).
“We are excited to have completed, in approximately four months,
the acquisition of Prudential Bancorp,” said E. Philip Wenger,
Fulton’s Chairman and Chief Executive Officer. “I am really proud
of the team members from both banks, who are joining together to
create a smooth transition for Prudential Bank customers as they
become Fulton Bank customers later this year. Our company’s
enhanced presence in Philadelphia will help us expand our efforts
to change lives for the better in the communities we serve. I would
also like to welcome Prudential Bancorp’s shareholders to Fulton.
We are delighted to have you with us.”
Prudential Bancorp’s subsidiary, Prudential Bank, will operate
as a separate subsidiary of Fulton until the fourth quarter of this
year when Fulton expects to merge Prudential Bank into its existing
subsidiary, Fulton Bank, N.A. (“Fulton Bank”), and to convert
Prudential Bank’s operating systems and customer accounts to Fulton
Bank’s. Until the bank merger and systems conversion occurs,
Prudential Bank customers will continue to be served through
Prudential Bank’s current product and service offerings, and
Prudential Bank’s existing office locations will continue to
operate as ‘Prudential Bank.’
In conjunction with the acquisition, as previously announced,
Fulton has made a $2 million contribution to the Fulton Forward®
Foundation, designated to provide impact gifts to nonprofit
community organizations in Philadelphia that are focused on
advancing economic empowerment -- particularly in underserved
communities. Grants will focus on programs in the areas of
affordable housing and home ownership; job training and workforce
development; financial education and economic empowerment; and
diversity, equity and inclusion.
The Merger was approved by banking regulators and by Prudential
Bancorp’s shareholders. Under the terms of the merger agreement
between Fulton and Prudential Bancorp (the “Merger Agreement”),
Prudential Bancorp shareholders are receiving shares of Fulton
common stock based on a fixed exchange ratio of 0.7974 of a Fulton
share and $3.65 in cash for each share of Prudential Bancorp common
stock they owned.
Additional information about the merger transaction and the
Merger Agreement are available in a Current Report on Form 8-K that
is being filed by Fulton with the U.S. Securities and Exchange
Commission (the “SEC”) simultaneously with the issuance of this
press release.
Fulton Financial Corporation is the holding company for Fulton
Bank (www.fultonbank.com) and Prudential Bank (www.psbanker.com).
With consolidated assets of approximately $26.4 billion, Fulton
provides financial services through more than 200 financial centers
in Pennsylvania, Delaware, Maryland, New Jersey and Virginia.
Safe Harbor Statement
This communication contains certain forward-looking information
about Fulton that is intended to be covered by the safe harbor for
“forward-looking statements” provided by the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact are forward-looking statements. Such statements
involve inherent risks, uncertainties and contingencies, many of
which are difficult to predict and are generally beyond the control
of Fulton. Readers are cautioned that a number of important factors
could cause actual results to differ materially from those
expressed in, or implied or projected by, such forward-looking
statements.
Forward-looking statements can be identified by the use of words
such as “may,” “should,” “will,” “could,” “estimates,” “predicts,”
“potential,” “continue,” “anticipates,” “believes,” “plans,”
“expects,” “future,” “intends,” “projects,” the negative of these
terms and other comparable terminology. These forward-looking
statements include, but are not limited to, statements regarding
the outlook and expectations of Fulton with respect to the merger,
the strategic benefits and financial benefits of the merger,
including the expected impact of the transaction on Fulton’s future
financial performance (including anticipated accretion to earnings
per share and other metrics).
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, the statements are based
on current beliefs, expectations and assumptions regarding the
future of the business of Fulton, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the control of Fulton, and actual results and
financial condition may differ materially from those indicated in
the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements.
All forward-looking statements included in this communication
are based on information available at the date hereof. Pro forma,
projected and estimated numbers are used for illustrative purposes
only and are not forecasts, and actual results may differ
materially. Fulton is under no obligation to (and expressly
disclaims any such obligation to) update or alter these
forward-looking statements, whether as a result of new information,
future events or otherwise except as required by law.
Forward-looking statements contained in this communication are
subject to, among others, the following risks, uncertainties and
assumptions:
- the possibility that the anticipated benefits of the
transaction, including anticipated cost savings and strategic
gains, are not realized when expected or at all, including as a
result of the impact of, or challenges arising from, the
integration of the former Prudential Bancorp into Fulton or as a
result of the strength of the economy, competitive factors in the
areas where Fulton does and the former Prudential Bancorp did
business, or as a result of other unexpected factors or
events;
- potential adverse reactions or changes to business or employee
relationships, including those resulting from the Merger;
- the outcome of any legal proceedings related to the Merger
which may be instituted against Fulton or the former Prudential
Bancorp.
- unanticipated challenges or delays in the integration of the
former Prudential Bancorp’s business into Fulton’s business and or
the conversion of the former Prudential Bancorp’s operating systems
and customer data onto Fulton’s may significantly increase the
expense associated with the Merger; and
- other factors that may affect future results of Fulton.
These forward-looking statements are also subject to the “Risk
Factors” as well as other principal risks and uncertainties
applicable to the respective businesses and activities of Fulton
and the former Prudential Bancorp that are disclosed in Fulton’s
Annual Report on Form 10-K for its fiscal year ended December 31,
2021, in its Quarterly Report on Form 10-Q for the quarter-ended
March 31, 2022, and in other documents Fulton filed with the U. S.
Securities and Exchange Commission (“SEC”), and in the former
Prudential Bancorp’s Annual Report on Form 10-K, as amended, for
its fiscal year ended September 30, 2021, in its Quarterly Reports
on Form 10-Q for the quarters-ended December 31, 2021 and March 31,
2022, and in other documents Prudential Bancorp files with the SEC.
Fulton’s and the former Prudential Bancorp’s SEC filings are
accessible on the SEC website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220701005058/en/
Media: Laura Wakeley (717) 291-2616
Investors: Matt Jozwiak (717) 327-2657
Fulton Financial (NASDAQ:FULT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fulton Financial (NASDAQ:FULT)
Historical Stock Chart
From Jul 2023 to Jul 2024