Ponce Financial Group, Inc. Introduces New Chief Executive Officer


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NEW YORK, May 31, 2022 (GLOBE NEWSWIRE) — Ponce Financial Group, Inc. (the “Company”), the holding company of Ponce Bank, today announced that the Boards of Directors of the Company and Ponce Bank appointed Mr. Sergio Vaccaro as Chief Financial Officer effective June 1, 2022. Mr. Vaccaro joins the company and Ponce Bank from HSBC where he was Chief Financial Officer of Private Bank Americas. Current Chief Financial Officer Frank Perez remains with the Bank as Executive Vice President and assumes the newly expanded role of Director of Investor Relations. Mr. Vaccaro has 27 years of accounting experience, including 15 years in senior management positions at Citigroup, HSBC and Private Bank Americas where he spent 5 years as Chief Financial Officer after leading financial planning and analysis. A native Spanish speaker, Mr. Vaccaro is thrilled to be part of a bank that celebrates and uplifts so many of the Latino and immigrant diaspora in the New York area and beyond. “It is a real privilege to join Ponce Financial Group and Ponce Bank; I believe in their mission and look forward to contributing to their continued growth and success. Perez adds, “I am proud to be part of an organization founded here where I was born and raised, and committed to creating opportunity for everyone in this community. My new role as CIRO provides an exciting platform to deepen this mission and ensure that our good work is recognized and rewarded by our neighbors and shareholders. »

Comments from the President and CEO Carlos P. Naudon, President and CEO of the Company and Ponce Bank, said, “We are grateful to Frank for his leadership in our mutual equity conversion efforts; Frank grew up here and he knows our community, now that we are a fully public Minority Depository Institution (“MDI”) and Community Development Financial Institution (“CDFI”), we need the full time effort of Frank dedicated to becoming a preferred investment for investors with a similar mission. And the fact that we are able to attract Sergio Vaccaro as Chief Financial Officer, a person with invaluable experience and stature in the banking industry, exemplifies the goals and mission of our institution. We look forward to helping both of us execute our strategy to deploy our recently raised capital. »

Comments from the Executive Chairman

Steven A. Tsavaris, Executive Chairman, said, “With the addition of Sergio Vaccaro as Chief Financial Officer, the transition of Frank Perez to CIRO and the recent addition of Luis Gonzalez as Chief Operating Officer, we assembled a highly qualified management team in a short time. experienced, shares our vision and can execute our mission.

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.

Forward-looking statements

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, 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 necessitating 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 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.

Contact:Franck Perez[email protected]718-931-9000

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Source: Ponce Financial Group, Inc.


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