PDL Community Bancorp Announces Regulatory Approval to Acquire Mortgage World Bankers
NEW YORK, June 03, 2020 (GLOBE NEWSWIRE) -- PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), reported that the New York State Department of
Financial Services has approved the Company’s acquisition of 100% of the stock of Mortgage World Bankers, Inc. (“MWB”). MWB is a mortgage banking company headquartered in Astoria, New
York. Michael Lagoudis will continue to manage MWB’s operations as its President and CEO and will become a Senior Vice President of the Company. Stephanos Lagoudis will continue to assist MWB
in a consulting capacity. Steven A. Tsavaris, Executive Chairman of the Company, will become the Chairman and Carlos P. Naudon, President and CEO of the Company will become a Director of MWB. The
acquisition is expected to close on or about July 1, 2020.
Carlos P. Naudon, President and CEO of the Company, noted that “this purchase will enhance our mortgage origination capacity, enable us to offer more competitive consumer mortgage products in our communities, give us an experienced and established channel to the secondary markets and expand our reach into additional communities. Further, we expect the transaction will be accretive well within 18 months.” Executive Chairman Steven A. Tsavaris remarked that “we are pleased to be able to add mortgage products highly desired by our communities – 30-year fixed rates salable in the secondary markets and CDFI qualifying commercial mortgages.” Michael Lagoudis, President of MWB, stated that “we are delighted to be joining the Ponce family, with whom we have had a close relationship for over 20 years. We look forward to adding our expertise, offices and distribution channels to their larger financial resources and retail network.”
About PDL Community Bancorp
PDL Community Bancorp is the financial holding company for Ponce Bank. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. The Bank’s business primarily consists of taking deposits from the general public and to a lesser extent alternative funding sources and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as, mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock.