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.
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).
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New York Law Journal
Jul 14th, 2017
Dept. of Financial Services Approves New Banking Development Districts