PHILADELPHIA, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Prudential Bancorp, Inc. (Nasdaq:PBIP), the holding company for Prudential Savings Bank, announced today that in accordance with Nasdaq listing rules, it will hold a special meeting of shareholders to approve the issuance of shares of its common stock to the shareholders of Polonia Bancorp, Inc. in connection with the proposed merger of Polonia with and into the Company. Due to the level of share ownership of common shareholders of both entities, shareholder approval of the issuance is required to maintain the listing of Prudential’s common stock on the Nasdaq Global Market. At this time, Prudential expects to hold a special meeting of its shareholders in the later part of December 2016 to consider the proposal to issue shares of its common stock in the transaction to Polonia’s shareholders. As a result, Prudential expects that the merger with Polonia to be completed at the end of 2016 or early in the first quarter of 2017.

As a result of the delay in the anticipated consummation of the merger of Polonia with and into the Company, the previously announced election deadline for Polonia shareholders to submit their election choices with respect to the form of merger consideration desired will be extended beyond November 23, 2016, the current expiration date. Prudential will announce the specific new expiration date as soon as possible but expects that such date will be in the later part of December 2016.

About Prudential Bancorp, Inc.:

Prudential Bancorp, Inc. is the holding company for Prudential Savings Bank. Prudential Savings Bank is a Pennsylvania-chartered, FDIC-insured savings bank that was originally organized in 1886. The Bank conducts business from its headquarters and main office in Philadelphia, Pennsylvania as well as five additional full-service branch offices, four of which are in Philadelphia, and one is in Drexel Hill, Delaware County, Pennsylvania.