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Pennsylvania
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6036
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46-2935427
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(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard
Industrial Classification Code Number) |
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(I.R.S. Employer
Identification No.) |
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☐
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(Do not check if a smaller reporting company)
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Smaller reporting company ☒
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Title of Each Class of
Securities to be Registered |
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Amount to be
Registered |
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Proposed Maximum
Offering Price Per Unit |
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Proposed Maximum
Aggregate Offering Price |
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Amount of Registration Fee
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Common Stock, $.01 par value per share
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9,027,500 shares(1)
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$
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10.00
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$90,275,000
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(2)
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$
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12,314
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Participation interests
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415,661 interests(2)
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—
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(2)
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Minimum
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Midpoint
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Maximum
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Number of shares
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4,993,786
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5,874,998
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6,756,210
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Gross offering proceeds
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$
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49,937,860
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$
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58,749,980
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$
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67,562,100
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Estimated offering expenses, excluding selling agent fees(1)
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$
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1,150,000
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$
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1,150,000
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$
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1,150,000
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Estimated selling agent fees(2)(3)
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$
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955,000
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$
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1,124,000
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$
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1,293,000
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Estimated net proceeds
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$
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47,832,860
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$
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56,475,980
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$
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65,119,100
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Estimated net proceeds per share
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$
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9.58
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$
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9.61
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$
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9.64
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Page
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Use of Proceeds
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Amount,
at the minimum |
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Amount,
at the maximum |
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Percentage of net offering proceeds at the maximum
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(Dollars in Thousands)
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Loan to our employee stock ownership plan
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$
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1,998
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$
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2,702
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4.15
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%
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Repurchase of shares for our new recognition and retention plan
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1,998
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2,702
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4.15
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Investment in Prudential Savings Bank
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23,917
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32,560
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50.00
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General corporate purposes – dividend payments, possible acquisitions and stock repurchases
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19,920
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27,155
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41.70
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Total
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$
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47,883
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$
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65,119
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100.0
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%
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FIRST:
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Eligible Account Holders (depositors at Prudential Savings Bank with $50 or more on deposit as of December 31, 2011).
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SECOND:
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Prudential Savings Bank’s employee stock ownership plan;
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THIRD:
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Supplemental Eligible Account Holders (depositors at Prudential Savings Bank with $50 or more on deposit as of , 2013).
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FOURTH:
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Other Depositors (depositors at Prudential Savings Bank as of , 2013 and who do not qualify as Eligible Account Holders or Supplemental Eligible Account Holders).
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Company Name and Ticker Symbol
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Exchange
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Headquarters
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Total Assets
(in Thousands) |
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Alliance Bancorp, Inc. of Pennsylvania (ALLB)
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NASDAQ
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Broomall, PA
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$
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457,401
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Cape Bancorp, Inc. (CBNJ)
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NASDAQ
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Cape May Court House, NJ
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1,033,221
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Colonial Financial Services, Inc. (COBK)
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NASDAQ
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Vineland, NJ
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633,217
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FedFirst Financial Corporation (FFCO)
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NASDAQ
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Monessen, PA
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313,562
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Fox Chase Bancorp, Inc. (FXCB)
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NASDAQ
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Hatboro, PA
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1,085,340
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OBA Financial Services, Inc. (OBAF)
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NASDAQ
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Germantown, MD
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386,095
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Ocean Shore Holding Co. (OSHC)
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NASDAQ
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Ocean City, NJ
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1,053,872
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Oneida Financial Corp. (ONFC)
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NASDAQ
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Oneida, NY
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719,687
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Standard Financial Corp. (STND)
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NASDAQ
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Monroeville, PA
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436,302
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TF Financial Corporation (THRD)
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NASDAQ
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Newtown, PA
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716,002
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Price to last
12 months (‘‘LTM’’) Earnings Multiple |
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Price to LTM Core Earnings Multiple
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Price to Book Value Ratio
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Price to Tangible Book Value Ratio
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Prudential Bancorp–New (pro forma)
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Minimum
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31.25
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100.00
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63.69
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%
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63.69
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%
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Midpoint
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37.04
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125.00
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69.69
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69.69
