A Locke Lord team led by Doug Faucette (Washington, D.C.), advised Ponce Financial Group, Inc. and PDL Community Bancorp in connection with the multiple-step conversion and reorganization of Ponce Bank Mutual Holding Company from the mutual to stock form of organization and related stock offering. As a result of the closing of the transactions, Ponce Financial Group is now the holding company for Ponce Bank, Bronx, New York, and publicly issued $133 million in new stock. Ponce Bank is the largest minority savings association in the nation and is designated as both a Minority Depository Institution and a Community Development Financial Institution. For more information, see the press release. Also on the Locke Lord team were Megan Foscaldi (Boston), Philip Bush (Dallas), Laura Ferguson (Houston) and Daron Janis and John Whitlock (both of Boston).
Posted on February 7, 2022