Regulatory Alerts2025-02-19 | Conditional Approval 1344Added
Conditional Approval 1334 — Ponce Bank Conversion to National Bank
The Office of the Comptroller of the Currency conditionally approves the conversion of Ponce Bank, Bronx, New York, to Ponce Bank, National Association, under OCC Charter Number 25347. The approval is subject to eighteen conditions, including a two-year requirement for sixty days' prior written notice before significant deviations from the business plan and the maintenance of an existing Liquidation Account. The OCC also approves the retention of operating subsidiaries Ponce De Leon Mortgage Corporation and Mortgage World Bankers, as well as a noncontrolling interest in Oaktree SBIC Fund, LP. Authorization to commence business is withheld until all pre-conversion requirements, such as obtaining notarized Oaths of Bank Directors, purchasing fidelity bond coverage, and acquiring Federal Reserve Bank stock, are satisfied.