Banking development district aims to bring financial empowerment to Ocean Hill, Brownsville

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A new banking development district is coming to Ocean Hill and Brownsville.

Local officials say the area only has two financial institutions. By having the new banking development district, it’s not only expected to increase financial literacy, but also, officials say, empower individuals financially.

Popular Bank has been a staple to Pitken Avenue since 1985, and now under the business development district, the program will increase its access to financial services to local businesses and residents.

Some of those services include a source of capital for small businesses and mortgages, as well as allowing residents to create savings programs.

Superintendent Linda Lacewell signed off on the new development that will provide $10 million in subsidized public deposits as well as benefits.

Officials say the move was to help their underserved community, as well as follow Gov. Andrew Cuomo's State of the State agenda to create financial inclusion and access to affordable banking services.

Officials believe this investment in the Brownsville and Ocean Hill communities is expected to increase financial empowerment.

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