Daily News | Fulton Bank buys Philly’s Prudential Bank, pledges city aid
office opened in 2019 as that aging neighborhood attracted new investment from apartment and retail developers.when that two-branch institution needed capital.
Prudential is based at 18th and Oregon in South Philly, and has seven other branches in South Philly, Center City, and the river wards, plus outposts in Huntingdon Valley and Drexel Hill. The banks each have a branch two blocks apart near Logan Circle, but otherwise little overlap in their networks. Prudential shares, which peaked at $19.20 in 2018 but have lately traded around $13, jumped nearly 20% and rose above $17 as shareholders anticipated collecting the deal premium.
Prudential rose to $734 million in deposits at 10 branches, from $396 million at six offices, in the same five-year period. Both rose more rapidly than the area banking market as a whole, according to Federal Deposit Insurance Corp. data.
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