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
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SOURCE BNY Mellon
