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.