Webster Creates Innovative Partnership Bringing Banking Services to Underserved Bronx Residents
NEW YORK, New York, September 1, 2022 – Webster recently announced an innovative partnership with a Bronx-based citizen advocacy group, as the Bronx People’s Federal Credit Union mobile branch in the Bronx officially opened.
The launch of the mobile branch is the first step in establishing the Bronx expansion site of the Lower East Side People’s Federal Credit Union. This partnership between Webster and the Bronx Financial Access Coalition (BxFAC) developed when Webster sponsored the groups involved in BxFAC to bring a proven community credit union model to the Bronx. The branch will increase access to financial services in an area that has historically experienced decline in local banking centers.
Since late 2020, Webster’s community engagement team, the Lower East Side People’s Federal Credit Union, and BxFAC worked together with other strategic partners to develop the mobile branch, including financial education programming and promotion of services. The Coalition and LESPFCU expect to have a physical location open by late 2023.
“Our team worked with numerous community partners who shared their vision to create greater access, inclusion and opportunity for wealth building in the Bronx. We listened and saw the opportunity to act,” said Marissa Weidner, chief corporate responsibility officer at Webster. “We know the importance of listening to the communities we serve, as evidenced by the more than 100 community organizations from New York to Boston who helped us develop our $6.5B community investment program. This investment in the Bronx is one example of our commitment to increase convenient access to financial services and economic empowerment in our communities.”
“We are proud to be the premiere sponsor of this innovative investment in the financial health of the Bronx community,” said Karina Saltman, Senior Managing Director, Community Investment, Engagement and Philanthropy. “We are thrilled to see the mobile van in action, signing residents up for the credit union, giving people the opportunity to save, to borrow, to learn and ultimately to create wealth for future generations.”
Webster Bank (“Webster”) is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $68 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including our latest annual report, please visit our About page. To find our latest press releases, visit the Webster Newsroom.
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