PDL Community in New York to buy mortgage lender
PDL Community Bancorp in Bronx, N.Y., has agreed to buy Mortgage World Bankers in Astoria, N.Y.
PDL, the parent of the $1 billion-asset Ponce Bank, said in a press release Wednesday that it will pay $1.2 million in exchange for the lender. The deal is expected to close late in the third quarter or early in the fourth quarter.
Michael Lagoudis will continue to manage Mortgage World Bankers' operations as president and CEO. He will also become a senior officer at PDL.
PDL President and CEO Carlos Naudon said in the release that the acquisition will be accretive to earnings within 18 months.
“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," Naudon said.
FIG Partners advised PDL.