Question 1

What is Spring Bank (New York)?

Accepted Answer

Spring Bank (New York) is a mission-driven community development bank headquartered in the Bronx, New York. Founded in 2007, it was the first bank to establish operations in the South Bronx in over 25 years. The bank operates with a dual focus on profitability and social impact, serving underserved, unbanked, and underbanked communities throughout New York City.

As of August 2022, Spring Bank holds approximately $542.9 million in assets, $458.5 million in deposits, and operates 2 offices serving the Bronx and Harlem communities. The bank is designated as a Community Development Financial Institution (CDFI) by the U.S. Treasury and became New York's first Certified B Corporation bank in 2016.

Question 2

When was Spring Bank (New York) founded?

Accepted Answer

Spring Bank was founded in 2007 during the peak of the economic boom, initially operating under the name "CheckSpring Bank." The bank was established by community leaders who recognized a critical gap in banking services in the Bronx, where residents had been relegated to check cashers, pawn shops, and predatory lenders for basic financial services.

The founders intentionally designed the bank to provide affordable, transparent banking products to individuals and small businesses traditionally ignored or intimidated by mainstream banks. Initially, the bank kept the word "bank" off its storefront sign to build trust with communities that harbored deep mistrust of traditional financial institutions. As the organization grew and gained community trust, it rebranded to Spring Bank and expanded its mission-driven approach.

Question 3

Where is Spring Bank (New York) headquartered?

Accepted Answer

Spring Bank is headquartered at 69 East 167th Street in the Bronx, New York. The South Bronx location represents the bank's commitment to serving communities that have historically been underserved by traditional financial institutions.

Question 4

Where does Spring Bank (New York) operate?

Accepted Answer

Spring Bank operates throughout New York City, with physical branches in the Bronx and Harlem. The bank opened its second branch in Harlem in 2012 at 111th Avenue, expanding its reach to another historically underserved community.

Beyond its physical locations, Spring Bank serves customers throughout the five boroughs of New York City through its digital banking platforms. The bank's lending activities extend across all of New York City's boroughs, supporting small businesses and real estate development in low- to moderate-income communities.

Question 5

What services does Spring Bank (New York) offer?

Accepted Answer

Spring Bank offers a comprehensive range of banking services designed for both individuals and businesses:

Personal Banking: Affordable checking and savings accounts, Individual Retirement Accounts (IRAs), personal loans with innovative underwriting that doesn't rely solely on credit scores, and access to free GreenPath Financial Wellness counseling tools. The bank offers debit card rewards programs where customers earn points for merchandise, travel, and events.

Small Business Banking: Business checking and savings accounts, SBA loans (as a preferred SBA lender), microloans, lines of credit, and the innovative Grow Loan Program designed to make capital accessible to small businesses that create jobs and wealth in local communities.

Commercial Real Estate Lending: Financing for owner-occupied properties, multifamily housing, mixed-use developments, and commercial real estate projects that support community development and affordable housing.

Nonprofit Banking: Free banking services for nonprofit organizations, lines of credit to bridge funding gaps, and loans to help expand programs serving the community.

Digital Services: Full-featured online banking platform, mobile banking apps for both personal and business customers (available on iOS and Android), mobile check deposit, bill pay, fund transfers, ATM locator, and PopMoney person-to-person payment services. Customers have free access to ATMs in the MoneyPass network and all Citibank branch ATMs.

Question 6

What makes Spring Bank (New York) unique?

Accepted Answer

Spring Bank distinguishes itself through its mission-driven, socially responsible banking model. The bank became New York's first Certified B Corporation bank in 2016 and consistently ranks as one of the highest-rated B Corp banks in the United States, earning "Best for the World" recognition for six consecutive years in the Customers and Governance categories.

The bank's Community Development Financial Institution (CDFI) designation reflects its commitment to making investments and loans in low- to moderate-income communities. Spring Bank intentionally designs products to help unbanked and underbanked consumers transition from expensive fringe financial services like check cashing to mainstream banking, breaking cycles of debt and building long-term wealth.

Unlike traditional banks that retreated from underserved communities during economic downturns, Spring Bank expanded its presence and doubled down on its mission during the 2008 financial crisis. The bank pursues a "double bottom line" philosophy, providing returns to shareholders while simultaneously serving the needs of underserved consumers and small businesses.

Spring Bank's approach emphasizes transparency, with no hidden fees, and personalized service that treats customers as partners in community development rather than mere account holders.

Question 7

What type of financial institution is Spring Bank (New York)?

Accepted Answer

Spring Bank is a Community Development Bank and state-chartered commercial bank. This designation reflects its primary mission of serving low- to moderate-income communities while operating as an FDIC-insured depository institution.

As a Community Development Financial Institution (CDFI), Spring Bank focuses on providing access to credit, financial services, and capital in economically distressed areas that traditional banks often overlook. The bank combines the stability and regulatory framework of a commercial bank with the social mission of a community development organization, creating lasting economic impact in the neighborhoods it serves.

Question 8

What is Spring Bank (New York)'s approach to financial inclusion?

Accepted Answer

Spring Bank was specifically founded to address financial exclusion in the Bronx and broader New York City communities. The bank creates innovative products designed to help individuals transition from expensive check cashing services to full banking relationships, recognizing that many community members face barriers to traditional banking due to lack of credit history, minimum balance requirements, or prior negative experiences with financial institutions.

The bank's products are designed with affordability and accessibility as core principles. Spring Bank uses alternative underwriting methods that look beyond traditional credit scores to evaluate loan applications, providing pathways to credit for individuals and small businesses that might otherwise be denied.

Through partnerships with nonprofits, community organizations, and other CDFIs, Spring Bank works to expand financial literacy and provide resources that help customers build sustainable financial health and generational wealth.

Spring Bank (New York)

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About Spring Bank (New York) in the United States