BRONX, New York, Dec. 28, 2021 (GLOBE NEWSWIRE) -- PDL Community Bancorp (“PDL”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), Mortgage World Bankers, Inc. (“Mortgage World”) and Ponce Financial Group, Inc. (“Ponce Financial Group”), announced today (i) the results of the subscription offering, as detailed below, and (ii) that at the special meeting of stockholders held on December 28, 2021, the stockholders of PDL approved (a) the plan of conversion and reorganization, pursuant to which Ponce Financial Group will be the new stock 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”) and (b) the funding of the Ponce De Leon Foundation (the “Foundation”). The closing date for the conversion and reorganization, funding of the Foundation and concurrent subscription offering, has not yet been determined and is subject to the satisfaction of customary closing conditions, including the approval of the members of PBMHC.
PDL Community Bancorp and Ponce Financial Group, Inc. Announce Subscription Offering Results and Results of PDL Stockholder Vote; Ponce Bank Mutual Holding Company Adjourns Special Meeting of Members in Order to Continue to Solicit Additional Member Votes
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