PHILADELPHIA and HUNTINGDON VALLEY, Pa., Oct. 25, 2016 (GLOBE NEWSWIRE) -- Prudential Bancorp, Inc. (Nasdaq:PBIP) and Polonia Bancorp, Inc.(OTCBB:PBCP), jointly announced today that Polonia received shareholder approval of the merger with the Company at a special meeting of shareholders held today. The Company previously announced that it had received all required regulatory approvals necessary for the consummation of the merger of Polonia with and into the Company and the merger of Polonia Bank, Polonia’s wholly owned subsidiary, with and into Prudential Savings Bank, Prudential’s wholly owned subsidiary from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities.
Dennis Pollack, the President and Chief Executive Officer of Prudential, stated “We are very pleased to have received the last approval necessary to complete the mergers with Polonia and Polonia Bank. Prudential is very excited about the impending completion of the merger and is looking forward to welcoming the Polonia customers and employees to Prudential. It has taken a lot of effort and great teamwork to pursue the merger of the two companies,” continued Mr. Pollack.
Joseph Svetik, President and Chief Executive Officer of Polonia, added “I am happy with the progress being made by both the Polonia Bank and Prudential Savings Bank integration teams. I am confident that our teams will continue to work together to meet the anticipated closing date of the merger. We are glad to have the opportunity to become part of Prudential, a bank that understands the importance of customer service and community banking.”
Prudential and Polonia also announced that the election deadline for Polonia shareholders to elect the type of merger consideration they will receive, subject to allocation and proration procedures, is 5:00 p.m., Eastern Time, on November 23, 2016. The merger agreement provides that 50% of the outstanding shares of Polonia common stock will be exchanged for Prudential common stock and 50% of the outstanding shares of Polonia common stock will be exchanged for cash. When the elections of all Polonia shareholders have been received, Prudential will determine the exact amount of cash and/or shares of Prudential common stock to be distributed to Polonia shareholders based on their election choices and the proration procedures described in the merger agreement and the proxy statement/prospectus.
Subject to customary closing conditions, the transaction currently is expected to close on November 30, 2016.
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.
About Polonia Bancorp, Inc.
Polonia Bancorp, Inc. is the holding company for Polonia Bank. Polonia Bank is headquartered in Huntingdon Valley, Pennsylvania and has provided community banking services to customers for almost 93 years. Polonia Bank currently operates five full-service locations in Montgomery and Philadelphia Counties, Pennsylvania.
