Spring Bank

A full-service banking institution with specific products tailored to meet the needs of underserved populations

About Spring Bank

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 25 years. Spring Bank has been designated by the U.S. 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 U.S. Small Business Administration (SBA).

In 2016 we became a Certified B Corp, joining a for-profit, for-mission movement of companies recognized for socially responsible business practices. As a B Corp, we are accountable to our customers and measure our progress in meeting the impact goals we have for our bank. We aim to continually improve the social benefits we provide to our stakeholders. In all of our objectives we seek alliances with nonprofits and other CDFI’ 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.

Our goal is also to provide capital and services to 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 nongovernmental and technical assistance to entrepreneurs in the Boroughs of New York City. Organizations and nonprofits in New York City providing microloans.

In neighborhoods where the use of high-cost fringe financial products like check cashing and money transmitters 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. Mainstream banks have traditionally neglected these consumers or set up accounts that end up costing more to poor consumers than fringe financial products. We are constantly innovating affordable financial products based on the needs of our community in order for our city to thrive.

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Spring Bank is a member of the NCIF Network:

  • BankImpact Dashboards Reporting Bank