Bronx, N.Y.-based PDL Community Bancorp (MHC) entered into a stock purchase agreement to acquire all the capital stock of Mortgage World Bankers Inc.
The transaction is expected to close late in the third quarter or early in the fourth quarter, subject to regulatory approvals.
According to the terms of the purchase, PDL Community will pay two shareholders of Mortgage World approximately $1.2 million, subject to adjustment, in exchange for 100% of Mortgage World's stock.
Michael Lagoudis, one of the shareholders, will continue to manage Mortgage World's operations as its president and CEO. He will also become a senior officer of PDL Community.
Stephanos Lagoudis, the other stockholder, will continue to assist Mortgage World in a consulting capacity. Mortgage World is a mortgage banking company based in Astoria, N.Y.