NASDAQ OMX

PDL Community Bancorp Announces Completion of the Reorganization of Ponce De Leon Federal Bank and its Stock Offering

Dela

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@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

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Skriv in din e-postadress så får du ett mejl när vi har något nytt att berätta.

Senaste pressmeddelandena från NASDAQ OMX

Nasdaq Welcomes RISE Education Cayman Ltd. (Nasdaq: REDU) to The Nasdaq Stock Market20.10.2017 18:37Pressmeddelande

NEW YORK, Oct. 20, 2017 (GLOBE NEWSWIRE) -- RISE Education Cayman Ltd. (Nasdaq:REDU), a leader in China's junior English Language Training (ELT) market, rang the opening bell at the Nasdaq MarketSite in Times Square today in celebration of its initial public offering (IPO) on The Nasdaq Stock Market. Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f59490cf-9a81-4114-92a1-05edcb3f5694 http://www.globenewswire.com/NewsRoom/AttachmentNg/5692f99d-9ed0-4be2-928d-9c94f4b152e8 RISE pioneered the "subject-based learning" teaching philosophy in China, whereby various subject matters, such as language arts, math, natural science and social science are used to teach English. RISE's course offerings use interactive courseware to create an immersive English learning environment that helps students learn to speak and think like a native speaker. In addition, their curricula are des

Concurrent Achieves Sales Milestone for Zephyr Transcode19.10.2017 15:35Pressmeddelande

Concurrent Customers Now Transcoding on Three Continents ATLANTA, Oct. 19, 2017 (GLOBE NEWSWIRE) -- Concurrent (NASDAQ:CCUR), a global leader in storage, protection, transformation, and delivery of visual media assets, announced today that Zephyr Transcode, which Concurrent launched last year as an integral part of its content delivery network (CDN) solutions, is now deployed with customers in Asia, Europe and North America. The deployments already support thousands of on-demand assets being transcoded to multiple formats and bit-rates to support any place, any device content availability. Zephyr Transcode supports multiple formats and quality levels including H.264 (MPEG-4) and H.265 (HEVC), strengthening Concurrent customers' capability to provide high-quality standards-based streams to any device their end-users desire. Zephyr Transcode is software-based and capable of running in traditional Central Processing Units (CPU) as well as Gra

German Armed Forces Renews Contract for Hexagon Geospatial Products19.10.2017 15:11Pressmeddelande

Defense agency will work closely with Hexagon Geospatial Premium Partner for next two years NORCROSS, Ga., Oct. 19, 2017 (GLOBE NEWSWIRE) -- At the HxGN LOCAL Defense Summit, a conference dedicated to defense and security in Western Europe, Hexagon Geospatial announced that the Bundeswehr Geoinformation Centre (BGIC) recently renewed a large software maintenance contract for Hexagon Geospatial products. The two-year renewal is for more than 100 licenses, mainly within the GeoMedia and ImageStation product families. The contract also includes consulting for workflow optimization. The contract was issued to Geosystems, a Hexagon Geospatial Premium Partner, which will work closely with the local subsidiary of Hexagon Safety & Infrastructure in Bonn and Munich to support BGIC. "The strong Hexagon Geospatial partner network allows our defense customers to benefit from a unique pool of expertise and tradecraft in the areas of remote sensing, GIS, and photog

Novel Preclinical Research Tools Provide Humanized Immune Response to Advance Immunotherapeutic Development, Live Webinar Hosted by Crown Bioscience19.10.2017 14:00Pressmeddelande

SANTA CLARA, Calif., Oct. 19, 2017 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE:ticker 6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, announces a live webinar to be presented by Dr. Michelle Mack, Director of Global Scientific Engagement, entitled "Beyond Syngeneics - Novel Tools for Addressing Human Specificity in Immuno-Oncology." Checkpoint inhibitors like anti-PD-1, anti-PD-L1, and anti-CTLA-4 have revolutionized cancer treatment and have recently gained approval in several cancer types. Despite their potential, immunotherapies face significant development challenges due to the specificity and complexity of the human immune system upon which they act. Crown Bioscience has generated innovative research models to address these obstacles early during preclinical drug development.

Perfectus Aluminum Inc. Responds to Trade Group19.10.2017 13:00Pressmeddelande

ONTARIO, Calif., Oct. 19, 2017 (GLOBE NEWSWIRE) -- Perfectus Aluminum Inc. has issued the following: On October 12, 2017 the Aluminum Extruders Council (AEC), an industry group representing largely American aluminum extruders, posted to its blog a false narrative regarding a suit to which Perfectus Aluminum Inc. is a related party. The government is not "seeking unpaid duties from Perfectus for goods brought into the country." Rather, the government is attempting to use a 2017 Department of Commerce determination to assess retroactive antidumping duties on goods imported as early as 2011. It is discouraging that AEC would tout such an obviously egregious government overstep as a "victory" to their members and the industry: were it one of AEC's own members facing such an obvious violation of fair play and due process, it would rightfully argue that government overreach is a threat to manufacturers everywhere. In addition to the hypocrisy of the AEC's promotion of this case, its s

Stillfront Group AB: Stillfront one of Sweden's fastest growing companies19.10.2017 11:00Pressmeddelande

PRESS RELEASE   October 19, 2017   Stillfront included in Deloitte Sweden Technology Fast 50  Stillfront has been included in Deloitte Sweden Technology Fast 50. Deloitte Sweden Technology Fast 50 is a ranking of Sweden's 50 fastest growing technology companies, based on revenue growth over the last four years. The ranking includes public and private companies, large and small, in all areas of technology, from internet specialists to biotech, digital media technology to life sciences, computers to semiconductors and software to telecommunications. Please find more detailed information (in Swedish) on www.deloitte.se/fast50. Stillfront has since the IPO in the autumn of 2015 recorded a continuous high and profitable growth in revenues rolling 12 months. Since the IPO, Stillfront has increased the number of so-called core products (i.e. games that have more than 5 MSEK in annual revenue rate) from four to fourteen and the number of studi

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum