U.S. Department of Treasury Certifies Ponce Financial Group, Inc. as a Community Development Financial Institution
May 02 2023 - 2:34PM
Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the
holding company for Ponce Bank (the “Bank”), today announced that
the U.S. Department of the Treasury (“Treasury’) officially
certified Ponce Financial Group, Inc. (“PFG”), the holding company
for Ponce Bank (the “Bank”) as a Community Development Financial
Institution (“CDFI”) on April 28, 2023. This certification
validates and empowers PFG’s mission to support Low and
Moderate-income communities and communities of color in and around
New York City as well as a national commitment to support Hispanic,
African-American, and Low-Income communities throughout the U.S.
“Lost among recent talk about “systemically
important” banks these days, is a recognition that community banks
like Ponce Bank are “systemically critical” when it comes to
bringing financial services and education to communities
historically locked out of our financial system,” according to PFG
President and CEO Carlos Naudon. He went on to add, “We can’t stand
by and watch all the benefits or our financial system accrue to the
largest banks and their wealthy customers. By keeping funds within
the neighborhoods we serve, Community Development banking builds
resiliency and generates jobs, housing, and services that are
critical to the survival and post-pandemic recovery of these
areas.”
CDFI Certification provides access to numerous
grants, programs, and funding sources designed to provide impact on
these underserved communities and is consequently a critical
strategic milestone for PFG. The Certification recognizes the
unique role of such institutions, seeing that targeted funds are
deployed equitably and for the benefit of all those whose lives and
livelihoods they are intended to support.
About Ponce Financial Group,
Inc.
Ponce Financial Group, Inc., is the holding
company for Ponce Bank. Ponce Bank is a Minority Depository
Institution, a Community Development Financial Institution, and a
certified Small Business Administration lender. Ponce Bank’s
business primarily consists of taking deposits from the general
public and to a lesser extent alternative funding sources and
investing those funds, 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, construction and land, and,
to a lesser extent, in business and consumer loans. Ponce 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.
Forward Looking Statements
Certain statements herein 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 safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Such
statements may be identified by words such as “believes,” “will,”
“would,” “expects,” “project,” “may,” “could,” “developments,”
“strategic,” “launching,” “opportunities,” “anticipates,”
“estimates,” “intends,” “plans,” “targets” and similar expressions.
These statements are based upon the current beliefs and
expectations of management and are subject to significant risks and
uncertainties. Actual results may differ materially from those set
forth in the forward-looking statements as a result of numerous
factors. Factors that could cause such differences to exist
include, but are not limited to, adverse conditions in the capital
and debt markets and the impact of such conditions on business
activities; changes in interest rates; competitive pressures from
other financial institutions; the effects of general economic
conditions on a national basis or in the local markets in which
Ponce Bank operates, including changes that adversely affect
borrowers’ ability to service and repay Ponce Bank’s loans;
anticipated losses with respect to the Company's investment in
Grain; changes in the value of securities in the investment
portfolio; changes in loan default and charge-off rates;
fluctuations in real estate values; the adequacy of loan loss
reserves; decreases in deposit levels necessitating increased
borrowing to fund loans and investments; operational risks
including, but not limited to, cybersecurity, fraud and natural
disasters; changes in government regulation; changes in accounting
standards and practices; the risk that intangibles recorded in the
financial statements will become impaired; demand for loans in
Ponce Bank’s market area; Ponce Bank’s ability to attract and
maintain deposits; risks related to the implementation of
acquisitions, dispositions, and restructurings; the risk that Ponce
Financial Group, Inc. may not be successful in the implementation
of its business strategy; changes in assumptions used in making
such forward-looking statements and the risk factors described in
Ponce Financial Group, Inc.’s Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q as filed with the Securities and
Exchange Commission (the “SEC”), which are available at the SEC’s
website, www.sec.gov. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release. Ponce Financial Group, Inc. disclaims
any obligation to publicly update or revise any forward-looking
statements to reflect changes in underlying assumptions or factors,
new information, future events or other changes, except as may be
required by applicable law or regulation.
Contact:Frank
PerezFrank.perez@poncebank.net718-931-9000
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