Ponce Bank Received $35 Million in Deposits as part of the Banking Development District Program

Core Viewpoint - Ponce Financial Group, Inc. announced the approval of its Ponce Bank Westchester Avenue Branch as a Banking Development District (BDD), aimed at enhancing access to banking services in underserved areas of the Bronx [1][2]. Group 1: BDD Program Overview - New York State's BDD Program, managed by the Department of Financial Services, promotes the establishment of bank branches in areas with a demonstrated need for banking services, relying on community support [2]. - Approved BDD branches, like Ponce Bank's, gain access to subsidized and market rate deposits from New York State, with Ponce Bank receiving $35 million in total program deposits as of July 30, 2024 [3]. Group 2: Community Impact and Services - Ponce Bank plans to leverage the BDD designation to expand access to affordable financial services, targeting local residents and small businesses with competitive financial products [4]. - The bank will also focus on providing financial education to foster financial empowerment and inclusion within the community [4]. Group 3: Company Profile - Ponce Financial Group, Inc. serves as the holding company for Ponce Bank, which is recognized as a Minority Depository Institution and a Community Development Financial Institution [5]. - Ponce Bank's operations primarily involve accepting deposits and investing in various types of loans, including mortgage loans and business loans, as well as securities [5].