Popular Bank East Harlem Branch Receives BDD Designation
BDD Designation to Provide Branch $10 Million in Subsidized Deposits to Promote Community Reinvestment within East Harlem.
New York, NY – March 24, 2021 – 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 its 164 East 116th Street branch. The BDD designation was made official on Tuesday, March 23 and will further engagement and reinvestment initiatives throughout East Harlem.
Popular Bank’s East 116th Street branch will serve as a BDD branch in the designated Community District 11 (CD 11). As part of this participation, it will be eligible to receive $10 million in subsidized public deposits to promote local economic development. Popular Bank will leverage the funds to provide comprehensive financial services to underserved residents and local businesses throughout the district. These initiatives aim to promote community stability, revitalization and long-term economic development.
“Popular Bank continues its commitment to foster financial health. We are very proud of the recent BDD designation to our East 116th Street Branch,” said Popular Bank Chief Operating Officer Manuel Chinea. “The BDD program provides important resources to engage financial institutions to promote development in New York’s underserved communities. This initiative is increasingly important as we continue to meet the growing and diverse needs of our customers amid COVID-19 disruption and recovery.”
The New York State Department of Financial Services named Popular Bank’s East 116th Street a Banking Development District branch in the designated Community District 11 (CD 11) on Tuesday, March 23, 2021. Popular Bank will leverage the designation to further engagement and reinvestment initiatives throughout the East Harlem community in upper Manhattan.
This is the fourth BDD designation for Popular Bank. Previously designated BDD branches are located at 134 Delancey Street, 645 East Tremont Avenue in the Bronx, and 1620 Pitkin Avenue in Brooklyn.
Recent BDD designation aims to provide critical services to East Harlem community.
According to a 2020 study conducted by the New York City Office of Consumer and Worker Protection, East Harlem is recognized as one of the most financially vulnerable communities throughout the five boroughs. Subsequently, the area will likely face distinct challenges regarding resiliency and recovery amid the COVID-19 health crisis.
A leader amongst its peers in Community Reinvestment, Popular aims to provide critical financial services to underbanked East Harlem residents. Notably, the Bank will increase its support to low income individuals and introduce financial education and small business development programming and support for small business development.
About the Banking Development District program.
The BDD program is designed to encourage the establishment of banking branches in specially designated locations, known as “Banking Development Districts”, where there is a demonstrated need for banking services. The establishment of a new BDD branch aims to enhance consumer access to banking services and promote economic development. In doing so, bank institutions can play an important role in promoting individual wealth, community development, and revitalization.
Through the BDD program, greater access to banking services will encourage underbanked community members become part of the financial mainstream. These consumers may reside in urban or rural areas that may have different income levels, demographic characteristics and population densities. It is anticipated that the establishment and continued presence of a bank branch will stimulate local economic activity.
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 127 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 Banking, Commercial Lending, Mortgage Services, Association Lending, Healthcare 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
Popular Bank and its affiliates are not affiliated with ATM National, LLC. Allpoint is a registered Trademark of ATM National, LLC.