“This is more than a bank, more than a place to deposit cash or checks. Spring Bank is a place that recognizes the unique needs of each client and actively works to ensure these needs are met and exceeded. At Spring Bank, the client comes first.” – Mina Ivkovic, Credit Analyst Intern
We’re excited to have Mina Ivkovic, an incoming senior at the University of Chicago, interning with us this summer. Her passion for personal finance and economics, corporate finance skills, and positive attitude bring value to our team and overall mission. We sat down with Mina to learn more about what drives her and her experience.
“I love Spring Bank, and I value how much I can learn from the people around me,” she says.
Mina loves learning and her studies inspire her. She is currently double majoring in economics and history. Her background in finance started in high school when she got involved with Rock the Street, Wall Street where she learned about the financial industry and developed her understanding of women in that field at the corporate level. Since then, Mina has learned more about working in banking, from portfolio management to corporate risk management, finance research and more. She is a research assistant for an economics lab at the University of Chicago, in addition to having worked at a financial startup and completed an internship at BlackRock’s Summer Excellence program.
Combining her passion for economics and experience in finance, Mina sought an internship with us and landed a position as a Credit Analyst Intern. While some traditional internships tend to involve less hands-on work, Mina has been preparing annual reviews for commercial loans, as well as reaching out to clients who had not yet provided the bank with the necessary documents to evaluate the current condition of the loan. As a result, she is helping the bank maintain regulatory compliance as well as providing a valued service for the Lending team.
“What I like most about being an intern here is the team. Everyone has made a genuine effort to enhance my experience at Spring Bank. From the minute I walked in, everyone knew my name,” she says.
Mina’s ambition to learn overrides any fear of asking questions, and the Spring Bank team is not afraid to offer that support. No question is a silly question here, and every opportunity is a learning one. There’s a lot of pressure as a Credit Analyst Intern to ensure the information is accurate, but Mina eagerly takes on that responsibility. Most importantly, we believe in her.
“I appreciate the trust they place in me in completing important work. The independence I’ve had has really made me feel like an integral member of the Lending team. There is no shortage of helping hands, but the team truly believes in me and my capabilities.”
Before working with us, Mina didn’t know much about the B Corp movement, but she can feel the difference working at a community bank in NY. She understands the disconnect between personal finance and education and sees Spring Bank’s determination to bridge that gap.
“It’s the way the Spring Bank team talks about clients that’s touching to me. In my personal experience as customer at larger banks, I have not felt the same level of care and attention that I’ve witnessed at Spring Bank on a daily basis. Spring Bank sees their clients as humans first.”
Mina enjoys working as a Credit Analyst Intern but looks forward to exploring other departments. She can confidently say that regardless of where she ends up, she will continue a finance career. We are grateful to have Mina on our team this summer!
Whether you are a staff member, partner, or client, we all know there’s no place like Spring Bank. Join the community bank movement and bank with us! We offer one of the best savings accounts online and other affordable banking services.
A Small Business Feature
Imagine what it would be like to feed the entire city of New York. Great Performances considers every community they touch in the course of their business. Founded in 1980 as a catering and event staffing agency, their mission was to offer a flexible source of income for women in the arts. Forty years later, Great Performances is one of the city’s most highly regarded catering companies, serving delicious food and providing impeccable service while maintaining a deep commitment to giving back to their communities.
From the Apollo Theatre to the Wollman Rink and parties for every occasion, Great Performances offers dining and wait staffing for private events, nonprofit galas and fundraisers, and corporate engagements. As a leader in the hospitality, catering, and events industry, they set the bar for industry best practices in food security, education, sustainable agriculture, and community development, and they constantly innovate to improve their environmental and social impact. For example, in 2006, founder Liz Neumark established Katchkie Farm in Hudson Valley, becoming the nation’s first caterer to own and operate a NOFA-certified organic farm. The nutritious fresh produce grown at Katchkie is a source of inspiration and ingredients for Great Performances chefs.
“It is always a great privilege as a chef to be able to collaborate with a farmer. Once a vegetable has been put into the ground, I feel it’s my responsibility to think about how to utilize it best. This not only goes for the main part of the plant but the whole plant. A good example of this is basil: I won’t just use the perfect leaves but also use the buds and flowers that have a huge amount of flavor and dry very well. These can be incorporated into pesto in the fall,” shares Andrew Smith, Culinary Director at Great Performances.
