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PDL Community Bancorp and Ponce Financial Group, Inc. Announce Results of Ponce Bank Mutual Holding Company Member Vote and Final Subscription Offering Results
BRONX, N.Y., Jan. 07, 2022 (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., Jan. 07, 2022 (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”), announced today (i) that at the special meeting of members convened on December 28, 2021 and concluded on January 7, 2022, the members of Ponce Bank Mutual Holding Company (“PBMHC”) approved (a) the plan of conversion and reorganization, pursuant to which Ponce Financial Group will be the new stock holding company for the Bank and Mortgage World upon completion of the proposed second-step conversion and reorganization of PBMHC and (b) the funding of the Ponce De Leon Foundation (the “Foundation”), and (ii) the final results of the subscription offering. The closing date for the conversion and reorganization, funding of the Foundation and concurrent subscription offering, has not yet been determined and is subject to the satisfaction of customary closing conditions. After final tabulation of stock orders in the subscription offering, a total of 13,317,391 shares of Ponce Financial Group common stock are anticipated to be sold in the subscription offering at a price $10.00 per share. In addition, as part of the conversion, each outstanding share of PDL common stock owned by public shareholders (i.e., shareholders other than PBMHC) as of the closing date will be converted into the right to receive approximately 1.395 shares of Ponce Financial Group common stock in exchange for each share of PDL common stock. This exchange ratio ensures that, upon the closing of the conversion and offering, the public shareholders will hold approximately the same aggregate percentage ownership interest in Ponce Financial Group as they held in the PDL before the closing of the transaction. Cash will be issued in lieu of fractional shares based on the offering price of $10.00 per share. Ponce Financial Group will also contribute 399,522 shares to the Foundation. Upon closing, Ponce Financial Group’s total outstanding shares are expected to be 24,711,974 shares, before taking into account adjustments for fractional shares. Janney Montgomery Scott LLC was Ponce Financial Group’s selling agent in the subscription offering. About PDL Community Bancorp PDL Community Bancorp is the financial holding company for P...