Fulton Financial Stock Price, News & Analysis

Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $67.4 million, or $0.42 per diluted share, for Q2 2022, marking a 9.2% increase from the previous quarter. However, net income for the first half of 2022 totaled $129.2 million, down 2.8% year-over-year. Key drivers included a rise in net interest income to $178.8 million, attributed to increased interest rates and loan originations. The acquisition of Prudential Bancorp was highlighted as a significant milestone. Non-interest expenses rose by 2.1%, influenced by higher salaries and merger-related costs.

Fulton Financial Corporation (NASDAQ: FULT) will announce its Q2 2022 earnings on July 19 at 4:30 PM ET. A conference call for analysts is scheduled for July 20 at 10:00 AM ET, hosted by E. Philip Wenger, CEO, alongside other executives. The call can be accessed via webcast at investor.fultonbank.com. Fulton, based in Lancaster, PA, has approximately $26 billion in assets and operates over 200 branches across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.

Fulton Financial Corporation (NASDAQ: FULT) has completed the acquisition of Prudential Bancorp, Inc. (formerly NASDAQ: PBIP) in a strategic move to enhance its presence in Philadelphia. The transaction involves Prudential Bancorp being merged into Fulton, with a fixed exchange ratio of 0.7974 of a Fulton share and $3.65 in cash for each Prudential share. Fulton also pledged $2 million to the Fulton Forward® Foundation to support community initiatives in Philadelphia, focusing on economic empowerment.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), announced changes to its overdraft program, eliminating non-sufficient funds and extended overdraft fees for consumer customers starting in Q4 2022. This decision comes in response to customer feedback and aims to improve consumer banking services. Fulton Bank previously introduced the 'Xpress Account' in 2021, which offers a low-cost alternative with no overdraft fees. The bank emphasizes its commitment to adapting services to meet customer needs and expectations.

The Board of Directors of Fulton Financial Corporation (NASDAQ: FULT) has announced a quarterly cash dividend of 15 cents per share on common stock, payable on July 15, 2022, to shareholders of record as of July 1, 2022. Additionally, a dividend of $12.81 per share on Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, will be paid to holders of record as of June 30, 2022. Fulton Financial is a financial holding company based in Lancaster, PA, with over $26 billion in assets and operates more than 200 branches across several states.

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.