BNY Mellon Collaborates with Ponce Bank through the U.S. Department of Treasury Financial Agent Mentor-Protégé Program [Yahoo! Finance]
The Bank of New York Mellon Corporation (BK)
Last the bank of new york mellon corporation earnings: 4/16 06:30 am
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bnymellon.com/us/en/investor-relations/index.jsp
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Source: Yahoo! Finance
NEW YORK May 10, 2024 /PRNewswire/ -- BNY Mellon (NYSE:BK), the global financial services company, today announced a collaboration with Ponce Bank, a Bronx -based Minority Deposit Institution (MDI), as part of the U.S. Treasury Department's Financial Agent Mentor-Protégé Program . This alliance between BNY Mellon and Ponce Bank will supplement Ponce Bank's investment in local businesses, housing, and services in underserved communities, and aim to grow the Bank's assets. MDIs and community development banks are essential parts of the financial industry—deposits made into these banks keep local economies growing and thriving. Yet, they often lack access to the resources to remain competitive against bigger peers. This threatens the livelihood of local communities, competitiveness of the U.S. economy, and resiliency of the banking system. The BNY Mellon-Ponce Bank alliance will help Ponce Bank continue to play a vital role in the economic activity and growth of the local communitie
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BK
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