State Comptroller DiNapoli and DFS Acting Superintendent Asrow Designate New Banking Development District to Support Community Banking in Inwood 

Today New York State Comptroller Thomas P. DiNapoli and New York State Department of Financial Services (DFS) Acting Superintendent Kaitlin Asrow designated Community District 12 as a Banking Development District (BDD) and announced a deposit of $35 million to Ponce Bank’s Inwood branch. The BDD program, administered by the New York State Department of Financial Services (DFS), encourages and incentivizes qualified banks and credit unions to open or maintain banking branches in underserved areas. 

“The BDD program is designed to expand access to essential banking services in communities that have historically been underserved,” New York State Comptroller Thomas P.  DiNapoli said. “A local bank like Ponce provides residents and small businesses with access to checking and savings accounts, lending, financial counseling and more. My office’s $35 million state deposit will help ensure Ponce Bank can expand these critical financial services in Inwood and Washington Heights. My thanks to Governor Hochul, DFS Acting Superintendent Asrow, New York City Mayor Mamdani, Ponce Bank leadership, local elected officials and community members for their partnership and commitment to ensuring banking is more accessible.” 

Department of Financial Services Acting Superintendent Kaitlin Asrow said, “Banking Development Districts connect residents with the accounts, credit, and financial support they deserve. This new district in Inwood reflects our commitment to ensuring that every New Yorker has access to the banking services that build financial stability and long-term wealth.” 

The BDD program supports the establishment of bank and credit union branches in areas across New York State where there is a demonstrated need for banking services. Manhattan Community District 12 (CD 12) is now a designated BDD, covering the neighborhoods of Washington Heights and Inwood. 

Subject to DFS approval, the BDD program authorizes the Comptroller to deposit state funds to eligible institutions. The Office of the State Comptroller’s deposit of $35 million in state funds in Ponce’s Manhattan CD 12 BDD Branch will enhance its operations and provide affordable and accessible banking products and services in the community. 

Carlos P. Naudon, President & CEO Ponce Bank said, “Community banking is a critical component of our financial system and an essential driver of economic opportunity in neighborhoods like Washington Heights and Inwood. At Ponce Bank, we believe access to responsible banking services, affordable credit, and Financial Mastery resources can help individuals, families, and small businesses build long-term financial stability and generational wealth. The designation of Manhattan Community District 12 as a Banking Development District, along with the State’s deposit commitment, strengthens our ability to continue investing directly in the communities we serve. We thank Comptroller DiNapoli and Acting Superintendent Asrow for recognizing the important role mission-driven community banks play in supporting local growth and expanding access to financial services across New York.” 

“Congratulations to all who worked collaboratively to bolster access to financial services to residents of the Inwood community," said Congressman Adriano Espaillat (NY-13). "I commend Governor Hochul, comptroller DiNapoli, and Ponce Bank on today's announcement to ensure financial inclusion that will transform lives, improve businesses, and create economic stability that will help uplift families across the district." 

 “Access to banking is not a luxury; it is a foundation for dignity, stability, and economic justice. When communities have fair access to credit, financial education, and small business support, families are not simply managing money, they are building futures,” said State Senator Robert Jackson. “This $35 million deposit through the Banking Development District program at Ponce Bank’s 9th Avenue branch is an investment in the people of Washington Heights and Inwood, in immigrant families, working households, and neighborhood businesses that deserve the tools to grow and stay rooted in the neighborhoods they call home. Financial inclusion is public policy with a human face, and today we affirm that every neighborhood deserves access to the institutions that make opportunity possible.” 

Assembly Member Manny De Los Santos said, "This $35 million investment in Ponce Bank's branch right here in Washington Heights and Inwood is a game-changer for the families of District 72. The designation of Community District 12 as a Banking Development District means our community will have greater access to affordable banking, credit, and the financial tools needed to build real wealth and long-term stability. Every family in our neighborhood deserves the opportunity to save, invest, and plan for their future. I commend Comptroller DiNapoli and Acting Superintendent Asrow for their commitment to equity in financial services, and I will continue fighting to ensure that the residents of Washington Heights and Inwood have every resource they need to thrive." 

Manhattan Borough President Brad Hoylman-Sigal said, “Residents of Community District 12 have lived in a banking desert for decades – depriving them of equal access to affordable capital and directly limiting opportunities for economic advancement. Banking Development Districts are key to plugging that gap, and I’m grateful to State Comptroller Thomas DiNapoli, Department of Financial Services Acting Superintendent Kaitlin Asrow, Assemblymember Manny De Los Santos, and Councilmember Carmen De La Rosa for championing this investment. Through the creation of this BDD at Ponce Bank’s 9th Avenue branch, Washington Heights and Inwood residents will have increased access to affordable capital loans, which will directly support local investments, hundreds of small businesses, and thousands of jobs.” 

New York City Council Member Carmen De La Rosa said, “Access to affordable and responsible banking services is critical for working families and small businesses in Northern Manhattan. I’m proud to celebrate Ponce Bank’s Inwood Branch receiving this Banking Development District designation, which will help expand financial opportunity, access, and literacy for our community. Thank you to Ponce Bank for their continued commitment to serving Inwood residents.” 

Anthony Viola, Chairperson of Community Board 12-Manhattan, said, "This BDD designation will give our community access to banking services we've long needed, bringing financial resources to unbanked and underbanked residents and fueling economic growth from within. We look forward to the meaningful impact that the partnership with Ponce Bank will have on the financial well-being of our neighbors for years to come." 

The branch is committed to increasing product affordability, expanding banking access, and increasing financial education initiatives that will foster personal and business growth and support financial empowerment and inclusion within the Inwood and Washington Heights neighborhoods. New services include increasing access to low-cost bank accounts for unbanked members of the community, offering bilingual services for non-English speaking New Yorkers, and expanding access to credit for small businesses by providing and prompting access to the Ponce Bank Small Business Bootcamp Program and by providing affordable business loan products.   

The Ponce Branch, located at 3876 Ninth Avenue, New York, NY 10034, marks the state’s 60th BDD designation. As of September 8, 2026, the State Comptroller’s office has deposits totaling approximately $415 million in 13 banking institutions that have opened or maintained branches in BDDs across New York State.