Ponce Financial Group Inc. has announced that its subsidiary, Ponce Bank, is undergoing a significant transition as it seeks to convert from a federally chartered stock savings association to a national bank. This strategic move is aimed at expanding the bank's powers, including enhancing its eligibility to receive municipal deposits in New York. In line with this conversion, Ponce Financial Group Inc. has filed an application with the Federal Reserve Board to become a bank holding company. This application is currently under regulatory review, with approval pending. The company has stated that despite these changes, there are no anticipated material alterations to their core business operations. This transition is exclusive to Ponce Financial Group Inc. and does not involve multiple organizations.
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