Customer Service: 718.879.5000 Telephone Banking: 888.251.2384

Our Story

Mission Statement

Spring Bank's mission is to pursue a double bottom line of providing returns to our shareholders and serving the needs of underserved consumers and small businesses in the New York City area. In neighborhoods where the use of high-cost fringe financial products is more the norm than the exception, we seek to create innovative depository and loan products designed to help unbanked and underbanked consumers avoid getting trapped in cycles of debt and build wealth. In addition we aim to serve the needs of the small businesses that create wealth and jobs for residents of the New York City area.

There are too many unbanked and underbanked individuals in urban neighborhoods. We believe that poor and working class consumers should have access to safe and affordable financial products. Too many of our neighbors rely on check cashers, money transmitters and non-mainstream financial service providers. Mainstream banks have traditionally neglected these consumers or set up accounts that end up costing more to poor consumers than fringe financial products. Our goal is to create transparent and affordable financial products to serve the needs of these consumers and demonstrate that this can be good business.

In addition we believe that small business is vital to the US economy and to the revitalization of urban communities such as the Bronx. Small businesses have often been neglected by the larger banks and our goal is to provide capital and services to these businesses so that they can continue to provide jobs for our neighbors and keep wealth from leaving the communities that need it most. We seek to encourage entrepreneurship and be a resource and partner to an important network of NGO's and non-profits in New York City providing micro-loans and technical assistance to entrepreneurs in the Boroughs of New York City.

As an employer we aim to hire locally and provide stable jobs that pay a living wage of no less than fifteen dollars per hour and provide good benefits.

In all of our objectives we seek alliances with non-profits and other CDFI's, community banks and credit unions to leverage our ability to reach as many consumers and small businesses as we can and to support the important work of our peers and partners.

We became a B-Corp to join a community of companies recognized for socially responsible business practices. Becoming a B-Corp allows us be transparent and accountable and measure our progress in meeting the social goals we have for our bank. In addition, we aim to continually improve the social benefits we provide to our stakeholders and feel it is important to learn from the great work of other B-Corp peers.


The Details

Spring Bank is an FDIC insured community bank headquartered in the Bronx, New York. In 2007, the bank opened in the South Bronx, the only bank to establish its base in this New York borough in over 30 years. The bank opened its second branch in Harlem in 2012. Spring Bank has been designated by the US Treasury as a Community Development Financial Institution (CDFI), in recognition of the investments and loans the bank makes in low and moderate income communities in New York City. Spring Bank is also a preferred lender with the US Small Business Administration (SBA).

Great Service, glad to have you in my neighborhood.

Sandra - July 2014

Thank you for great customer service and the swift responsivness to my questions.

Jack - May 2014

Press

To contact a staff member regarding press inquiries, click here: Media Contact.
American Banker
Mar 24, 2014
Whatever Happened to Banking Development Districts
See Article
Dec 29, 2014
Get The Customer Behavior You Want
See Article
Wall Street Journal
Feb 24, 2014
The Post Office as PayDay Lender? Return to Sender
See Article
Daily News
Dec 5th, 2012
Spring Bank Set To Open In Harlem With Mission
See Article
Apr 22nd, 2013
The Bronx Is Earning
See Article
Feb 24th, 2014
Free And Low Cost Bank Accounts Are On The Tax Season Menu
See Article
Apr 23rd, 2014
Four Harlem Startups Competing for Grant Money
See Article
USA Today
March 30, 2015
Start-Ups Expand Aalternative Credit Scoring
See Article
Time Business & Money
Nov 20th, 2012
Why So Many Americans Don't Have Bank Accounts
See Article
BronxNet
Dec 17th, 2014
Spring Bank Launches Borrow-And-Save Loan
See Article
Crain's New York Business
Nov 24th, 2014
Spring Bank Gets Cash To The Needy
See Article
Jul 8, 2014
Municipal ID Cards Could Boost Immigrant Biz
See Article
DNAinfo
Apr 16, 2014
Uptown Entrepreneurs Pitch Tech Ideas
See Article
New York 1
Dec 27th, 2012
Community Bank Targets Underbanked New Yorkers
See Article
CDFI Connect
Feb 24, 2014
Applause in the South Bronx for CDFIs
See Article
Jul 22, 2014
Rare Birds: CDFI Banks
See Article
Cities for Financial Empowerment Fund
Nov 6th, 2014
BankOn 2.0 Conference Program
See Article
Go Banking Rates
Oct 21, 2013
20 Banks Building Strong Local Economies Through Education
See Article
Dec 23, 2013
5 Ways You Can Grow Your Money at Spring Bank
See Article
Sept 16, 2014
Exceptional Banks That Serve Minorities
See Article
June 16, 2014
Spring Bank Savings Account Review
See Article
Proformative
Feb 28th, 2014
6 Sure Ways to Make Sure Your Banker Approves Your Line of Credit
See Article
NBC News 4
Feb 7th, 2013
Spring Bank Serves the Underbanked Of Harlem
See Article
New York Amsterdam News
Dec 21th, 2012
A New Banking Option In Harlem
See Article
Gotham Connections (Audio PodCast)
Jan 26, 2015
Gotham Connections Interviews Spring Bank
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CFED
Dec 2, 2014
Banking the Underbanked is Harder Than You Think
See Article
Harlem World
Apr 24th, 2014
Winner of Harlem Demo Day
See Article
NYC Department of Consumre Affairs
Nov 30th, 2011
Accessing Your Cash in Today's Banking Landscape
See Article
Harlem East
Mar 13th, 2014
Spring Bank Sponsors the Harlem Food Truck Rally
See Article
Press Releases & Announcements
April 20, 2015
2015 COMMUNITY BANK HEROES NAMED!
See Article
Nov 15th, 2013
US Treasury Dept. Awards Spring Bank Top Bank Enterprise Award
See Article
Jan 1st, 2014
U.S. Treasury Certifies Spring Bank As CDFI
See Article
Sept 2nd, 2014
Congressman Serrano Announces $700,000 for Bronx CDFI
See Article