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Bronx, New York, December 28, 2021 (Global News Agency)-PDL Community Bancorp (“PDL”) (NASDAQ:PDLB), the holding company of Ponce Bank (“Bank”), Mortgage World Bankers, Inc. (“Mortgage World”) and Ponce Financial Group, Inc. (“Ponce Financial Group”), today announced (i) the subscription sale, details are as follows , And (ii) at the special meeting of shareholders held on December 28, 2021, PDL’s shareholders approved (a) the conversion and reorganization plan, according to which Ponce Financial Group will become the completion Ponce Bank Mutual Holding Company ( “PBMHC”) after the second step of the proposed conversion and reorganization and (b) Ponce De Leon Foundation (“Foundation”) funds, the bank and Mortgage World’s new holding company. Conversion and reorganization, foundation funds and synchronization The deadline for subscription has not yet been determined and is subject to the satisfaction of customary closing conditions, including the approval of PBMHC members.
A total of 13,242,195 Ponce Financial Group common shares are expected to be sold in the subscription offering at a price of $10.00 per share. In addition, as part of the conversion, as of the deadline, each share of PDL common stock owned by public shareholders (that is, shareholders other than PBMHC) will be converted into each share of PDL common stock in exchange. This exchange ratio ensures that at the end of the conversion and sale, the total percentage of ownership interest held by public shareholders in Ponce Financial Group is approximately the same as the percentage of ownership interest held in the PDL before the end of the transaction. Cash will be issued in lieu of fractional shares at an issue price of US$10.00 per share. Ponce Financial Group will also contribute 397,266 shares to the foundation. After the transaction is completed, the total number of outstanding shares of Ponce Financial Group is estimated to be 24,572,441 shares, excluding adjustments to fractional shares. Janney Montgomery Scott LLC is the sales agent of Ponce Financial Group in the subscription products.
In addition, PBMHC held a special meeting of members on December 28, 2021, and the meeting reached a quorum. In order to give members more time to vote for the conversion and reorganization plan and…
The full story on Benzinga.com
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