Business
PDL Community Bancorp and Ponce Financial Group, Inc. Announce Conclusion of Subscription Stock Offering
BRONX, N.Y., Dec. 15, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (“PDL”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), Mortgage World
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"BRONX, N.Y., Dec. 15, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (“PDL”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), Mortgage World Bankers, Inc. (“Mortgage World”) and Ponce Financial Group, Inc. (“Ponce Financial Group”), the proposed stock holding company for the Bank and Mortgage World upon completion of the proposed second-step conversion and reorganization of Ponce Bank Mutual Holding Company (“PBMHC”), announced today that sufficient orders were received in the subscription offering and that no community offering or syndicated offering will be held. We are currently processing the orders received. Results of the subscription offering will be announced when processing of the orders has been completed and the independent appraisal has been finalized. Accordingly, no further information regarding the offering is available at this time. The closing of the conversion and reorganization remains subject to receipt of final regulatory approval, the approval of PBMHC’s members, the approval of PDL’s stockholders and other customary closing conditions. About PDL Community Bancorp PDL Community Bancorp is the financial holding company for Ponce Bank and Mortgage World Bankers, Inc. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. The Bank’s business primarily consists of taking deposits from the general public and to a lesser extent alternative funding sources and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as, mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock. Mortgage World Bankers, Inc. is a mortgage lender operating in five states. As a Federal Housing Administration (“FHA”)-approved Title II lender, Mortgage World Bankers, Inc. originates and sells to investors single-family mortgage loans guaranteed by the FHA, ...