Popular Bank on Pitkin Avenue in Brownsville is was awarded the Banking Development District Grant by the New York State Department of Financial Services.
Superintendent of Financial Services Linda A. Lacewell announced the approval of a new Banking Development District (BDD) covering the neighborhoods of Ocean Hill-Brownsville in Brooklyn, continuing New York State’s efforts to expand access to affordable financial services to all corners of the Empire State with community and local elected officials support.
As a result of the announcement, Popular Bank will expand its ability to offer local residents and small businesses access to competitive, affordable financial products, allowing banking diversity in a community that would otherwise be underserved.
Popular Bank will also provide financial education to consumers and businesses, help foster financial empowerment and inclusion in the community.
“As outlined in Governor Cuomo’s State of the State agenda, financial inclusion and access to affordable banking services is a top priority here in New York State. This designation of Brooklyn’s Ocean Hill-Brownsville neighborhoods as a Banking Development District builds on the state’s efforts to meet the local banking needs of underserved communities,” said Superintendent Lacewell.
“DFS is proud to support the Governor’s agenda through partnership with community board 16, elected officials support and the bank to reach more New Yorkers in need of banking services and help support local economic growth and development. We will continue to work to ensure every New Yorker has access to affordable financial services.”
New York State’s BDD program, administered by DFS, is designed to encourage the establishment of bank branches in areas across New York State where there is a demonstrated need for banking services.
The program is a public-private collaboration among DFS, local communities, and financial institutions.
Strong community support from local community organizations, residents, small businesses, and elected officials is a critical piece of establishing a BDD.
To encourage bank participation in the BDD program, $10 million in subsidized public deposits and other benefits are made available to banks that open or maintain a branch or improve products and services offered in an underserved community.
The new BDD in the Borough of Brooklyn, Community District 16 will enable Popular Bank to provide access to products and services targeted to the needs of local residents and small businesses in that community.
Groups that support small businesses, community organizations, and elected officials submitted letters in support of this BDD application. The designation will further community engagement and reinvestment initiatives throughout Ocean Hill-Brownsville, Brooklyn.
“I am pleased to see the approval of the new BDD in Ocean Hill-Brownsville,” Assemblywoman Latrice Walker. “The BDD program will enable Popular Bank the ability to provide affordable banking products and services to residents and small businesses in the area. Thank you to Popular Bank for stepping up to serve the financial needs of the community.”
“The approved BDD present a great opportunity to locals in the area to have additional access to a variety of banking products and services,” Brooklyn Borough President Eric Adams. We are excited that the new BDD designation will allow Banco Popular to continue to provide better financial service to the Ocean Hill-Brownsville communities, an area that has long been underbanked. In addition, as a long-time advocate for expanding financial literacy education, I am gratified to see their commitment to providing financial education to local residents. These kinds of investments empower communities and ensure all New Yorkers have the opportunity to participate in the local economy.”
“We’re very proud to have three branches as part of the BDD designation program, an initiative that engages financial institutions to promote development in New York’s underserved communities,” said Popular Bank Chief Operating Officer Manuel Chinea. “Popular Bank continues its commitment to foster financial health, revitalization and job creation in the communities we serve – all cornerstones of this program.”