Prudential Bancorp (PBIP) in Philadelphia has been approved by shareholders and bank depositors for a second-step conversion.
The $466 million-asset Prudential will shed its mutual status and become a fully public company when the conversion is complete, according to a Wednesday press release.
In an offering associated with the conversion, Prudential plans to sell roughly 7.1 million shares of common stock at $10.00 per share for gross proceeds of $71.4 million, according to the release. Outstanding shares of the mutual company's common stock will be exchanged for the new public company's common stock. Shares owned by the mutual holding company will be canceled.
The conversion and offering are expected to close around Oct. 9.
Sandler O'Neill & Partners managed the subscription and community offerings. Elias, Matz, Tiernan & Herrick acted as legal counsel.
Prudential's Nasdaq symbol, PBIP, is expected to remain unchanged.