Ponce Financial Group Appoints New Auditor
Ticker: PDLB · Form: 8-K · Filed: Jun 4, 2024 · CIK: 1874071
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Ponce Financial Group swapped auditors, CohnReznick replaces Citrin Cooperman, no disagreements cited.
AI Summary
Ponce Financial Group, Inc. announced on June 1, 2024, that it has appointed a new independent registered public accounting firm, CohnReznick LLP, effective immediately. This change follows the resignation of its previous auditor, Citrin Cooperman & Company, LLP. The company stated that the change in auditor was not due to any disagreements with Citrin Cooperman.
Why It Matters
A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors will monitor.
Risk Assessment
Risk Level: low — The filing is a routine change of auditor and does not indicate any immediate financial distress or significant operational changes.
Key Players & Entities
- Ponce Financial Group, Inc. (company) — Registrant
- CohnReznick LLP (company) — Newly appointed independent registered public accounting firm
- Citrin Cooperman & Company, LLP (company) — Resigned independent registered public accounting firm
- June 1, 2024 (date) — Effective date of auditor change
FAQ
When was the change in independent registered public accounting firm effective?
The change was effective as of June 1, 2024.
Who is the new independent registered public accounting firm for Ponce Financial Group, Inc.?
The new firm is CohnReznick LLP.
Who was the previous independent registered public accounting firm?
The previous firm was Citrin Cooperman & Company, LLP.
Were there any disagreements between Ponce Financial Group, Inc. and Citrin Cooperman & Company, LLP?
No, the filing explicitly states that there were no disagreements.
What is the primary reason for this 8-K filing?
This filing is to report a change in the registrant's certifying accountant.
Filing Stats: 820 words · 3 min read · ~3 pages · Grade level 13 · Accepted 2024-06-04 17:11:46
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share PDLB The Nasdaq Global Ma
Filing Documents
- pdlb-20240601.htm (8-K) — 44KB
- pdlb-ex16_1.htm (EX-16.1) — 5KB
- 0000950170-24-068834.txt ( ) — 158KB
- pdlb-20240601.xsd (EX-101.SCH) — 23KB
- pdlb-20240601_htm.xml (XML) — 4KB
01 Changes in Registrants' Certifying Accountant
Item 4.01 Changes in Registrants' Certifying Accountant. Ponce Financial Group, Inc. (the "Company"), the holding company for Ponce Bank (the "Bank"), was notified that Mazars USA LLP ("Mazars"), the Company's independent registered public accounting firm, entered into a transaction with FORVIS, LLP ("FORVIS") whereby substantially all of the partners and employees of Mazars joined FORVIS. As a result on the effective date of June 1, 2024, FORVIS, LLP changed its name to Forvis Mazars, LLP ("Forvis Mazars") and Mazars resigned as the Company's independent registered public accounting firm. The Audit Committee of the Company's Board of Directors has appointed Forvis Mazars to serve as the Company's independent registered public accounting firm effective June 1, 2024. The audit report of Mazars on the financial statements of the Company as of December 31, 2023 and 2022, and for each of the years in the three-year period ended December 31, 2023, did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Company's fiscal years ended December 31, 2023 and 2022, and the subsequent period through the date of this Current Report on Form 8-K, there were (i) no disagreements (as such term is used in Item 304(a)(1)(iv) of Regulation S-K) between the Company and Mazars on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreement(s), if not resolved to the satisfaction of Mazars, would have caused Mazars to make reference to the subject matter of the disagreement(s) in connection with its report on the Company's financial statements and (ii) no reportable events within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K. During the Company's fiscal years ended December 31, 2023 and 2022, and the subsequent period through the date of this report, neither the Company nor any party act
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . As described in Item 4.01 of this Report, the following is filed as part of this Current Report on Form 8-K: Exhibit Number Description 16.1 Letter of Mazars USA LLP to the Securities and Exchange Commission dated June 4, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Ponce Financial Group, Inc. Date: June 4, 2024 By: /s/ Carlos P. Naudon Carlos P. Naudon President and Chief Executive Officer