Ponce Financial Group, Inc. Announces Formation of Environmental, Social and Governance Management Committee
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NEW YORK, Aug. 18, 2022 (GLOBE NEWSWIRE) — Ponce Financial Group, Inc. (the “Company”) (NASDAQ: PDLB), the holding company of Ponce Bank, announced that the Company has formed an environmental, social and Governance Committee (“ESG”) composed of the management team who reports directly to the Board of Directors. The ESG Committee has adopted an ESG charter and policy to oversee and manage the Company’s ESG initiatives. The first phase of the initiative is to conduct an enterprise-wide assessment of the company’s energy infrastructure to develop greener and better outcomes while optimizing cost reduction measures for the company. The Company also intends to perform an energy audit of all facilities on a regular basis to assess and address any material deficiencies. The Company is fully committed to implementing the necessary measures to ensure that ESG concerns and factors are integrated into its operating culture and to providing transparent and realistic reports to all its stakeholders.
The Company is also in the early stages of conducting an ESG materiality assessment to better understand how to align the Company’s strategy with ESG priorities. The materiality assessment is expected to be completed in the fourth quarter of 2022.
Comments from the President and CEO
Carlos P. Naudon, President and CEO, said: “We look forward to embarking on this ESG journey and hope to benefit from it in several ways in areas such as strategy, risk management and party loyalty. stakeholders. We strongly believe that the ESG initiative will improve our ability to assess short- and long-term opportunities and risks. Our new Executive Vice President and Director of Investor Relations, Frank Perez, has been tasked with leading this initiative in his new role at the company. As MDIs and CDFIs, we are acutely aware that the populations we serve – underbanked and underserved – are increasingly affected by climate change and socio-economic developments.
Comments from the Executive Vice President and Director of Investor Relations
Frank Perez, Executive Vice President and Director of Investor Relations, said, “I am thrilled to have the opportunity to lead the ESG initiative that will guide us as we develop and enhance our long-term plans. for the future by aligning our activities with ESG. frame. We have already started collecting benchmark data that will generate meaningful goals for our company and all of its employees. »
About Ponce Financial Group, Inc.
Ponce Financial Group, Inc., as successor by merger to PDL Community Bancorp, is the holding company of Ponce Bank. Ponce Bank is a Minority Depository Institution, Community Development Financial Institution and Small Business Administration Certified Lender. Ponce Bank’s business is primarily to receive deposits from the general public and, to a lesser extent, alternative sources of funding and to invest these funds, together with funds generated from operations and borrowings, in mortgage loans. , consisting of 1 to 4 family residences (investor-owned and owner-occupied), multi-family residences, non-residential buildings and construction and land, and, to a lesser extent, 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 enterprises, as well as mortgage-backed securities, bonds and debentures. companies and shares of the Federal Home Loan Bank.
Certain statements contained 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 governed by the provisions of exemption from the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes”, “will”, “would”, “expect”, “plan”, “may”, “might “, “developments”, “strategic”, “launch”, “opportunities”, “anticipates”, “estimates”, “intends”, “plans”, “targets” and similar expressions. These statements are based on management’s current beliefs and expectations and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements due to a number of factors. Factors that could cause such differences to exist include, but not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on business operations; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions nationally or in the local markets in which Ponce Bank operates, including changes that adversely affect borrowers’ ability to service and repay Ponce Bank loans; the anticipated impact of the COVID-19 pandemic and Ponce Bank’s attempts to mitigate it; changes in the value of securities in the investment portfolio; changes in loan default and charge rates; fluctuations in real estate values; the adequacy of loan loss reserves; declines in the level of deposits necessitating 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 the intangible assets recognized in the financial statements will be impaired; demand for loans in Ponce Bank’s market area; Ponce Bank’s ability to attract and retain deposits; risks related to the implementation of acquisitions, divestitures and restructurings; the risk that Ponce Financial Group, Inc. will fail to implement its business strategy; changes in the assumptions used to make these 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 filed with the Securities and Exchange Commission ( the “SEC”), which are available on 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, unless the applicable law or regulation so requires.
Contact:Frank Perez[email protected]718-931-9000
Source: Ponce Financial Group, Inc.