Huntingdon Valley’s Polonia Bancorp Acquired by Prudential Bancorp

Huntingdon Valley’s Polonia Bancorp has been acquired by South Philadelphia’s Prudential Bancorp for $37 million, writes Jeff Blumenthal for Philadelphia Business Journal.

The deal came into effect on January 1, with Prudential acquiring 100 percent of Polonia’s outstanding shares in exchange for cash and common shares from Prudential.

The transaction gives Polonia shareholders $11.28 per share. This exceeds the bank’s share price of $10.41 when the deal was announced seven months ago, and its most recent closing price of $11.10.

Following the acquisition, Prudential has $838.9 million in assets, with $508.8 million in loans and $563.7 million in deposits. It now operates 11 branches in Philadelphia, Delaware, and Montgomery counties.

Read more about the acquisition at Philadelphia Business Journal by clicking here.