U.S. Department of Treasury recertifies Ponce Bank as a Community Development Financial Institution (CDFI)
In addition to this designation, it is also recognized as a Minority Depository Institution (MDI).
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Ponce Financial Group Inc., the parent company of Ponce Bank, recently announced that the U.S. Department of Treasury has officially recertified the bank as a Community Development Financial Institution (CDFI).
This certificate allows Ponce Bank to strengthen its mission to support low-and moderate-income communities and diverse communities of color in and around New York City, as well as its national commitment to support Hispanic, African American, and low-income communities in the U.S.
Carlos Naudon, the company’s president and CEO, stated in a press release:
We represent one of only 33 banks in the country that have earned both the CDFI and Minority Depository Institution (MDI) designations.
Ponce Bank notes that CDFI certification, which it views as a strategic milestone, provides access to numerous grants, programs, and funding sources designed to impact diverse communities.
According to the financial institution, the recertification recognizes the unique role of such entities, since the specific funds are distributed equitably and for the benefit of all those whose lives and livelihoods they are intended to support.
“As a mission driven bank since the Bank was founded in 1960, we have always maintained our commitment in playing a role in changing the lives of our underserved customers and communities by giving them access to vital banking products and services,” added Naudon.
Ponce Financial Group Recertified as Community Development Financial Institution - https://t.co/zFhhJWHqZ6— Investing.com News (@newsinvesting) May 24, 2023
More About Ponce Bank
It is a minority depository institution, a community development financial institution, and a Small Business Administration (SBA) certified lender.
Ponce Bank also invests in securities, which consist of U.S. government and federal agency securities issued by government-owned or government-sponsored companies, as well as mortgage-backed securities, corporate bonds and debentures, and Federal Home Loan Bank stock.
“As a CDFI and an MDI, we are a small portion of the US banking system, but we play a big role in the communities that we serve by improving access to banking services and helping support the lives and well-being of our customers and the communities that we have been serving for over 60 years,” highlighted Naudon.