regulatory
confidence high
sentiment positive
materiality 0.75
Ponce Bank meets ECIP lending targets, cuts preferred dividend rate to 0.5% saving $3.375M
Ponce Financial Group, Inc.
- Qualified lending under ECIP totaled $1.162 billion from June 8, 2023 to March 31, 2024.
- Preferred stock dividend rate reduced from 2.0% to 0.50% for quarterly dividends through June 2025.
- Annualized savings of $3.375 million on $225 million preferred stock issued to U.S. Treasury.
- Milestone achieved in first reporting period; $717.73M Qualified plus $445.08M Deep Impact Lending (double credit).
- Ponce Bank ranked top 3% in low/moderate-income lending and top 5% in lending to minority borrowers in its area.