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

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Banque Fédérative du Credit Mutuel: Post Stabilisation Notice22.1.2018 15:10Pressmeddelande

PARIS, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Banque Fédérative du Credit Mutuel Post Stabilisation Notice HSBC (contact: Syndicate desk, telephone: +44 207 992 8066) hereby gives notice that no stabilisation (within the meaning of the rules of the Financial Conduct Authority) was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities. Issuer: Banque Fédérative du Credit Mutuel Guarantor (if any): na Aggregate nominal amount: GBP 450,000,000 Description: 1.375% due Dec 2021 Offer price: 99.872 Stabilising Managers: HSBC & Goldman Sachs This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction This information is provided by RNS The company news service from the London Stock Exchange Contacts: RNS Customer Services 0044-207797-4400 rns@londonstockexchange.com http://www.rns.com This announ

FDA Grants Diazyme 510(k) Clearance to Market Its New EZ Vitamin D Assay for Clinical Chemistry Analyzers22.1.2018 15:00Pressmeddelande

SAN DIEGO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Diazyme Laboratories, Inc. today announced that the U.S. Food and Drug Administration (FDA) has granted 510(K) clearance to market its EZ Vitamin D assay for Clinical Chemistry Analyzers. Diazyme's two reagent EZ Vitamin D assay provides the only fully automated two reagent Vitamin D test for use on validated clinical chemistry analyzers. "Diazyme's EZ Vitamin D assay is a universal fully automated Vitamin D test that is specifically designed for use on clinical chemistry analyzers. This liquid stable, ready-to-use two reagent system measures total 25-hydroxy Vitamin D (25-OH Vitamin D2 + 25-OH Vitamin D3) levels. This assay enables clinical laboratories of almost any size to run Vitamin D test in house without the need for expensive specialized instrumentation. With no sample pre-treatment or pre-dilution steps required, this high-throughput liquid stable assay provides precise test results, is user friendly, cost effective and has excellen

Fura Completes Acquisition of Colombian Emerald Mine, Coscuez22.1.2018 13:00Pressmeddelande

TORONTO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Fura Gems Inc. (TSXV:FURA) is pleased to announce that it has completed its acquisition of 76% of the issued and outstanding shares of Esmeracol S.A. ("Esmeracol"), which owns a 100% interest in mining licence no. 122 - 95M (the "Coscuez Licence"). Dev Shetty, President & CEO of Fura, commented: "Fura has achieved one more important milestone by adding the iconic Colombian emerald mine, Coscuez, to its portfolio. With this acquisition, Fura now has two important silos in its portfolio, Colombian emeralds and Mozambican rubies. Fura will now work towards modernisation of the Coscuez emerald mine and deployment of the best health and safety standards for its employees while keeping the environmental impact minimal. Fura will also closely work with the local community and relevant authorities to promote the social-economic development in the region. We would like to thank our local partner and also the entire team on the ground in the Colombia fo

Agency for the Cooperation of Energy Regulators (ACER) continues to use Nasdaq's SMARTS for Pan-European Market Monitoring of EU Wholesale Energy Markets22.1.2018 12:30Pressmeddelande

NEW YORK, Jan. 22, 2018 (GLOBE NEWSWIRE) -- The Agency for the Cooperation of Energy Regulators (ACER) has officially extended its contract with Nasdaq (Nasdaq:NDAQ) to continue to leverage Nasdaq's SMARTS Market Surveillance technology to detect insider trading and market manipulation across the European Union's wholesale energy markets by digesting and analyzing massive volumes of data from hundreds of power producers, exchanges, operators, and brokers across 28 member states. The new agreement contract extension will continue to allow national regulatory authorities to share data, technology, and expertise, with the aim of creating a cooperative regulatory infrastructure. Under the contract, SMARTS technology will continue being leveraged to monitor the European wholesale gas and electricity markets, covering both spot trading and derivative markets across Europe in accordance with the obligations under the REMIT legislation. Further, the surveillance technology will support ACER's

Bell Canada Reaches Milestone in Network 3.0 Vision with Open Network Automation Platform (ONAP) and Strategic Partnership with Amdocs22.1.2018 12:00Pressmeddelande

Bell's leadership in bringing open source ONAP into production enables innovative new offerings to customers faster and at lower cost ST. LOUIS, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Amdocs (NASDAQ:DOX), a leading provider of software and services to communications and media companies, today announced that Bell, Canada's largest communications company, has successfully implemented the first network automation use case in production leveraging the Linux Foundation's Open Network Automation Platform (ONAP). As Bell's strategic partner, Amdocs brings unparalleled ONAP expertise and DevOps scrum team agility and delivery capabilities with the goal of driving innovation faster and reducing the cost of building and operating the data center of the future. With clear benefits such as a more elastic network and increased business agility to be gained from taking advantage of network functions virtualization (NFV), Bell is driving its network transformation by leveraging the ONAP-based network serv

Alvogen CEO Robert Wessman speaks exclusively to World Finance about new opportunities in generic pharmaceuticals22.1.2018 11:51Pressmeddelande

LONDON, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Industry disruptor Robert Wessman, the CEO of rapidly growing generic pharmaceuticals company Alvogen, shares his thoughts on the latest market trends in the new edition of World Finance magazine. Only different in name and price, generic pharmaceuticals in the US are a whopping 50 to 70 percent less expensive than their branded equivalents. Unsurprisingly, in an era of ever-rising medical costs, a growing number of governmental entities and corporations are now choosing generics over branded pharmaceuticals. For some time, just a handful of big-name organisations dominated this nascent market. But, following its peak in 2015, over-valuations have prompted vulnerability, opening the door for new, more nimble competitors to join and disrupt the market. Among this innovative group of 'next generation' pharmaceutical companies is Reykjavik-based Alvogen. Though it was only established in 2009, this global-facing organisation now boasts an annual t

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

Besök vårt pressrum