Business
PDL Community Bancorp Announces Completion of Sale and Leaseback of Real Property
NEW YORK, Dec. 21, 2021 (GLOBE NEWSWIRE) -- On December 16, 2021, Ponce Bank (the “Bank”), a subsidiary of PDL Community Bancorp (the “Company”) (Nasdaq:
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"NEW YORK, Dec. 21, 2021 (GLOBE NEWSWIRE) -- On December 16, 2021, Ponce Bank (the “Bank”), a subsidiary of PDL Community Bancorp (the “Company”) (Nasdaq: PDLB), completed the sale of real property that the Bank owned, located at 37-60 82nd Street, Jackson Heights, Queens, New York (the “Real Property”). The sale price of the Real Property was $11.8 million. The net book value of the Real Property as of November 30, 2021 was $7.8 million. Concurrent with the sale of the Real Property, the Bank and the purchaser entered into a seventeen-year lease agreement whereby the Bank will lease back the Real Property at an initial base annual rent of approximately $530,000, subject to annual rent increases of 2.0%. Carlos P. Naudon, the Company’s President and CEO, noted \"We are excited about the sale and leaseback of the Jackson Heights 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 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 operating in five ...