Prudential Bancorp, Inc. Announces Completion Of Merger With Polonia Bancorp, Inc.

PHILADELPHIA, Jan. 03, 2017 (GLOBE NEWSWIRE) — Prudential Bancorp, Inc. (the “Company” or “Prudential”) (Nasdaq:PBIP) today announced the completion of the acquisition of Polonia Bancorp, Inc. (“Polonia”) and its wholly-owned subsidiary, Polonia Bank, effective January 1, 2017. Polonia was merged with and into Prudential immediately followed by the merger of Polonia Bank with and into Prudential Savings Bank.

Under the terms of the Merger Agreement, shareholders of Polonia had the option to receive $11.09 per share in cash or 0.7460 of a share of Prudential common stock for each share of Polonia common stock, subject to allocation provisions to assure that, in the aggregate, Polonia shareholders received total merger consideration that consists of 50% stock and 50% cash. As a result of Polonia shareholder stock and cash elections and the related proration provisions of the Merger Agreement, Prudential issued approximately 1,274,200 shares of its common stock and approximately $18.9 million in the merger.

With the combination of the two organizations, Prudential, on a consolidated basis, has approximately $838.9 million in assets, $508.8 million in loans and $563.7 million in deposits with 11 branch offices in Philadelphia, Delaware and Montgomery counties. “As two long standing community banks within the Philadelphia metropolitan area holding similar core values, we are confident that this merger will prove beneficial to our customers and the community,” said Dennis Pollack, Prudential’s President and Chief Executive Officer.

The banks will conduct business as “Prudential Bank”.The systems integration process is expected to be completed in mid-February 2017.

About Prudential Bancorp, Inc.:

Prudential Bancorp, Inc. is the holding company for Prudential Savings Bank. Prudential Savings Bank is a Pennsylvania-chartered, FDIC-insured savings bank that was originally organized in 1886. The Bank conducts business from its headquarters and main office in Philadelphia, Pennsylvania as well as five additional full-service branch offices, four of which are in Philadelphia, and one is in Drexel Hill, Delaware County, Pennsylvania.