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Prudential Bancorp, Polonia Bancorp adjust merger consideration

Philadelphia-based Prudential Bancorp Inc. and Huntingdon Valley, Pa.-based Polonia Bancorp Inc. disclosed the adjusted consideration for their pending merger.

The exchange ratio and per-share cash consideration for the transaction have been adjusted to 0.7460 and $11.09, respectively. The initial merger consideration consisted of either 0.7591 of a share of Prudential common stock or $11.28 in cash for each Polonia share.

The transaction's terms state that the initial consideration was subject to potential adjustment based on the amount of Polonia's consolidated stockholders' equity at a specified date. The adjusted consideration is based on Polonia's consolidated stockholders' equity of $36.7 million as of Oct. 31.