Fulton Financial Corp - FULT STOCK NEWS

Fulton Financial Corporation (NASDAQ: FULT) has announced that over 98% of Prudential Bancorp, Inc. (NASDAQ: PBIP) shareholders approved its acquisition of Prudential Bancorp and its subsidiary, Prudential Bank. The merger, previously announced on March 2, 2022, is expected to close in early July 2022 following the receipt of all necessary regulatory approvals. Fulton aims to enhance its presence in the Philadelphia community and will operate both Fulton Bank and Prudential Bank until Prudential Bank merges into Fulton Bank, anticipated by Q4 2022.

Fulton Bank has appointed Joel Barnett as Senior Vice President and Director of Commercial Affinity Banking, a role dedicated to fostering relationships with minority-owned, women-owned, and veteran-owned businesses. Barnett, with over 30 years of banking experience, will help the bank improve outreach efforts within these communities to facilitate access to banking services. This initiative is part of Fulton Bank's broader Fulton Forward® program aimed at promoting economic empowerment and diversity in the Mid-Atlantic region.

Fulton Financial Corporation (NASDAQ: FULT) has received regulatory approvals from the Federal Reserve Bank of Philadelphia and Pennsylvania Department of Banking and Securities to acquire Prudential Bancorp, Inc. (NASDAQ: PBIP). This acquisition, initially announced on March 2, 2022, requires shareholder approval at a special meeting scheduled for June 15, 2022. The merger is expected to close in Q3 2022. Fulton aims to enhance its Philadelphia presence and customer service through this strategic acquisition of Prudential Bank, which has assets of approximately $1 billion.

Fulton Bank, part of Fulton Financial Corporation (NASDAQ: FULT), released its inaugural Corporate Social Responsibility (CSR) report, highlighting its commitment to community development. With $11.7 million in charitable donations and $830 million in HomeReady® Mortgage Plus loans since 2016, the bank emphasizes its role in economic empowerment. Key achievements include over 40,000 employee volunteer hours and partnerships aimed at enhancing financial literacy and supporting underserved communities.

Fulton Financial Corporation (NASDAQ:FULT) reported net income of $61.7 million for Q1 2022, up 4% from Q4 2021. Key highlights include solid loan growth and record income from wealth management. Total net interest income was $161.3 million, down from Q4, primarily due to decreased loan fees from PPP loans. Non-interest income decreased by 13.5% linked quarter, largely due to lower mortgage banking income. Operating expenses fell by 5.2% from Q4. The corporation plans to acquire Prudential Bancorp to strengthen its Philadelphia market presence, while a share repurchase program is set for $75 million.

Fulton Financial Corporation (NASDAQ: FULT) will announce its first quarter 2022 earnings on April 19 at 4:30 p.m. Eastern Time. A quarterly conference call for analysts will be held the following day, April 20, at 10:00 a.m. Eastern Time, hosted by Chairman & CEO E. Philip Wenger, President & COO Curtis J. Myers, and CFO Mark R. McCollom. The call can be accessed via webcast or by dialing (844) 264-2102 with Conference ID: 8059915. Fulton Financial, based in Lancaster, PA, manages assets of approximately $26 billion and operates over 200 branches across five states.

Fulton Financial Corporation (Nasdaq: FULT) has announced a new share repurchase program, allowing for the buyback of up to $75 million of its common stock, representing about 2.7% of outstanding shares. This program is set to begin on April 1, 2022, following the conclusion of a previous repurchase initiative on March 31, 2022, and will remain active until December 31, 2022. The repurchases may occur through various avenues including open market transactions, subject to market conditions.

Fulton Financial Corporation (NASDAQ: FULT) announces the retirement of CEO E. Philip Wenger, effective December 31, 2022, after 43 years with the company. Wenger will remain a director post-retirement. Curtis J. Myers, the current president and COO, will succeed Wenger as chairman, president, and CEO starting January 1, 2023. Myers has been with the bank since 1990, holding various key positions. The leadership transition aims to ensure continued strong performance and uphold the company's commitment to enhancing community lives.

The Board of Directors of Fulton Financial Corporation (NASDAQ: FULT) has declared a quarterly cash dividend of 15 cents per share on its common stock, an increase of 1 cent from the previous quarter. This dividend is payable on April 18, 2022, to shareholders of record as of April 1, 2022. Additionally, a quarterly dividend of $12.81 per share on Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid on April 15, 2022, to holders of record as of March 31, 2022.