Mayor Mamdani and Comptroller Levine Deposit $20 Million in Ponce Bank, Expanding Access to Capital for Working Class New Yorkers

 

New York City Banking Commission also designates Inwood branch as part of New York Banking Development District Program  

Mayor Zohran Kwame Mamdani and Comptroller Mark Levine announced a $20 million deposit in Ponce Bank to strengthen community banking and expand economic opportunity in Upper Manhattan and the Bronx. 

The City will deposit $10 million each into Ponce Bank branches in Inwood and the Bronx, increasing the bank’s lending capacity and helping more New Yorkers buy homes, start small businesses and build long-term financial stability.  

The Mayor and Comptroller also announced that Ponce Bank’s Inwood branch has been designated as part of the New York Banking Development District (BDD) Program, joining the bank’s Bronx branch. The designation allows the branch to receive public deposits that support lending and expand access to financial services for local residents and businesses. The process to include the Inwood branch in the BDD program was initiated by then-Manhattan Borough President Mark Levine.  

“Our administration is putting public resources to work for working people. For too long, too many neighborhoods have been denied the investment they deserve,” said Mayor Mamdani. “By depositing $20 million in a trusted community bank, we're expanding access to capital for small businesses, creating pathways to homeownership and building wealth in the communities that make New York the greatest city on earth. Government should invest directly in people and neighborhoods. That’s exactly what we’re doing.” 

“Limited access to reliable capital has been a major barrier for Upper Manhattan and the South Bronx residents for decades, something I and many have seen firsthand and worked hard to change,” said City Comptroller Levine. “This partnership with Mayor Mamdani will clear even more barriers to economic empowerment through vital funding levers. Through the Banking Development District program, New York City is directing public deposits into mission-driven lenders, and with it the communities they serve, to expand their ability to provide access to credit and banking services.” 

“The Banking Development District Program demonstrates how government can use its financial resources strategically to support equitable economic growth,” said Department of Finance Commissioner Richard Lee. “By directing deposits to community-focused institutions, we are helping ensure that more New Yorkers have access to the financial tools they need to build wealth, start businesses and invest in their futures.”  

“For more than 60 years, Ponce Bank has been committed to helping underserved communities access the financial resources they need to thrive,” said Carlos Naudon, President & CEO of Ponce Bank. “This investment from New York City reflects our shared belief that neighborhoods like Inwood and the Bronx deserve strong, locally rooted financial institutions that invest in small businesses, homeowners and working families. These deposits will help us continue the mission-driven work we have carried out for generations and expand opportunity in the communities we proudly call home.”  

 

The deposits were made through the New York City Banking Commission, which is chaired by the Mayor, Comptroller and Commissioner of Finance. The Commission administers the City’s participation in the state Banking Development District Program, which is designed to strengthen lending capacity and expand access to financial services in communities that continue to face barriers to credit.  

Inwood and the East Bronx are home to vibrant commercial corridors, working class families, and immigrant communities that benefit from strong, locally rooted financial institutions committed to serving neighborhood needs.