PDL Community Bancorp surges on reorg plan

Ponce Financial

26/05/2021 17:09

** PDL Community Bancorp  PDLB.O  shares up 22.02% at $14.08; on
track for biggest daily pct gain since company debut in Oct 2017
    ** PDLB announced late Tues a plan of conversion and
reorganization where Ponce Bank Mutual Holdings Company and PDL
Community will become a new stock holding company  urn:newsml:reuters.com:*:nEOL3VqH13
    ** In addition, a "second-step" stock offering of the new
shares of common stock will be held
    ** Under the conversion transaction the mutual holding
structure consisting of Ponce Bank Mutual Holding Company, PDL
Community Bancorp, Ponce Bank and Mortgage World Bankers, Inc.
will convert to the fully-‎converted stock holding company
structure
    ** The new stock holding company for Ponce Bank and Mortgage
World Bankers, Inc will ‎be named PDL Community Financial Corp
and will succeed to PDL Community ‎Bancorp, will offer shares of
its common stock representing Ponce Bank Mutual Holding
‎Company’s ownership interest in PDL Community Bancorp, to
depositors of Ponce Bank and ‎others in a subscription offering
    ** If necessary, a community offering and/or syndicated
community offering will be made
    ** Each share of PDLB not held by Ponce Bank Mutual Holding
Company will be converted into the right to receive a number of
PDL Community Financial Corp shares at an exchange ratio to be
determined at the completion of the transaction but designed to
preserve the same aggregate ownership percentage prior to the
transaction

 ((charles.mikolajczak@tr.com; @ChuckMik; Reuters Messaging:
charles.mikolajczak.thomsonreuters.com@reuters.net))