Popular Bank Brooklyn Fifth Avenue location is now a BDD branch
The branch will increase community lending and financial education initiatives to foster economic empowerment and financial inclusion.
Popular Bank announced the Banking Development District (BDD) designation from the New York State Department of Financial Services (DFS) for the bank’s Brooklyn Fifth Avenue Branch located in Sunset Park at 4502 Fifth Avenue, Brooklyn, NY 11220.
As part of the BDD program, $10 million in subsidized public deposits and other benefits are made available to banks and credit unions that open or maintain a branch and offer affordable and accessible products and services in an underserved community. The BDD in Sunset Park has committed to the community’s long-term economic development through the increase in access to low-cost bank accounts for unbanked members of the community; offer small business loans, commercial loans, residential mortgages, home equity lines of credit, personal loans, credit cards, and Credit Builder loans; extend capital to residents and business owners in CD7; and to sponsor financial education workshops in the community.
“We are proud that our Brooklyn Fifth Avenue location is now a Banking Development District (BDD) Branch,” said Bertha Rozier, Head of US Transformation and Retail Banking for Popular Bank. “The BDD program closely aligns with our commitment to promote the economic viability of the communities we serve and to offer our customers the financial opportunities they need to enhance their quality of life.”
The establishment of Popular Bank’s Brooklyn Fifth Avenue Branch as a BDD participating branch will allow the Bank to be an on the ground partner with residents and small businesses to provide greater access to affordable banking products and services in the area.
In a recent release from the Department of Financial Services, Superintendent of Financial Services Adrienne A. Harris shared, “The BDD Program is a critical tool which enables DFS to support affordable banking services and resources in underserved communities,” said. “Each BDD we create supports our mission to build a more equitable financial services system in New York.”