PDL Community Bancorp Announces Completion of the Reorganization of Ponce De Leon Federal Bank and its Stock Offering
(Thomson Reuters ONE) -
NEW YORK, Sept. 29, 2017 (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.
A total of 8,308,362 shares of common stock of the Company were sold in the
subscription offering at a price of $10.00 per share. The offering was
oversubscribed by eligible account holders who had a first-tier priority (those
depositors having a qualifying deposit as of October 31, 2015) in the
subscription offering, and the ESOP. Total subscriptions in the subscription
offering amounted to $225,431,590 based on orders received for 22,543,159 shares
at $10.00 per share. Orders from eligible account holders accounted for the
substantial portion of the orders received. Accordingly, shares were allocated
to first tier subscribers and the ESOP in accordance with the Plan of
Reorganization from a Mutual Bank to a Mutual Holding Company and Stock Issuance
Plan, as amended, and as described in the Company's Prospectus.
Some eligible account holders may not receive all shares for which they
subscribed. Eligible account holders wishing to confirm their allocations may
do so by contacting the Stock Information Center at (888) 317-2811. The Stock
Information Center is open Monday through Friday, between 10:00 a.m. and 4:00
p.m. Eastern Time.
Shares of the Company's stock are expected to trade on the Nasdaq Global Market
under the trading symbol "PDLB" beginning Monday, October 2, 2017.
Steven A. Tsavaris, Chairman and Chief Executive Officer of the Bank said, "We
want to thank our customers and our employees for their support and vote of
confidence in the future of the Bank."
Carlos P. Naudon, President and Chief Executive Officer of the Company said,
"Our customers, employees and community have all been the key to our enduring
history of success and the Bank and the Company will remain committed to their
customers, employees, community and shareholders."
Raymond James & Associates, Inc. acted as agent in the stock offering and served
as financial advisor to the Company and the Bank in connection with the
reorganization and stock offering. Locke Lord LLP acted as legal counsel to the
Company and the Bank in connection with the reorganization and stock offering.
Silver, Freedman, Taff & Tiernan LLP acted as legal counsel to Raymond James &
Associates, Inc. in connection with the reorganization and stock offering.
Ponce Bank is a federally-chartered savings bank headquartered in Bronx, New
York. The Bank conducts its business from its administrative office and 13
branch offices. The Bank's branch offices are located in Bronx, Manhattan,
Queens and Brooklyn, New York and Union City, New Jersey.
This press release contains certain forward-looking statements about the
reorganization and stock offering. Forward-looking statements include
statements regarding anticipated future events and can be identified by the fact
that they do not relate strictly to historical or current facts. They often
include words such as "believe," "expect," "anticipate," "estimate," and
"intend" or future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their nature, are subject to
risks and uncertainties. Certain factors that could cause actual results to
differ materially from expected results include delays in consummation of the
offering, failure to receive required regulatory approvals, increased
competitive pressures, changes in the interest rate environment, general
economic conditions or conditions within the securities markets, and legislative
and regulatory changes that could adversely affect the business in which the
Bank and the Company are engaged.
The shares of common stock of PDL Community Bancorp are not savings accounts or
savings deposits, may lose value and are not insured by the Federal Deposit
Insurance Corporation or any other government agency.
CONTACT: Frank Perez, Chief Financial Officer, Ponce Bank, (718)
931-9000, frank.perez(at)poncebank.net
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ponce Bank via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 29.09.2017 - 20:27 Uhr
Sprache: Deutsch
News-ID 561954
Anzahl Zeichen: 5778
contact information:
Town:
Bronx, New York
Kategorie:
Business News
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"PDL Community Bancorp Announces Completion of the Reorganization of Ponce De Leon Federal Bank and its Stock Offering"
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