Monday, October 2, 2017

PDL COMMUNITY BANCORP ANNOUNCES COMPLETION OF THE REORGANIZATION OF PONCE DE LEON FEDERAL BANK AND ITS STOCK OFFERING

NEW YORK, Oct 2 (Bernama-GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”), the federally-chartered holding company for Ponce Bank (the “Bank”), announced today that the reorganization of Ponce De Leon Federal Bank into a mutual holding company structure and the Company’s stock offering in connection with the reorganization has been completed.

The Company issued and sold 45.0% of its outstanding shares to subscribers in the stock offering, which includes the Bank’s Employee Stock Option Plan (“ESOP”).  Additionally, the Company issued 3.3% of its outstanding shares to the newly-formed charitable foundation, the Ponce De Leon Foundation, a charitable foundation formed in connection with the reorganization and dedicated to supporting charitable organizations operating in the Bank’s local communities. The remaining 51.7% of the Company’s outstanding shares were issued to Ponce Bank Mutual Holding Company, the Company’s federally-chartered mutual holding company.

http://mrem.bernama.com/viewsm.php?idm=30190

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