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NEW YORK, Dec. 31, 2020 (GLOBE NEWSWIRE) — On December 22, 2020, PDL Community Bancorp (the “Company”), through PFS Service Corp. (“PFS”), the service company of its subsidiary Ponce Bank (the “Bank”), entered into a contract of sale and leaseback of the real property that PFS owns located at 3821 Bergenline Avenue, Union City, New Jersey (the “Real Property”). The purchase price for the Real Property is $2.4 million. PFS’ carrying value of the Real Property as of December 22, 2020 was $512,000. It is anticipated that there will be additional expenses incurred during the closing of the transaction.

In the leaseback transaction, the Bank will lease back the Real Property for an initial term of 15 years and will have four optional terms of five years each. The initial base annual rent will be $145,000 subject to annual rent increases of 1.5%.

Carlos P. Naudon, the Company’s President and CEO, noted “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.”

About PDL Community Bancorp

PDL Community Bancorp is the financial holding company for Ponce Bank and Mortgage World Bankers, Inc. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. The Bank’s business primarily consists of taking deposits from the general public and to a lesser extent alternative funding sources and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as, mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock. Mortgage World Bankers, Inc. is a mortgage lender operating in five states. As a Federal Housing Administration (“FHA”)-approved Title II lender, Mortgage World Bankers, Inc. originates and sells to investors single family mortgage loans guaranteed by the FHA, as well as conventional mortgages.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; the anticipated impact of the COVID-19 novel coronavirus pandemic and the Company’s attempts at mitigation; changes in the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks, including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, PDL Community Bancorp’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.

Contact:

Frank Perez
[email protected] 
718-931-9000

Boulder, Colorado, Dec. 31, 2020 (GLOBE NEWSWIRE) — Our very own, real life, Wunder Woman, Kristian Rene, so nicknamed by her team at the Wunder Institute for her propensity for big dreams and big solutions, has taken on a new adventure! After running the 2020 Rebelle Rally, overcoming hurdles and navigating a challenging landscape (2020, amirite?) in a biodiesel vehicle of her own devising, her next adventure begins with a surprisingly mild proclamation, “Buy up every domain with the word ‘Quixotic’!”

Rene, whose Wunder Woman moniker was assumed after patenting a process for turning industrial waste into biofuel, alongside a biochemistry student from Boulder, Colorado, has partnered with Thomas Hoffmann of Colorado Campworks to create Quixotic.

 

This team is innovating an ultra-versatile system of living with a tiny [carbon] footprint. And together, they’re dreaming big as they redefine what the future of design and systems-living looks like with products launching under the Quixotic brand. The first product is one of the most beautifully designed, well-engineered and luxurious campers on the market, The Nomad NS-1.

 

Quixotic, like the Cervantes character Don Quixote, is founded on the combined idealism that aligns the “brash lofty romantic ideals” and “extravagantly chivalrous action” to devise solutions for outdoor adventures. So, while it might be “foolishly impractical,” at the direction of our Wunder Woman, domains were purchased, and plans have been set for a full launch of the new brand.

 

Quixotic’s goal is to reinvent the way you experience the outdoors. Our products focus on innovation, adaptability and resilience, but most of all, quality. Adaptability and resilience have been the go-to mottos of 2020. People have had to adapt to a simpler life, many sought-out the outdoors to escape their homes comfortably and safely during on-going lockdowns due to the Covid19 pandemic. We took the opportunities presented by this experience to reimagine what makes a quality life. With a Quixotic Camper we believe you won’t have to compromise as you adapt to The New Normal.

 

The Nomad NS-1, the first Quixotic product, will be taking the outdoor camper and trailer industry by storm with its early 2021 launch. The Nomad boasts an intricately designed, fully solar electric system. Amenities include a chef’s kitchen, on demand hot water, and comfort in any weather, all powered by the sun. 

