BRONX, N.Y., Jan. 07, 2022 (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) that at the special meeting of members convened on December 28, 2021 and concluded on January 7, 2022, the members of Ponce Bank Mutual Holding Company (“PBMHC”) 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 PBMHC and (b) the funding of the Ponce De Leon Foundation (the “Foundation”), and (ii) the final results of the subscription offering. 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.
PDL Community Bancorp and Ponce Financial Group, Inc. Announce Results of Ponce Bank Mutual Holding Company Member Vote and Final Subscription Offering Results
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