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A new banking initiative is expanding financial services in Red Hook, as Spring Bank’s local branch has been officially designated a Banking Development District, securing $10 million in public funds to support its operations.
New York State Comptroller Thomas P. DiNapoli and Department of Financial Services Superintendent Adrienne A. Harris on Tuesday said the initiative aims to increase affordable and accessible banking options in underserved communities, according to a press release.
“When I came into DFS three years ago I wanted to ensure that New Yorkers know that the Department is working for them, making sure that financial services are both affordable and accessible. The BDD program is a powerful tool to encourage savings and credit building in our local communities," said Harris.
The BDD program, administered by the Department of Financial Services, supports banks and credit unions in establishing branches in areas with a demonstrated need for financial services. Spring Bank, located at 356 Van Brunt St., now holds this designation within the previously established Red Hook BDD.
“The residents of Red Hook shouldn’t have to travel outside the community to open a savings account, apply for a loan or simply take out money," DiNapoli said. “With $10 million, we hope to see Spring Bank spur business growth, job creation and family savings in Red Hook.”
The funding will enable Spring Bank to offer expanded services, including free checking accounts for nonprofits, free payroll check cashing, business development guidance and bilingual banking support. The branch will also provide increased access to loan products, credit lines and financial education workshops.
