Ponce Bank was born in The Bronx in 1960 at a time when most banks had abandoned the community. The Bronx was labeled a "community in decline." But our founders, migrants from Puerto Rico, saw nothing but the potential of a proud neighborhood anchored by a strong immigrant work ethic and entrepreneurial spirit. They saw that all it needed was financial investment and vowed to provide it.
Today, our designation as a Community Development Financial Institution (CDFI) certifies our commitment as an investor in the future of our communities. Ponce Bank is where neighbors envision the future, build their dreams, and celebrate all they’ve done.
The NFL announced $78 million in borrowing from 16 MDI's and CDFI's, 10 of which are CDBA members. The NFL is establishing relationships with diverse financial institutions to provide new economic opportunities typically only available to larger financial institutions and to increase the diversity of its banking partners. Additionally, the new business opportunities will help fund growth, increase investment back into the communities they serve and create broader visibility for the institutions themselves.
A hundred years ago, Brooklyn was teeming with mutual savings banks. There was the Brooklyn Savings Bank, the Dime Savings Bank of Brooklyn, the South Brooklyn Savings Bank, the Williamsburg Savings Bank, ... but they are all gone. A mutual savings bank does not have shareholders and is operated on behalf of its depositors. Most, including three of the four remaining mutual savings banks in the city with branches in Brooklyn, Ridgewood Savings Bank and Cross County Savings Bank (founded in 1888 as Bushwick Savings & Loan Association of New York) out of Queens, and Ponce Bank out of the Bronx, were established by local residents for local residents about a hundred years ago to help improve their lot by saving and homeownership. They were, and one could argue, still are the quintessential community banks.