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, aimed at enhancing access to banking services in underserved areas of the Bronx [1][2]. Group 1: Banking Development District (BDD) Program - The New York State 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][3]. - Ponce Bank's Westchester Avenue branch received $35 million in total program deposits as part of its BDD designation and is seeking an additional $20 million from the New York City Banking Commission [3]. Group 2: Community Impact and Services - The BDD designation will enable Ponce Bank to expand access to affordable financial services, targeting local residents and small businesses with competitive financial products [4]. - Ponce Bank plans to provide financial education to foster financial empowerment and inclusion within the community [4]. Group 3: Company Overview - 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].