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Ponce Federal: finally turning the corner?
By most indications, Ponce Federal Bank F.S.B. appears to have turned the corner.
The $1.2 billion-asset thrift institution reported last week that it earned $56,317 during the second quarter ended June 30, 1991. While slim, the earnings follow three consecutive quarters in which the thrift lost an average of $2.6 million in eah. And while Ponce Federal earned $317,400 during the second quarter last year, it was only due to a reduction of $2 million in penalties and reserves.
But the story goes beyond the numbers. For the last year or so, with the help of some of the best banking consultants in the U.S., Ponce …