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Maximum
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45.45
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166.67
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74.85
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74.85
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Peer group companies as of June 6, 2013
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Average
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22.03
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30.58
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90.46
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%
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98.14
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%
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Median
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19.74
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26.24
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86.36
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91.94
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Shares to be sold in the offering
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Shares of Prudential Bancorp–New stock to be issued in exchange
for Existing Prudential Bancorp common stock |
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Total shares of Prudential Bancorp–New common stock to be outstanding after the conversion(1)
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Exchange ratio
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100 shares of Existing Prudential Bancorp common stock would be exchanged for the following number of shares of Prudential Bancorp–New(2)
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Equivalent Per Share Value(3)
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Amount
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Percent
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Amount
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Percent
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|||||||||||||||||||||||||
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Minimum
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4,993,786
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74.84
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1,678,714
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25.16
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6,672,500
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0.6595
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65
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$
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6.60
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Midpoint
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5,874,998
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74.84
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1,975,002
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25.16
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7,850,000
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0.7759
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77
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7.76
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Maximum
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6,756,210
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74.84
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2,271,290
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25.16
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9,027,500
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0.8923
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89
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8.92
|
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Number of Shares to be Granted or Purchased
|
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Total Estimated Value of Grants
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|||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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At
Minimum of Offering Range |
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At
Maximum of Offering Range |
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As a %
of Shares in the Offering |
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As a %
of Common Stock to be Outstanding After the Offering |
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Dilution Resulting From Issuance of Shares for Stock-Based Benefit Plans(3)
|
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At
Minimum of Offering Range |
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At
Maximum of Offering Range |
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||||||||
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(Dollars in Thousands)
|
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|||||||||||||||||||||||||||||||
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Employee stock ownership plan(1)
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199,751
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270,248
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4.0
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%
|
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|
|
2.99
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%
|
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2.91
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%
|
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$
|
1,998
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$
|
2,702
|
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Recognition and retention plan awards(1)
|
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|
199,751
|
|
|
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|
270,248
|
|
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4.0
|
|
|
|
|
2.99
|
|
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2.91
|
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1,998
|
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|
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|
2,702
|
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Stock options(2)
|
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499,378
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|
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|
675,621
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10.0
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|
|
|
|
7.48
|
|
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6.96
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2,417
|
|
|
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3,270
|
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Total
|
|
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|
898,880
|
|
|
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1,216,117
|
|
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18.0
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%
|
|
|
|
13.47
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%
|
|
|
|
11.87
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%
|
|
|
$
|
6,412
|
|
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$
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8,675
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Existing and New Stock Benefit Plans
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Participants
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Number of Shares
|
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|
Estimated
Value of Shares |
|
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|
Percentage of Shares
Outstanding After the Conversion |
|
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Employee Stock Ownership Plan:
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All Employees
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Shares previously purchased(1)
|
|
|
|
|
|
403,583
|
|
|
|
$
|
4,035,830
|
|
|
|
|
4.47
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%
|
|
|
|
Shares to be purchased in this offering
|
|
|
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|
270,248
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2,702,480
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|
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2.99
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Total employee stock ownership plan
|
|
|
|
|
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673,831
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6,738,310
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|
7.46
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|
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Recognition and Retention Plans:
|
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Directors and Officers
|
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2008 Recognition and Retention Plan(2)(3)
|
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|
|
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201,792
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2,017,920
|
|
|
|
|
2.24
|
|
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|
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Proposed New Recognition and Retention Plan(4)
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|
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270,248
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2,702,480
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2.99
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Total employee and retention plans
|
|
|
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472,040
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4,720,400
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5.23
|
|
|
|
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Stock Option Plans:
|
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Directors and Officers
|
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2008 Stock Option Plan(2)(6)(7)
|
|
|
|
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504,479
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|
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|
2,441,677
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|
5.59
|
(5)
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Proposed New Stock Option Plan(8)
|
|
|
|
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|
675,621
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3,270,006
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|
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|
7.48
|
|
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|
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Total stock option plans
|
|
|
|
|
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1,180,100
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|
|
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5,711,683
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|
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|
13.07
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%
|
|
|
|
Total stock benefits plans
|
|
|
|
|
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2,325,971
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|
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|
$
|
17,170,393
|
|
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25.76
|
%
|
|
|
|
|
|
At March 31,
2013 |
|
|
|
At September 30,
|
|
|
||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
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|
2012
|
|
|
|
2011
|
|
|
|
2010
|
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2009
|
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|