Spotlight On: Kenneth Mitchell, Division Manager, New York Metro Commercial Banking, Popular Bank

October 2025 — Popular Bank’s Division Manager of New York Metro Commercial Banking Kenneth Mitchell sat down with Invest: to discuss how the bank’s relationship-driven, collaborative approach and geographically diversified commercial platform have empowered it to seize lending opportunities, manage interest-rate volatility, and drive sustainable growth.

What distinguishes Popular Bank in the Tri-State region in comparison to the broader banking landscape?

Popular Bank is the mainland U.S. subsidiary of Popular, Inc., a 132-year-old financial institution headquartered in Puerto Rico. We offer a wide range of commercial and retail banking products backed by our longstanding commitment to our customers and communities.

On the commercial side, we offer lending, depository services, and treasury management, meeting a wide range of the needs of our commercial clients. We have fostered great collaboration across all lines of business, including the commercial world and private banking. Popular Bank is a relationship-driven institution, with some of our client relationships going back more than 40 years. 

As a division manager of commercial banking in the New York Metro, I focus on commercial real estate, including multifamily, shelter financing, and construction opportunities in the tri-state area. We are heavily concentrated in metropolitan New York, where the housing market is resilient and strong. 

Another area of focus is the Middle Market, also sometimes known as C&I (commercial & industrial) lending. We define this part of the market as anything outside of healthcare and real estate, including, for example, owner-occupied real estate, manufacturing companies, or professional services providers such as law firms.   

Our healthcare division covers ambulatory centers, skilled nursing facilities, senior housing, and other asset classes that may fall under the category. We’ve grown this specialty business into a national platform, currently serving customers in 28 states. To further meet the needs of our healthcare customers, we expanded through the acquisition of a leasing company that specializes in healthcare equipment. 

How have commercial banking priorities in the New York–New Jersey region evolved over the past year?

Five years ago, when the world shut down, a lot of banks pulled away from lending. We also reduced the volume of lending we did, but maintained around $1 billion. That was a conscious effort to support our clients and help them with their capital needs. We ultimately benefited from banks sitting on the sidelines. We identified opportunities with clients that we had been looking to serve for years. It was a unique opportunity to step in and start building a relationship.  

Today’s higher interest rate environment has created challenges for clients, as it has become expensive to borrow. Nevertheless, we continue to see a steady flow of activity in part due to our longstanding client relationships. And it looks like a rate reduction is on the horizon, which will be good for our borrowers and should be good for us as well. 

In some ways, COVID forced our clients to take a closer look at their supply chains, and this is also true today, as they have not seen a material impact from the increased costs related to tariffs. There are certain supplies that can only come from other countries, so there is definitely inflationary pressure, but otherwise, they are pivoting nicely. 

Healthcare Financing continues to be a strong commercial segment for us. If you look at 2023 data, healthcare spend from GDP is approaching 18%. That is almost $5 trillion, and that number continues to grow year after year. There is no cyclicality in the healthcare business, as people will always need medical care. In addition, there is a growing demand for senior housing, and we are seeing a surge in that sector of the industry.  

How have interest rate fluctuations and economic uncertainty impacted your lending strategies and risk assessments?

As a bank, we see our commercial offering as our biggest differentiator. We operate branches in New York and New Jersey and are continuously assessing our strategy to win in the market. That is one of the reasons why we have reinvigorated our Middle Market and C&I spaces. We are looking to grow in those areas. We also have strong growth objectives in the healthcare segment. 

Our commercial real estate business is one of the sources of our strong reputation. We may not be the cheapest, but we are fair. It is an equitable client-banker relationship. We are always looking at our product suite, focusing on what makes the most sense for us, our clients, and our shareholders, as well as what best meets the demands of the market in totality. 

What are the biggest challenges Popular Bank is facing, and how are you addressing them?

Talent recruitment is always tough. It is challenging to identify a talented person and attract them. Popular Bank’s culture is second to none, and it has been instrumental in how we approach our clients, both externally and internally. We are a people-centric company with people at the center of progress. The resilience we have in this market has a lot to do with our culture. We are tuned in to how individuals will fit into our teams, and we always aim to maintain good synergy. 

Which customer shifts in habit have had a higher impact on your branch strategy, and how is Popular Bank planning to target the generational shift? 

We started Popular Direct, an online banking platform that aims to attract people who do not need a brick-and-mortar branch. Our physical branch footprint is a connection to the communities that we serve, including local businesses and economies. We serve a multigenerational customer base, which is why our omnichannel approach is key. It allows us to meet the customers where they are. 

For our commercial lines of business, such as healthcare, for example, we are hiring people in different geographic markets to strategically expand our platforms. 

Our “one bank approach” promotes collaboration across all lines of business. Bigger banks may have a lot of verticals, but our approach is much more collaborative and personalized. 

What are the top three priorities and business goals for Popular Bank over the next few years, and how do they align with the broader banking and financial landscape?

We are looking to diversify the overall portfolio for metro New York and grow it exponentially. One goal is to expand Middle-Market C&I to better complement investor real estate. When it comes to healthcare, we want to double that business in the coming years. We are also continuously looking for ways to improve operationally in all lines of business. In terms of talent, I love hiring people who bring unique perspectives because we all have our blind spots. 

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