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PDL Community Bancorp Announces that PFS Service Corp. entered into a Contract of Sale of Real Property
NEW YORK, Dec. 31, 2020 (GLOBE NEWSWIRE) -- On December 22, 2020, PDL Community Bancorp (the “Company”), through PFS Service Corp. (“PFS”), the service
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"NEW YORK, Dec. 31, 2020 (GLOBE NEWSWIRE) -- On December 22, 2020, PDL Community Bancorp (the “Company”), through PFS Service Corp. (“PFS”), the service company of its subsidiary Ponce Bank (the “Bank”), entered into a contract of sale and leaseback of the real property that PFS owns located at 3821 Bergenline Avenue, Union City, New Jersey (the “Real Property”). The purchase price for the Real Property is $2.4 million. PFS’ carrying value of the Real Property as of December 22, 2020 was $512,000. It is anticipated that there will be additional expenses incurred during the closing of the transaction. In the leaseback transaction, the Bank will lease back the Real Property for an initial term of 15 years and will have four optional terms of five years each. The initial base annual rent will be $145,000 subject to annual rent increases of 1.5%. Carlos P. Naudon, the Company’s President and CEO, noted “2021 will continue 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 values.” 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 th...