The announcement was made during the
25th Annual Bronx Week Bankers Breakfast sponsored by
the Business Initiative Corporation of NY and Bronx Economic
Development Corporation, hosted by Bronx Borough President
Vanessa L. Gibson
NEW
YORK, May 10, 2024 /PRNewswire/ --
BNY Mellon (NYSE:BK), the global financial services company,
today announced a collaboration with Ponce Bank, a Bronx-based Minority Deposit Institution
(MDI), as part of the U.S. Treasury Department's Financial Agent
Mentor-Protégé Program. This alliance between BNY Mellon and Ponce
Bank will supplement Ponce Bank's investment in local businesses,
housing, and services in underserved communities, and aim to grow
the Bank's assets.
MDIs and community development banks are essential parts of the
financial industry—deposits made into these banks keep local
economies growing and thriving. Yet, they often lack access to the
resources to remain competitive against bigger peers. This
threatens the livelihood of local communities, competitiveness of
the U.S. economy, and resiliency of the banking system.
The BNY Mellon-Ponce Bank alliance will help Ponce Bank continue
to play a vital role in the economic activity and growth of the
local communities it serves with BNY Mellon's mentorship and
best-in-class financial services. For Ponce Bank, this
collaboration represents an opportunity to grow and continue its
legacy of outsized impact within underserved communities throughout
the New York metro area.
"At BNY Mellon, we are working with our clients to provide them
with the solutions, tools and platforms to support their local
communities and increase the reach of minority-owned financial
institutions," said Jayee Koffey, Global Head of Enterprise
Execution and Chief Corporate Affairs Officer at BNY Mellon.
"Building on 240 years of industry knowledge and insight, we are
pleased to work with Ponce Bank in creating financial equity for
its customers and supporting the Bronx and greater New York banking community."
"We were born in the Bronx in
1960 as most of the bigger banks fled an area seen in decline.
But, our founders saw great promise fueled by a strong
immigrant work ethic. With BNY Mellon being our bank in the
backyard, forming this alliance made perfect sense," said
Carlos Naudon, CEO of Ponce Bank.
"It's a great honor to be selected for this mentorship and we
appreciate the ability of BNY Mellon to help us bring their global
capabilities to our local communities. We appreciate our shared
history in New York as well as a
mutual vision to invest in local communities by giving back to the
generations of people who helped build New York."
"We are grateful for this new alliance between BNY Mellon and
Ponce Bank and the impact this will have on economic development in
so many of our neighborhoods," said Vanessa
L. Gibson, Bronx Borough President. "This unique
collaboration between a community bank and BNY Mellon will add
significant value to our small business community in the
Bronx with resources that will
help boost our local economy."
This collaboration is the latest example of BNY Mellon's effort
to support underserved communities and democratize quality
financial services through strategic alliances with other
mission-driven financial firms. Other initiatives across the firm
include alliances with Optus Bank, MoCaFi, and IntraFi; founding of
the Economic Opportunity Coalition; and the BOLD® shares and
SPARKSM shares offering.
About BNY Mellon
BNY Mellon is a global financial services company that helps
make money work for the world – managing it, moving it and keeping
it safe. For 240 years we have partnered alongside our
clients, putting our expertise and platforms to work to help them
achieve their ambitions. Today we help over 90% of Fortune
100 companies and nearly all the top 100 banks globally access the
money they need. We support governments in funding local
projects and work with over 90% of the top 100 pension plans to
safeguard investments for millions of individuals, and so much
more. As of March 31, 2024, we
oversee $48.8 trillion in assets
under custody and/or administration and $2.0
trillion in assets under management.
BNY Mellon is the corporate brand of The Bank of New York Mellon
Corporation (NYSE: BK). We are headquartered in New York City, employ over 50,000 people
globally and have been named among Fortune's World's Most Admired
Companies and Fast Company's Best Workplaces for Innovators.
Additional information is available on www.bnymellon.com.
Follow us on LinkedIn or visit our Newsroom for the latest company
news.
About Ponce Bank
Ponce Financial Group, Inc., (Nasdaq: PDLB) is the holding
company for Ponce Bank. Ponce Bank is a Minority Depository
Institution, a Community Development Financial Institution, and a
certified Small Business Administration lender. We are the largest
FDIC certified, Hispanic-led, MDI east of the Mississippi, and are now one of the nation's
largest Community Development Financial Institutions (CDFI's). The
Bank was recently ranked number one among the largest 20 CDFI banks
with a Housing Focus in Assets, Deposits, and Lending, and #2 in
Development Lending Intensity (DLI-HMDA) lending activities in low-
and moderate-income (LMI) Tracts. Ranked #5 in total loans among
all CDFI banks, and #6 among the largest 20 CDFI banks for branches
located within LMI tracts, Ponce Bank is also the #1 ranked
Hispanic MDI for community financing.
About U.S. Treasury Bank Mentor-Protégé Program
Established in 2018, the U.S. Treasury Bank Mentor Protégé
Program works to facilitate voluntary relationships between
the largest U.S. commercial banks as mentors and small and/or
minority depository institutions (MDIs) as protégés. The aim of the
program is to increase the capacity of small and minority-owned
banks to better serve their customers and potentially Treasury,
create new partnerships with Treasury and across the banking
industry, and strengthen their ability to withstand the rigors of
the rapidly changing banking industry and economic environment.
Media Contact
Sue Watt,
Vice President
BNY Mellon
Sue.Watt@bnymellon.com
View original
content:https://www.prnewswire.com/news-releases/bny-mellon-collaborates-with-ponce-bank-through-the-us-department-of-treasury-financial-agent-mentor-protege-program-302142061.html
SOURCE BNY Mellon