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Polonia held M&A talks with 2 banks before agreeing to Prudential Bancorp deal

Huntingdon Valley, Pa.-based held deal talkswith Philadelphia-based Prudential Bancorp Inc. and another unnamed bank beforeagreeing in earlyJune to a $38.1 million cash-and-stock deal with Prudential.

Polonia's management and board regularly reviewed the company'sstrategic and financial prospects after it converted to a stock holding companystructure in 2012. In September 2015, FinPro Capital Advisors Inc. identifiedpotential acquisition targets but noted that Polonia would not be likely to getregulatory approval while it was under a formal with the OCC. Asdiscussions continued during the next month, FinPro produced a list offinancial institutions to contact about combining with Polonia, and the companyformally engaged FinPro in November 2015. Of 38 institutions contacted byFinPro, 19, including Prudential, executed nondisclosure agreements and sevenof those 19 requested and received access to nonpublic information.

In January, Polonia received nonbinding indications ofinterest from Prudential and one other financial institution, with bothinterested in a cash-and-stock deal. The other institution left the process inlate February. After a few months of back-and-forth on the terms, Polonia andPrudential announced their merger agreement June 2.