Prudential Bancorp (PBIP) in Philadelphia has completed its second-step conversion and $71.4 million public offering.
The $466 million-asset Prudential is now a fully public company, according to a press release Wednesday.
In a subscription offering related to the conversion, Prudential sold 7.1 million shares of common stock at $10 per share. It will also issue roughly 2.4 million shares of common stock in exchange for shares of common stock from its former midtier holding company.
Sandler O'Neill & Partners managed the stock offering. Elias, Matz, Tiernan & Herrick acted as legal counsel to the company.