Business
PDL Community Bancorp Announces an Agreement of Sale and Leaseback of Real Property
NEW YORK, Sept. 01, 2021 (GLOBE NEWSWIRE) -- On August 30, 2021, PFS Service Corp. (“PFS”), a service company subsidiary of Ponce Bank (the “Bank”), a
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"NEW YORK, Sept. 01, 2021 (GLOBE NEWSWIRE) -- On August 30, 2021, PFS Service Corp. (“PFS”), a service company subsidiary of Ponce Bank (the “Bank”), a subsidiary of PDL Community Bancorp (the “Company”), entered into an agreement to sell real property that PFS owns, located at 2244 Westchester Avenue, Bronx, New York (the “Real Property”). The sale price of the Real Property is $16.1 million. Concurrent with the sale of the Real Property, the Company and the Bank, as co-tenants, and the purchaser will enter into a seventeen-year lease agreement whereby the Company and the Bank will lease back the Real Property at an initial base annual rent of approximately $926,100, subject to annual rent increases of 1.75%. Carlos P. Naudon, the Company’s President and CEO, noted \"We are excited about the sale and leaseback of the Westchester Avenue real property and look forward to continuing to provide the excellent products and customer service that Ponce Bank has always been known for in the immediate neighborhood. More importantly, 2021 continues to be a year of investing─in the safety of our people and the future of our organization and our communities─with the clear goal of enhancing stakeholder value.” About PDL Community Bancorp PDL Community Bancorp is the financial holding company for Ponce Bank and Mortgage World Bankers, Inc. Ponce Bank is a federally chartered stock savings association. Ponce Bank is designated a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. Ponce Bank’s business primarily consists of taking deposits from the general public and to a lesser extent from 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. Ponce 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 ope...