Prudential Bancorp Rallies On Merger Agreement With Fulton Financial Corp.

(RTTNews) - Shares of Prudential Bancorp, Inc. (PBIP) are rising more than 18% Wednesday morning after the company agreed to combine with Fulton Financial Corporation (FULT) in a stock and cash transaction.

As per the deal, Prudential shareholders will receive Fulton stock based on a fixed exchange ratio of 0.7974 Fulton shares and $3.65 in cash for each Prudential share they own, the companies said.

80% of the purchase price is payable in stock and the rest in cash.

The merger is expected to close in the third quarter of 2022.

PBIP is trading at $17.13 currently.