Independent Banker - February 2024 - 54

MINORITY-OWNED BANKS ARE A LIFELINE TO THEIR COMMUNITIES-
BUT THEIR NEEDS OFTEN OUTSTRIP DEPOSITS. FROM PARTNERING WITH
OTHER BANKS, RECEIVING ECIP FUNDS AND EVEN WORKING WITH THE NFL,
THESE MDIs ARE SECURING THE CAPITAL AND RESOURCES TO LIFT UP THEIR COMMUNITIES.
By Judith Sears | Photo by Caitlin Abrams
What is an MDI?
An MDI is defined as a federally
insured depository institution of
which 51% or more of the voting stock
is owned by minority individuals, or an
institution where the majority of the
board of directors is minority and the
community that the institution serves
is predominantly minority.
Source: Federal Reserve Bank of Dallas
IT CAN BE A VICIOUS CIRCLE: Minority depository
institutions (MDIs) need capital to lend to their communities, but
those communities sometimes can't make the deposits necessary
to build up the bank's capital and then expand its capacity.
" Eighty percent of our branches are in low- and moderateincome
neighborhoods, " says Carlos P. Naudon, president and
CEO of Ponce Bank in the Bronx, N.Y. " Those communities cannot
fund enough deposits to make the branches profitable and give us
funds to lend out. We have to have alternative sources of funding. "
Ponce Bank, founded 63 years ago by Puerto Rican immigrants,
is a Community Development Financial Institution (CDFI).
Naudon is proud of the role the $2.8 billion-asset bank, its
branches and five loan production offices play in its communities
54 // ICBA Independent Banker // February 2024

Independent Banker - February 2024

Table of Contents for the Digital Edition of Independent Banker - February 2024

Contents
Independent Banker - February 2024 - Cover1
Independent Banker - February 2024 - Cover2
Independent Banker - February 2024 - Contents
Independent Banker - February 2024 - 2
Independent Banker - February 2024 - 3
Independent Banker - February 2024 - 4
Independent Banker - February 2024 - 5
Independent Banker - February 2024 - 6
Independent Banker - February 2024 - 7
Independent Banker - February 2024 - 8
Independent Banker - February 2024 - 9
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Independent Banker - February 2024 - 20
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Independent Banker - February 2024 - 27
Independent Banker - February 2024 - 28
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Independent Banker - February 2024 - 30
Independent Banker - February 2024 - 31
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Independent Banker - February 2024 - 33
Independent Banker - February 2024 - 34
Independent Banker - February 2024 - 35
Independent Banker - February 2024 - 36
Independent Banker - February 2024 - 37
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Independent Banker - February 2024 - 40
Independent Banker - February 2024 - 41
Independent Banker - February 2024 - 42
Independent Banker - February 2024 - 43
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Independent Banker - February 2024 - 45
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Independent Banker - February 2024 - 47
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Independent Banker - February 2024 - 49
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Independent Banker - February 2024 - 54
Independent Banker - February 2024 - 55
Independent Banker - February 2024 - 56
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Independent Banker - February 2024 - 65
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Independent Banker - February 2024 - 67
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Independent Banker - February 2024 - 79
Independent Banker - February 2024 - 80
Independent Banker - February 2024 - Cover3
Independent Banker - February 2024 - Cover4
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