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 communities to thrive.

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. The bank opened its second branch in Harlem in 2012. 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’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.