NEW YORK – In a significant move to bolster economic growth in underserved communities, Ponce Bank, a Bronx-based Minority Deposit Institution (MDI), has announced a collaboration with BNY Mellon, a global financial services leader. This alliance is part of the U.S. Treasury Department’s Financial Agent Mentor-Protégé Program, designed to strengthen MDIs and enhance their community impact. The announcement, highlighting the pivotal role of Ponce Bank in its community, was made during the 25th Annual Bronx Week Bankers Breakfast, sponsored by the Business Initiative Corporation of NY and Bronx Economic Development Corporation, and hosted by Bronx Borough President Vanessa L. Gibson.
This strategic partnership pairs the deep-rooted community focus of Ponce Bank with the extensive resources and expertise of BNY Mellon. The primary goal is to amplify Ponce Bank’s ongoing commitment to investing in local businesses, affordable housing, and essential services within the Bronx and surrounding underserved areas. By leveraging BNY Mellon’s mentorship and financial acumen, Ponce Bank aims to significantly expand its assets and further its mission of community development.
Minority Depository Institutions like Ponce Bank are critical engines for local economic vitality. They channel deposits directly back into their communities, fostering growth and opportunity. However, MDIs often face challenges in accessing the resources needed to compete with larger financial institutions. This collaboration directly addresses this challenge, ensuring that Ponce Bank can continue to thrive and serve as a cornerstone of its community’s financial health. The BNY Mellon-Ponce Bank alliance is set to provide Ponce Bank with crucial support to not only maintain but also enhance its vital role in the economic activity and expansion of the communities it serves.
Jayee Koffey, Global Head of Enterprise Execution and Chief Corporate Affairs Officer at BNY Mellon, emphasized the firm’s commitment to fostering financial equity. “At BNY Mellon, we are dedicated to empowering our clients with the solutions, tools, and platforms necessary to uplift their local communities and broaden the reach of minority-owned financial institutions,” Koffey stated. “Drawing upon 240 years of industry experience, we are proud to collaborate with Ponce Bank to promote financial equity for its customers and to strengthen the banking community in the Bronx and the wider New York area.” This statement underscores BNY Mellon’s long-term vision of supporting community-focused banking institutions like Ponce Bank.
Carlos Naudon, CEO of Ponce Bank, highlighted the historical significance and strategic rationale behind the collaboration. “Ponce Bank was founded in the Bronx in 1960, a time when many larger banks were leaving the area. Our founders recognized the immense potential and strong work ethic within the immigrant communities here,” Naudon explained. “Given BNY Mellon’s significant presence in New York, this alliance is a natural fit. We are honored to have been selected for this mentorship and are excited about the opportunity to leverage BNY Mellon’s global capabilities to benefit our local communities. Our shared New York history and mutual commitment to investing in the communities that have shaped our city make this partnership particularly meaningful.”
Bronx Borough President Vanessa L. Gibson lauded the new alliance and its anticipated impact on local economic development. “We deeply appreciate this new partnership between BNY Mellon and Ponce Bank and the positive impact it will have on economic development throughout our neighborhoods,” said Gibson. “This unique collaboration, uniting a community-focused bank with a global financial institution like BNY Mellon, will bring substantial value to our small business community in the Bronx, providing resources that will significantly boost our local economy.”
This collaboration with Ponce Bank is the latest in BNY Mellon’s ongoing initiatives to support underserved communities and democratize access to quality financial services. BNY Mellon has established similar strategic alliances with other mission-driven financial firms, including Optus Bank, MoCaFi®, and IntraFi®. Furthermore, BNY Mellon’s commitment is demonstrated through its founding membership in the Economic Opportunity Coalition and the introduction of the BOLD® shares and SPARKSM shares offerings. These initiatives collectively highlight BNY Mellon’s broad and sustained effort to foster financial inclusion and community development across the United States.
About BNY Mellon
BNY Mellon is a global financial services company making money work for the world. Built on 240 years of experience, BNY Mellon manages, moves, and safeguards money and assets for the world’s leading institutions and individuals. BNY Mellon oversees $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management as of March 31, 2024.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY Mellon employs over 50,000 people globally. BNY Mellon is recognized on Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators lists. More information is available at www.bnymellon.com.
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