FIG Has Completed 122 M&A Transactions Totaling More Than $8 Billion
ATLANTA, May 22, 2019 — PDL Community Bancorp (NASDAQ: PDLB), the holding company for Ponce Bank, has announced an agreement to acquire the capital stock of Mortgage World Bankers.
Under terms of the agreement, PDL Community Bancorp will pay the shareholders of Mortgage World Bankers (MWB) approximately $1.16 million, subject to adjustment, in exchange for 100% of MWB stock. MWB is a mortgage banking company headquartered in Astoria, New York.
Michael Lagoudis will continue to manage MWB’s operations as its President and CEO and will become a senior officer of PDL Community Bancorp. Stephanos Lagoudis will continue to assist MWB in a consulting capacity. The transaction is expected to close late in the third quarter or early in the fourth quarter of this year.
Carlos P. Naudon, President and CEO of PDL Bancorp, said, “This purchase will enhance our mortgage origination capacity, enable us to offer more competitive consumer mortgage products in our communities, give us an experienced and established channel to the secondary markets and expand our reach into additional communities.”
Dan Flaherty, Principal, led the transaction for FIG Partners.
More information is available here.
Since 2003, FIG has been the trusted advisor to community banks and investors. To learn more about FIG’s investment banking services, visit www.figpartners.com.