NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) — Ponce Financial Group, Inc., as successor by merger to PDL Community Bancorp, (the “Company”) (NASDAQ: PDLB), the holding company of Ponce Bank, has led NASDAQ Market Opening Ringing Ceremony on March 9, 2022. Chief Executive Officer Carlos P. Naudon and Executive Chairman of the Board Steven A. Tsavaris lead the NASDAQ Ringing Ceremony to mark Ponce’s new future Financial Group as a fully listed company. business.
Comments from the President and CEO
Speaking from the NASDAQ podium, the company’s Chairman and Chief Executive Officer, Carlos P. Naudon, said, “We launched our first stage of mutual equity conversion in 2017 and today we are proud to announce that we have completed our second stage of conversion. , raising more than $132 million in additional capital and making the company now fully public. Our reorganization into a fully stock exchange form, combined with being one of the largest minority depository institutions and community development financial institutions in the country, will allow us to further expand our services to the communities we serve. We also recently announced our eligibility to participate in the US Treasury’s Emergency Capital Investment Program, which makes us eligible for up to $186 million in additional capital. Our communities, made up largely of immigrants and people of color, have been disparately impacted by the health and wealth gap that continues to exist today; we are pleased that our additional capital strengthens our ability to serve them and fill this gap.
Comments from the Executive Chairman
Steven A. Tsavaris, Executive Chairman, noted that “Since our humble beginnings in the turbulent South Bronx over 60 years ago, we have survived and thrived. In 2021, we reached critical milestones: our strongest capital position ever – and growing stronger; our largest loan portfolio at $1.3 billion; the impeccable quality of our assets; and our enhanced loan origination capabilities. Going forward, as Ponce Financial Group, we will continue to deploy our capital responsibly. »
About Ponce Financial Group, Inc.
Ponce Financial Group, Inc., as successor by merger to PDL Community Bancorp, is the holding company of Ponce Bank. Ponce Bank is a Minority Depository Institution, Community Development Financial Institution and Small Business Administration Certified Lender. The Bank’s business is primarily to receive deposits from the general public and, to a lesser extent, from alternative sources of funding and to invest these deposits, together with funds generated from operations and borrowings, in mortgage loans. , consisting of 1 to 4 family residences (investor-owned and owner-occupied), multi-family residences, non-residential buildings and construction and land, and, to a lesser extent, business and consumer loans. The Bank also invests in securities, which consist of US government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as mortgage-backed securities, bonds and securities. corporate bonds and Federal Home Loan Bank stock.
Certain statements contained herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be governed by the provisions of exemption from the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes”, “will”, “would”, “expect”, “plan”, “may”, “might “, “developments”, “strategic”, “launch”, “opportunities”, “anticipates”, “estimates”, “intends”, “plans”, “targets” and similar expressions. These statements are based on management’s current beliefs and expectations and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements due to a number of factors. Factors that could cause such differences to exist include including, but not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on business operations; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions nationally or in the local markets in which Ponce Bank operates, including changes that adversely affect borrowers’ ability to service and repay Ponce Bank loans; the anticipated impact of the COVID-19 pandemic and Ponce Bank’s attempts to mitigate it; changes in the value of securities in the investment portfolio; changes in loan default and charge rates; fluctuations in real estate values; the adequacy of loan loss reserves; declines in the level of deposits requiring increased borrowing to finance loans and investments; operational risks, including but not limited to cybersecurity, fraud and natural disasters; changes in government regulations; changes in accounting standards and practices; the risk that the intangible assets recognized in the financial statements will be impaired; demand for loans in Ponce Bank’s market area; Ponce Bank’s ability to attract and retain deposits; risks related to the implementation of acquisitions, divestitures and restructurings; the risk that Ponce Financial Group, Inc. will fail to implement its business strategy; changes in assumptions used to make such forward-looking statements and risk factors described in PDL Community Bancorp’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the ” SEC”), which are available on the SEC’s website, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Ponce Financial Group, Inc. disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, unless the applicable law or regulation so requires.