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Prudential Bancorp receives shareholders' approval for common stock issuance

Philadelphia-based Prudential Bancorp Inc. on Dec. 19 received its shareholders' approval for the common stock issuance in connection with the pending merger with Huntingdon Valley, Pa.-based Polonia Bancorp Inc.

Under the deal, 50% of the outstanding Polonia common shares will be exchanged for Prudential common shares, while the other half will be exchanged for cash.

The deadline for Polonia shareholders to elect the type of merger consideration they will receive was previously extended to Dec. 22. The deal is expected to close Jan. 1, 2017.