NEW YORK, Sept. 19, 2017 (GLOBE NEWSWIRE) -- Ponce De Leon Federal Bank announced today that at a special meeting of the members of the Bank held on September 18, 2017, the members of the Bank approved the Bank’s Plan of Reorganization from a Mutual Bank to a Mutual Holding Company and Stock Issuance Plan, as amended (the “Plan of Reorganization”) pursuant to which the Bank will reorganize into the mutual holding company structure. The members of the Bank also approved the establishment and funding of the Ponce De Leon Foundation.

Steven A. Tsavaris, Chairman and Chief Executive Officer of the Bank said, “We are pleased by the results of the meeting and encouraged by the confidence expressed in us by our members.”