NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) — Ponce Monetary Group, Inc., because the successor by merger with PDL Neighborhood Bancorp, (the “Firm”) (NASDAQ:PDLB), the holding firm for Ponce Financial institution, led NASDAQ’s market opening bell ringing ceremony on March 9, 2022. Chief Govt Officer Carlos P. Naudon and Govt Chairman of the Board of Administrators Steven A. Tsavaris lead the NASDAQ bell ringing ceremony to mark Ponce Monetary Group’s new future as a completely publicly-traded firm.
President and Chief Govt Officer’s Feedback
Talking from the NASDAQ podium, the Firm’s Chief Govt Officer, Carlos P. Naudon, acknowledged that, “We launched into our first-step mutual to inventory conversion in 2017 and at present we’re proud to announce that we have now accomplished our second-step conversion, elevating over $132 million in further capital and making the Firm now absolutely publicly traded. Our reorganization to utterly inventory type, mixed with being one of many largest Minority Depository Establishment’s and Neighborhood Growth Monetary Establishment’s within the nation, will enable us to additional develop our providers to the communities that we serve. We additionally lately introduced our eligibility to take part within the U.S. Treasury’s Emergency Capital Funding Program, which makes us eligible for as much as an extra $186 million in capital. Our communities, made up largely of immigrants and folks of shade, have been disparately affected by the well being and wealth hole that continues to exist at present; we’re happy that our further capital will additional our capacity to serve them and tackle this hole.”
Govt Chairman’s Feedback
Steven A. Tsavaris, Govt Chairman, famous that, “from our humble beginnings within the turbulent South Bronx over 60 years in the past, we have now survived and flourished. In 2021 we reached vital milestones: our strongest-ever capital place – and getting even stronger; our largest mortgage portfolio at $1.3 billion; our impeccable asset high quality; and, our improved mortgage origination capabilities. Now, as Ponce Monetary Group, we’ll proceed to responsibly deploy our capital.”
About Ponce Monetary Group, Inc.
Ponce Monetary Group, Inc., because the successor by merger with PDL Neighborhood Bancorp, is the holding firm for Ponce Financial institution. Ponce Financial institution is a Minority Depository Establishment, a Neighborhood Growth Monetary Establishment, and a licensed Small Enterprise Administration lender. The Financial institution’s enterprise primarily consists of taking deposits from most people and to a lesser extent different funding sources and investing these deposits, along with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 household residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties and building and land, and, to a lesser extent, in enterprise and shopper loans. The Financial institution additionally invests in securities, which include U.S. Authorities and federal company securities and securities issued by government-sponsored or government-owned enterprises, in addition to, mortgage-backed securities, company bonds and obligations, and Federal Residence Mortgage Financial institution inventory.
Ahead Wanting Statements
Sure statements herein represent forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Trade Act and are supposed to be lined by the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995. Such statements could also be recognized by phrases comparable to “believes,” “will,” “would,” “expects,” “mission,” “could,” “may,” “developments,” “strategic,” “launching,” “alternatives,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and comparable expressions. These statements are primarily based upon the present beliefs and expectations of administration and are topic to important dangers and uncertainties. Precise outcomes could differ materially from these set forth within the forward-looking statements on account of quite a few components. Elements that would trigger such variations to exist embody, however will not be restricted to, opposed circumstances within the capital and debt markets and the impression of such circumstances on enterprise actions; modifications in rates of interest; aggressive pressures from different monetary establishments; the consequences of normal financial circumstances on a nationwide foundation or within the native markets by which Ponce Financial institution operates, together with modifications that adversely have an effect on debtors’ capacity to service and repay Ponce Financial institution’s loans; the anticipated impression of the COVID-19 pandemic and Ponce Financial institution’s makes an attempt at mitigation; modifications within the worth of securities within the funding portfolio; modifications in mortgage default and charge-off charges; fluctuations in actual property values; the adequacy of mortgage loss reserves; decreases in deposit ranges necessitating elevated borrowing to fund loans and investments; operational dangers together with, however not restricted to, cybersecurity, fraud and pure disasters; modifications in authorities regulation; modifications in accounting requirements and practices; the chance that intangibles recorded within the monetary statements will grow to be impaired; demand for loans in Ponce Financial institution’s market space; Ponce Financial institution’s capacity to draw and preserve deposits; dangers associated to the implementation of acquisitions, tendencies, and restructurings; the chance that Ponce Monetary Group, Inc. might not be profitable within the implementation of its enterprise technique; modifications in assumptions utilized in making such forward-looking statements and the chance components described in PDL Neighborhood Bancorp’s Annual Report on Type 10-Ok and Quarterly Studies on Type 10-Q as filed with the Securities and Trade Fee (the “SEC”), which can be found on the SEC’s web site, www.sec.gov. Readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this launch. Ponce Monetary Group, Inc. disclaims any obligation to publicly replace or revise any forward-looking statements to mirror modifications in underlying assumptions or components, new info, future occasions or different modifications, besides as could also be required by relevant legislation or regulation.
Contact:
Frank Perez
frank.perez@poncebank.web
718-931-9000
