Ponce Bank in N.Y. to record gain from sale-leaseback

PDL Community Bancorp in New York expects to record a pretax gain of $4.2 million after completing a sale-leaseback transaction.

The $1.4 billion-asset parent of Ponce Bank said in a press release Tuesday that it sold a property in Bronx, N.Y., for $5.7 million on June 4. The property had a net book value of $1.1 million on April 30. 

The bank entered into a 15- year lease agreement with an initial base annual rent of $281,000, subject to annual rent increases of 1.75%.

"We are excited about the sale … and look forward to continuing to provide the excellent products and customer service that Ponce Bank has always been known for in the immediate neighborhood,” Carlos Naudon, the company’s president and CEO, said in the release. 

“More importantly, 2021 will continue to be a year of investing ─ in the safety of our people and the future of our organization and our communities ─ with the clear goal of enhancing stakeholder values,” Naudon added.