U.S. Department of Treasury Certifies Ponce Financial Group, Inc. as a Community Development Financial Institution
New York, May 02, 2023 (GLOBE NEWSWIRE)
Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced that the U.S. Department of the Treasury (“Treasury”) officially certified Ponce Financial Group, Inc. (“PFG”), the holding company for Ponce Bank (the “Bank”) as a Community Development Financial Institution
Community Development Financial Institutions (CDFIs) are financial institutions that are dedicated to providing financial services to underserved communities and populations. By certifying Ponce Financial Group, Inc. as a CDFI, the U.S. Department of the Treasury is recognizing the company’s commitment to serving the needs of these communities.
Ponce Financial Group, Inc. operates as a holding company for Ponce Bank, which is a community-oriented financial institution that offers a range of banking products and services. With this certification, Ponce Financial Group, Inc. will have access to additional resources and support from the Treasury to further its mission of serving the community.
This certification is a significant achievement for Ponce Financial Group, Inc. and validates the company’s dedication to making a positive impact in the communities it serves. By becoming a certified CDFI, Ponce Financial Group, Inc. will have the opportunity to expand its outreach and provide more financial services to those in need.
How This Certification Will Affect You
If you are a customer of Ponce Bank or live in a community served by Ponce Financial Group, Inc., this certification could mean greater access to financial services and resources. As a CDFI, Ponce Financial Group, Inc. will be better equipped to address the needs of underserved communities and help individuals and businesses access the financial assistance they require.
How This Certification Will Affect the World
The certification of Ponce Financial Group, Inc. as a CDFI is a positive development for the world at large, as it demonstrates the commitment of financial institutions to social responsibility and community development. By supporting CDFIs like Ponce Financial Group, Inc., the Treasury is encouraging the growth of organizations that prioritize the needs of underserved populations and work to improve economic opportunities for all.
Conclusion
The certification of Ponce Financial Group, Inc. as a Community Development Financial Institution is a significant milestone that highlights the company’s dedication to serving the needs of underserved communities. This certification will not only benefit customers of Ponce Bank but also contribute to the broader goal of promoting financial inclusion and economic development worldwide.
