On May 3, 2016, Prudential Bancorp, Inc. announced the retirement of Mr. Joseph R. Corrato as the president and chief executive officer of the company and Prudential Savings Bank, the company's wholly owned subsidiary, effective as of May 1, 2016 as well as his resignation from the boards of directors of the company and the Bank. In connection with the announced retirement of Mr. Corrato, the boards of directors of the company and the bank appointed Dennis Pollack as president and chief executive officer of the company and the bank, effective as of May 1, 2016. Mr. Pollack currently a director of the company and the bank, has served as chairman of the board, Presilient Worldwide, Denver, Colorado, an information technology managed backup and infrastructure service provider, since 2011 as well as a director of SI Financial Group, Inc. Willimantic, Connecticut, and its wholly owned subsidiary, Savings Institute Bank and Trust Company, since February 2015.

He previously served as a director of TF Financial, Inc., Newtown, Pennsylvania, from January 2012 until its acquisition by National Penn Bancshares, Inc. was completed in October 2013. Mr. Pollack also served as chief operating officer of Paulson & Co. from 2003-2006 and as President and chief executive officer of the Connecticut Bank of Commerce from 1997-2000 as well as The Savings Bank of Rockland County from 1989-1996.

There are no arrangements or understandings between a director or executive officer of the company and Mr. Pollack pursuant to which he was named as an executive officer of the company and the bank.