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PDL Community Bancorp Announces Update With Respect to Its Emergency Capital Investment Program Application
BRONX, New York, Dec. 15, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (“PDL” or the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"BRONX, New York, Dec. 15, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (“PDL” or the “Company”) (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 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 it has received a letter, dated December 14, 2021, from the U. S. Department of the Treasury (“Treasury”) indicating that it is eligible to participate in the Emergency Capital Investment Program (“ECIP”). Subject to the completion of the conversion and reorganization of PBMHC and upon the complete execution of not yet available ECIP investment and program documentation, we may receive an ECIP investment of up to $185.6 million in exchange for the issuance by Ponce Financial Group of senior perpetual noncumulative preferred stock directly to Treasury on terms established by Treasury. Treasury indicated that it would provide further information concerning the ECIP process, including, but not limited to, the fulfillment of unspecified closing conditions, additional documentation and supplemental information. PDL cannot provide any assurance or guarantee concerning whether it will ultimately be a participant in the ECIP, what the actual amount, if any, Treasury will offer to invest, whether such amount will be acceptable, what the actual terms, conditions and preferences of the senior preferred stock will be or whether they will be acceptable to Ponce Financial Group. 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 ...