Popular Bank Branch Receives BDD Program Designation By NYS Department of Financial Services - Blog Popular Bank
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01.27.2020 /

Popular Bank Branch Receives BDD Program Designation By NYS Department of Financial Services

DFS Awards 1620 Pitkin Avenue Branch $10 Million in Subsidized Deposits to Deliver Financial Education and Access to Financial Services within Ocean Hill-Brownsville Community

New York, NY – January 27, 2020 – Popular Bank, a subsidiary of Popular, Inc. (Nasdaq: BPOP) announced today that it has received the Banking Development District (BDD) designation from the New York State Department of Financial Services (DFS) for Popular Bank’s 1620 Pitkin Avenue Branch. The designation, which was made official on January 24th, will further community engagement and reinvestment initiatives throughout Ocean Hill-Brownsville, Brooklyn.

As a participating BDD branch in the designated Community District 16 (CD 16), Popular Bank’s Pitkin Avenue branch will receive $10 million in subsidized public deposits to promote local economic development. Popular Bank will leverage the funds to provide access to comprehensive financial services to underserved New Yorkers and local businesses throughout the district, promoting community stability, revitalization and long-term economic development. As part of these initiatives, the Bank will provide financial education and facilitate strategic partnerships that will help families better manage their financial resources, increase local small business and stimulate local economic growth.

“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.”

BDD Designation of Popular Bank’s Pitkin Avenue branch

Popular Bank employees, NYS Assemblywoman Latrice Walker, Brooklyn Community Board 16 Chairperson Genese Morgan, Stuyvesant Restoration Corporation Financial Counselor Pilayne Franklin, NYS Senator Roxanne Persaud, and Senior Advisor to the Borough President of Brooklyn Ingrid Lewis-Martin joined Popular Bank COO Manuel Chinea and Department of Financial Services Linda Lacewell for the BDD Designation of Popular Bank’s Pitkin Avenue branch on January 24, 2020.

Our Community Commitment

Popular Bank has a long-standing tradition of investing within its communities. The bank currently has participating BDD branches located at 310 East Houston Street in Manhattan and 645 East Tremont Avenue in the Bronx.

The BDD program includes bank branches across New York State located in areas where banks can play an important role in promoting individual wealth, job creation, home ownership, accessible financial services, community development, and revitalization.

 

About Popular Bank

Popular Bank is the mainland subsidiary of Popular, Inc. (Nasdaq: BPOP), which ranks among the top 50 U.S. banks by assets. Popular, Inc. brings more than 125 years of success in banking, driven by integrity and values. Popular Bank leverages its financial expertise to enable customers to focus on what matters most. Leveraging its institutional depth, Popular Bank works side-by-side with business and retail customers delivering competitive business and retail offerings including Retail and Private BankingCommercial LendingMortgage ServicesAssociation LendingHealthcare financing, and Middle Market banking. Popular Bank has branches in New York, New Jersey, and Florida, and provides 24/7 digital banking solutions and access to 55,000 ATMs through the Allpoint® network.1

To learn more, visit PopularBank.com or call 1-800-377-0800. Find out more about Popular Bank’s commitment to community service at PopularBank.com/About-us/.

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