Webster Creates Innovative Partnership Bringing Banking Services to Underserved Bronx Residents

Rhea-AI Summary

Webster has partnered with the Bronx Financial Access Coalition (BxFAC) to launch a mobile branch of the Bronx People's Federal Credit Union, aimed at enhancing financial service accessibility in the Bronx. This initiative marks the beginning of the Bronx expansion for the Lower East Side People's Federal Credit Union. The mobile branch will provide essential financial services and educational programming, addressing the region's historical banking decline. A permanent location is expected to open by late 2023. This partnership reflects Webster's commitment to community investment, with a $6.5 billion program developed with input from over 100 community organizations.

Positive

• Launch of mobile branch increases financial access in a historically underserved area.
• Partnership with local organizations signals strong community engagement.
• Development of a permanent location expected by late 2023.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / February 23, 2023 / 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."

About Webster

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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Elaine K. Ficarra
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203-913-2716

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212-309-7646

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SOURCE: Webster Bank

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FAQ

What is the goal of Webster's partnership with BxFAC?

The partnership aims to increase financial access and services in the Bronx through a mobile branch.

What financial services will the Bronx mobile branch offer?

The mobile branch will provide essential banking services and financial education to Bronx residents.

When is the permanent location of the Bronx People's Federal Credit Union expected to open?

The permanent location is expected to open by late 2023.

What is the significance of the $6.5 billion community investment program?

This program demonstrates Webster's commitment to enhancing financial services and economic empowerment in the community.

How does the mobile branch impact the Bronx community?

The mobile branch aims to improve financial inclusion and provide opportunities for wealth building in the Bronx.