NEW YORK, May 12, 2023 - Ponce Bank, today announced a $20 million low-cost deposit investment from Mizuho Bank (USA), a subsidiary of Mizuho Americas. These types of investments support our mission as a Minority Depository Institution (MDI) and a Community Development Financial Institution (CDFI), to provide affordable credit, capital, and financial services to historically underserved communities.
“Our partner banks were chosen for their excellence in allocating much-needed investments in under- resourced communities in New York,” said Ms. Noriko Ito, President and CEO of Mizuho Bank (USA). “These outstanding firms are providing pathways to prosperity that hopefully have an exponential effect, creating jobs, opportunity, and economic stability with far-reaching societal benefits.”
"Our partner banks were chosen for their excellence in allocating much-needed investments in under- resourced communities in New York. These outstanding firms are providing pathways to prosperity that hopefully have an exponential effect, creating jobs, opportunity, and economic stability with far-reaching societal benefits." - Ms. Noriko Ito, President and CEO of Mizuho Bank (USA)
As of December 31, 2022 there were 147 FDIC-insured MDIs with headquarters across the United States representing 1,200 branches and $106 billion in assets. There are only 33 banks that are both MDI and CDFI banks.
As of September 30, the National Community Investment Fund ranked Ponce Bank number one among the largest 20 CDFI banks with a housing focus in lending, with more than 80% of the Bank’s loans being originated in low-to-moderate income communities.
“We value Mizuho’s appreciation, commitment, and support for the economic opportunity MDI’s and CDFIs, such as Ponce Bank, represent,” said Frank Perez, Executive Vice President and Chief Investor Relations Officer, of Ponce Bank. “This investment will allow Ponce Bank to leverage its capital to have a greater impact in promoting and preserving our mission to provide credit and financial services to the low-to-moderate income communities we have been serving for over 60 years.”
"This investment will allow Ponce Bank to leverage its capital to have a greater impact in promoting and preserving our mission to provide credit and financial services to the low-to-moderate income communities we have been serving for over 60 years." - Frank Perez, Executive Vice President and Chief Investor Relations Officer
Contact:
Frank Perez
Frank.perez@poncebank.net
718-931-9000
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