Independent Banker - October 2021 - 70

CONNECTIONS COMMUNITY SPIRIT
Ponce Bank serves the underserved
Ponce Bank has brought banking services to minority neighborhoods in the Bronx and greater New York City for
more than six decades with a clear focus on community investment. By Roshan McArthur
Bronx activists
and business
leaders founded
Ponce Bank
in 1960.
P
once Bank was founded in the
South Bronx in 1960, a time
when many fi nancial institutions
were packing up to leave. Times were
tough for the New York City borough,
whose residents were predominantly
working-class Black and Puerto Rican.
They found it nearly impossible
to get loans to buy homes or start
businesses, and they often fell victim
to exploitative landlords who allowed
buildings to fall into decay.
Without government support, it
fell to local groups to step up and
help. A cluster of community activists
and business leaders pooled their
resources to form Ponce de León
Federal Savings and Loan Association,
which opened its fi rst branch on
March 31, 1960. They named the
community bank after the Spanish
explorer and governor of Puerto Rico,
Juan Ponce de León, to honor its
founders' roots.
70 Q ICBA Independent Banker Q October 2021
Confi dent in a strong work ethic
and the entrepreneurial spirit of the
local community, the new fi nancial
institution's goal was simple: to serve
the underserved.
" It really was the survival of the
community, " says Carlos Naudon,
president and CEO of $1.54 billionasset
Ponce Bank. " If you have a
community that has small businesses
and there's no fi nancing made
available to them, eventually they'll
Photo courtesy Ponce Bank

Independent Banker - October 2021

Table of Contents for the Digital Edition of Independent Banker - October 2021

Table of Contents
Independent Banker - October 2021 - Intro
Independent Banker - October 2021 - Cover1
Independent Banker - October 2021 - Cover2
Independent Banker - October 2021 - Table of Contents
Independent Banker - October 2021 - 2
Independent Banker - October 2021 - 3
Independent Banker - October 2021 - 4
Independent Banker - October 2021 - 5
Independent Banker - October 2021 - 6
Independent Banker - October 2021 - 7
Independent Banker - October 2021 - 8
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Independent Banker - October 2021 - Cover3
Independent Banker - October 2021 - Cover4
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