About Spring Bank
Spring Bank is an independent FDIC insured community development bank. Spring Bank was founded and headquartered in the South Bronx in 2007 – the first bank to be so located in 25 years. The bank opened its second branch in Harlem in 2012. Spring Bank received CDFI certification in 2013 and the Bank’s holding company, CheckSpring Community Corporation, was CDFI certified in April 2014.
The Bank’s objective and mission is to serve the banking needs of underserved and low- to moderate-income communities in New York City, creating a franchise that is recognized for community development, community service, and effective and affordable products and ethical conduct, while generating a healthy return on assets and equity. Apart from small business and commercial loans, the bank is committed to offering its customers a full array of affordable consumer loan and asset building products beginning with Borrow & Save, a small dollar loan product with required savings.
The Bank’s branch customer base reflects the neighborhoods where its branches are located - ethnic and racial minorities, areas of high unemployment, low bank branch density, and low home ownership. Residents and small business owners in the bank’s investment area experience economic challenges and lack of participation in the financial mainstream, that make it difficult for them to qualify for to access traditional loan products. Since inception, the bank has continually refined products and scope to meet the needs of underserved communities. The bank is a full-service banking institution, with specific products tailored to meet the needs of underserved populations.
Spring Bank is a member of the NCIF Network:
- BankImpact Dashboards Reporting Bank