NEW YORK, Sep 01, 2021 (GLOBE NEWSWIRE) – August 30, 2021, PFS Service Corp. (“PFS”), a service company subsidiary of Ponce Bank (the “Bank”), a subsidiary of PDL Community Bancorp (the “Company”), has entered into an agreement to sell real estate owned by PFS, located in 2244 Westchester Avenue, Bronx, New York (the “Real Property”). The selling price of the real estate is $ 16.1 million.
Along with the sale of the real estate, the Company and the Bank, as co-tenants, and the buyer will enter into a seventeen-year rental agreement under which the Company and the Bank will lease the real estate at an annual rent of initial base. approximately $ 926,100, subject to annual rent increases of 1.75%.
Carlos P. Naudon, President and CEO of the Company, said: “We are excited about the sale and leaseback of the Westchester Avenue real estate property and look forward to continuing to provide the excellent products and The customer service for which Ponce Bank has always been known in the Most importantly, 2021 continues to be a year of investing in the safety of our employees and the future of our organization and our communities, with the clear goal of improving value for stakeholders.
About PDL Community Bancorp
PDL Community Bancorp is the financial holding company of Ponce Bank and Mortgage World Bankers, Inc. Ponce Bank is a federally chartered stock savings association. Ponce Bank is designated as a Minority Depository Institution, Community Development Financial Institution and Certified Small Business Administration Lender. The activity of Ponce Bank consists mainly of receiving deposits from the general public and to a lesser extent from alternative sources of financing and investing these deposits, as well as the funds generated by operations and loans, in mortgage loans, comprised of 1-4 family residences (investor-owned and owner-occupied), multi-family residences, non-residential properties and construction and land, and, to a lesser extent, in business and consumer loans . Ponce Bank also invests in securities, which consist of US government and federal agency securities and securities issued by government sponsored or owned companies, as well as mortgage backed securities, bonds and bonds. companies and shares of the Federal Home Loan Bank. Mortgage World Bankers, Inc. is a five-state mortgage lender and is subject to regulation and review by the New York State Department of Financial Services. As a Federal Housing Administration (“FHA”) approved Title II lender, Mortgage World Bankers, Inc. creates and sells FHA-guaranteed single-family mortgages to investors, as well as conventional mortgages.
Certain statements contained in this document constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the provisions of the safe harbor of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes”, “will”, “will”, “expects”, “draft”, “could”, “Could”, “development”, “strategic”, “launch,” “opportunities”, “anticipates”, “estimates”, “intentions”, “plans”, “objectives” and similar expressions. These statements are based on the current beliefs and expectations of the management of the Company and are subject to significant risks and uncertainties. Actual results may differ materially from those stated in forward-looking statements due to many factors. Factors that could cause such differences include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or on the local markets in which the Company operates, including changes that adversely affect the ability of borrowers to service and repay Company loans; the anticipated impact of the COVID-19 pandemic and the Company’s mitigation efforts; changes in the value of securities in the Company’s investment portfolio; changes in loan default and cancellation rates; fluctuations in real estate values; the adequacy of loan loss reserves; declines in deposit levels requiring increased borrowing to finance loans and investments; operational risks, including, but not limited to cybersecurity, fraud and natural disasters; changes in government regulations; changes in accounting standards and practices; the risk that intangible assets recorded in the Company’s financial statements will be impaired; demand for loans in the Company’s market area; the Company’s ability to attract and hold deposits; risks associated with the implementation of acquisitions, disposals and restructuring; the risk that the Company will not succeed in implementing its business strategy; changes in the assumptions used to make these forward-looking statements and the risk factors described in the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), which are available on the SEC website, www.sec.gov. If one or more of these risks materialize or if any underlying beliefs or assumptions prove to be incorrect, the actual results of PDL Community Bancorp could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or revise forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law or regulation applicable requires it.