PDL Community Bancorp acquired Mortgage World Bankers, Inc. from Michael Lagoudis and Stephanos Lagoudis for approximately $1.2 million.
July 09, 2020
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PDL Community Bancorp (NasdaqGM:PDLB) entered into an agreement to Mortgage World Bankers, Inc. from Michael Lagoudis and Stephanos Lagoudis for approximately $1.2 million on May 20, 2019. The consideration is paid in stock and subject to adjustment. After the acquisition Michael Lagoudis will continue to manage Mortgage World Bankers, Inc.'s operations as its President and Chief Executive Officer and will become a senior officer of PDL Community Bancorp. Stephanos Lagoudis will continue to assist Mortgage World Bankers, Inc in a consulting capacity. As per announcement on June 3, 2020, Michael Lagoudis will continue to manage Mortgage World Bankers’s operations as its President and Chief Executive Officer and will become a Senior Vice President of PDL Community Bancorp. Stephanos Lagoudis will continue to assist Mortgage World Bankers in a consulting capacity. Steven A. Tsavaris, Executive Chairman of PDL Community Bancorp, will become the Chairman and Carlos P. Naudon, President and Chief Executive Officer of PDL Community Bancorp will become a Director of Mortgage World Bankers. The transaction is subject to regulatory approvals. As of June 3, 2020, New York State Department of Financial Services has approved the transaction. The transaction is anticipated to close late in the third quarter or early in the fourth quarter of 2019. As of June 3, 2020, the transaction is expected to close on or about July 1, 2020. The acquisition will be accretive to earnings within 18 months. Dan Flaherty of FIG Partners, LLC acted as financial advisor for PDL Community.
PDL Community Bancorp (NasdaqGM:PDLB) completed the acquisition of Mortgage World Bankers, Inc. from Michael Lagoudis and Stephanos Lagoudis on July 10, 2020. The net loans receivable and mortgage loans held for sale by PDL Community involves $1.8 million purchase price related to the acquisition of Mortgage World. The transaction involves the acquisition of 44 employees of Mortgage World.
Ponce Financial Group, Inc. is the holding company of Ponce Bank (the Bank), a federally chartered stock savings association. It operates through the administrative office and 13 full-service banking offices and five mortgage loan offices. The Bank's business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, corporate securities, mortgage-backed securities and Federal Home Loan Bank of New York stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. The Companyâs primary market area consists of the New York City metropolitan area.
PONCE FINANCIAL GROUP, INC. 
