Ponce Financial Group subsidiary Ponce Bank converting to national bank; company applying to become bank holding company

Ponce Financial Group, Inc.

Ponce Bank, currently a federally chartered stock savings association, plans to convert to a national bank.
Ponce Financial Group filed an application with the Federal Reserve Board to become a bank holding company.
Conversion aims to gain eligibility for municipal deposits in New York; no material change in core business expected.
Application for bank holding company status is awaiting regulatory approval.

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