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Ponce Bank was accepted into the Department of the Treasury, Bureau of Fiscal Service, Minority Bank Deposit Program
NEW YORK, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”),
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"NEW YORK, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced that Ponce Bank was accepted into the Department of the Treasury, Bureau of Fiscal Service, Minority Bank Deposit Program. As a participating bank, the Bank will have the opportunity to receive exposure, technical training and networking with the goal to: become eligible for the Treasury Bank Mentor-Protégé programexpand capacity and accelerate growthdevelop expertise in working with the Department of the Treasuryparticipate as a depositary or financial agent at the federal, state or local government level President and Chief Executive Officer’s Comments: Carlos P. Naudon, Ponce Financial Group’s President and CEO, stated “We are excited about being accepted into the Department of the Treasury, Bureau of Fiscal Service, Minority Bank Deposit Program and look forward to fully engaging with the Program to strengthen and preserve our mission as a Minority Depository Institution and a Community Development Financial Institution.\" About Ponce Financial Group, Inc. Ponce Financial Group, Inc., is the holding company for Ponce Bank. Ponce Bank is 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 alternative funding sources and investing those funds, 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, 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. Forward Looking Statements Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the ...