 

The innovation behind Quixotic is creating luxury without excess. You can do everything on the road including joining your 3pm Zoom meeting without hassle. Quixotic boasts thoughtful design that allows for a user-cycle that makes an impact without leaving a mark. It’s a complete system that will literally Leave No Trace as you travel, work and play with absolutely no limit to the life changing experiences attainable in every purchase of a Quixotic product. 

 

While the team is hard at work building out the future home of the Quixotic line of products, curious parties can check out Campworks and The Wunder Institute’s respective sites for additional insights into what they can expect to find when Quixotic emerges for its fight with giants.

Attachments

• Quixotic Kristian Rene Thomas Hoffmann Wunder Institute camper
• IMG_8684

Thomas Hoffman
Quixotic by Colorado Campworks
303-219-8742
[email protected]

Washington, D.C., Dec. 31, 2020 (GLOBE NEWSWIRE) — The New Civil Liberties Alliance, a nonpartisan, nonprofit civil rights group, filed an amicus curiae brief in the U.S. Supreme Court in the case of United States v. Arthrex, Inc., et al. At issue in the consolidated set of cases is whether administrative patent judges (APJs) can be appointed by the U.S. Secretary of Commerce or whether the Constitution requires the President to appoint these judges and the Senate to confirm them.

 

NCLA argues (with Arthrex) that APJs are “principal officers” of the United States. Hence, according to the Constitution’s Appointments Clause, they must be appointed by the President with the advice and consent of the Senate. The Secretary of Commerce, as the head of a department, could appoint APJs if they were deemed “inferior officers.” But under the America Invents Act of 2011, APJ decisions cannot be reviewed by a superior in the Executive Branch—only by other APJs. This fact means that APJs are “principal” officers. Therefore, the Appointments Clause requires appointment by the President himself, thereby ensuring presidential accountability for their performance in office.

 

The earlier decision in this case by the U.S. Court of Appeals for the Federal Circuit was poorly reasoned. Instead of recognizing that APJs must be presidentially appointed, the court sought to turn APJs into “inferior” officers by eliminating their tenure protections. But even after the Federal Circuit’s re-write of the statute, APJs will continue to be “principal officers” because their rulings are still not subject to review by any Executive Branch superiors. 

 

There are several possibilities to resolve this conundrum, such as permitting a principal officer like the Director of the Patent Office to review all decisions by APJs. But NCLA contends that it is not for the courts to pick a favored solution from among the constitutionally permissible options. Congress is responsible for drafting statutes, and it must make this choice instead. The Supreme Court has no more idea than the Federal Circuit did of how Congress would want to respond to a (correct) ruling that the current appointment scheme is unconstitutional.

 

NCLA takes no policy position in this case over the desirability of administrative review of patents by APJs. Its amicus brief focuses entirely on defending the Appointments Clause, which must be considered as an inviolable element in protecting separation-of-powers principles.

 

NCLA released the following statements:

 

“The Constitution’s Appointments Clause serves important separation-of-powers principles by requiring that federal officers go through Senate confirmation if their adjudicative decisions are not supervised by a superior executive officer. That’s true of the work of administrative patent judges, yet none has been appointed by the President or confirmed by the Senate.”

 

—  Richard Samp, Senior Litigation Counsel, NCLA

 

“The Federal Circuit, like King Solomon, attempted to split the baby here and left no one happy with its compromise decision. Within constitutional parameters, it’s the legislative role of Congress—not the courts—to negotiate policy compromises about how an administrative scheme should function.”

 

—  Jared McClain, Litigation Counsel, NCLA

 

ABOUT NCLA

 

NCLA is a nonpartisan, nonprofit civil rights group founded by prominent legal scholar Philip Hamburger to protect constitutional freedoms from violations by the Administrative State. NCLA’s public-interest litigation and other pro bono advocacy strive to tame the unlawful power of state and federal agencies and to foster a new civil liberties movement that will help restore Americans’ fundamental rights.

 

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Attachment

• PRESS RELEASE_United States v. Arthrex Inc. et al. Amicus Brief_FINAL

Judy Pino
New Civil Liberties Alliance
202-869-5218
[email protected]