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Ponce Financial Group, Inc. Celebrates the Initiation of Trading of its Shares with NASDAQ Market Opening Ceremony
NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., as the successor by merger with PDL Community Bancorp, (the “Company”)
About this update from Ponce Financial Group, Inc.
[{"type":"text","content":"NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., as the successor by merger with PDL Community Bancorp, (the “Company”) (NASDAQ:PDLB), the holding company for Ponce Bank, led NASDAQ’s market opening bell ringing ceremony on March 9, 2022. Chief Executive Officer Carlos P. Naudon and Executive Chairman of the Board of Directors Steven A. Tsavaris lead the NASDAQ bell ringing ceremony to mark Ponce Financial Group’s new future as a fully publicly-traded company. President and Chief Executive Officer’s Comments Speaking from the NASDAQ podium, the Company’s Chief Executive Officer, Carlos P. Naudon, stated that, “We embarked on our first-step mutual to stock conversion in 2017 and today we are proud to announce that we have completed our second-step conversion, raising over $132 million in additional capital and making the Company now fully publicly traded. Our reorganization to completely stock form, combined with being one of the largest Minority Depository Institution’s and Community Development Financial Institution’s in the country, will allow us to further expand our services to the communities that we serve. We also recently announced our eligibility to participate in the U.S. Treasury’s Emergency Capital Investment Program, which makes us eligible for up to an additional $186 million in capital. Our communities, made up largely of immigrants and people of color, have been disparately affected by the health and wealth gap that continues to exist today; we are pleased that our additional capital will further our ability to serve them and address this gap.” Executive Chairman’s Comments Steven A. Tsavaris, Executive Chairman, noted that, “from our humble beginnings in the turbulent South Bronx over 60 years ago, we have survived and flourished. In 2021 we reached critical milestones: our strongest-ever capital position – and getting even stronger; our largest loan portfolio at $1.3 billion; our impeccable asset quality; and, our improved loan origination capabilities. Now, as Ponce Financial Group, we will continue to responsibly deploy our capital.” About Ponce Financial Group, Inc. Ponce Financial Group, Inc., as the successor by merger with PDL Community Bancorp, is the holding company for Ponce Bank. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and...