Almost all resources from the farm are intentionally utilized. For example, edible blossoms grown through the warmer months are dried for autumn meals. Great Performances collaborates with its partners to distribute CSA shares at local food pantries and community refrigerators. Upcycling, fermentation, and pickling are the cornerstone of all products that come into the Great Performances kitchen,” says Chris Harkness, Chief Operations Officer at Great Performances.
During the pandemic, Great Performances provided emergency food services for first responders and frontline healthcare workers and meal services for homebound seniors. They also actively support initiatives such as Grow NYC and City Harvest that are nourishing the city.
With an eye always on impact, Great Performance Catering supports healthy nutrition. They offer Embrace: Wellness at their corporate dining locations, providing tips, recipes, and menus that support healthy eating. In 2007, Liz Neumark founded The Sylvia Center to help teach youth and their families about the connection between food and health. And in 2022, the company also re-established Mae Mae Café as a vegan cafe and plant store on the first floor of their Bronx commissary in Mott Haven.
At Spring Bank, we value Great Performances’ business model rooted in partnership, arts, and sustainability, and civic responsibility. With over 1,000 employees, Great Performances is an essential NY institution, and we are proud to support them with their banking and financial needs as a local bank in the Bronx, New York.
Learn more about the impact of Great Performances in their communities. Follow them on social media. And if you’re looking to join an exceptional team, they are hiring now, especially in wait staffing.
No matter the size of your business, we have the resources and personnel to support your business. When you have a small business account with a small bank in NY, you’ll get the same offerings that you can get from a big conventional bank but with the personal customer service that you just can’t get anywhere else. And if you’re a small business looking to open a new business bank account or curious about our services, contact us.
As a bank based in the diversity-rich Bronx, we’re proud to have a team of individuals with different backgrounds and skill sets, all working together to create equal opportunities for people to build prosperous and abundant futures for their families and communities. As we grow to support more community members with our affordable banking services, we always look forward to having passionate and talented individuals join our staff. Binnoy Amin is such a person, having started with us over a year ago.
Like most of our team members, Binnoy likes working with numbers. Growing up in India, Binnoy’s family was very business-oriented, owning several companies, from a packaging factory to a poultry farm. This entrepreneurial spirit inspired him to pursue a career in business. He studied Business Administration, Accounting, and Finance in the UK, ultimately leading him to hotel management, where he led a team of over 60 employees.
With experience in operations at such a scale, Binnoy sought to learn more about what goes into running and managing a business. So, he tapped into his finance background and discovered a role at Spring Bank. As the bank’s Accountant, Binnoy manages much of the administrative end of daily banking services, including managing vendor relationships and wire transfers and forecasting budgets and investments. It’s much different than his previous work, which was more customer-facing, but Binnoy is up for the challenge.
“It’s challenging and fascinating to learn. I have access to the bank books, which helps me understand the system, and it’s been exciting so far. I’m learning a lot about my position, the overall mission, and how a community bank operates,” he says.
Binnoy values our commitment to small businesses and nonprofit organizations. He understands the importance of getting to know our customers to be able to develop a strategy each business’ needs.
“I strive to help small businesses. I know how hard it is to run one and the commitment it requires every day to keep it going. I am proud to work at a bank that shares this vision for local businesses, too,” he shares.
There’s so much to uncover in finance. Fortunately, working for a community bank allows Binnoy to dive deeper into the New York City financial system. Our team’s openness and willingness to share and grow together have allowed Binnoy to quickly learn about our community partnerships, small business accounts, commercial lending, and more. He can see the application of our mission and impact on the community.
“Everyone here, even the senior managers, are always open. I can easily walk into their office to talk. I feel supported and part of something larger than my job here,” he says.
We are grateful to have Binnoy as our staff member and for his eagerness to jump right into the mission, learn, and become part of our open, supportive culture.
Read more about our team and what it’s like to work at one of the only community banks in Bronx, New York.
– Against All Odds: Eric’s Story of Launching a Bank in the South Bronx
– Erica Rosero: Centering Our Community in Our Small Business & Nonprofit Lending
– Growing Together with Keila Mendez, Head Teller & Customer Service Representative
– How Germarie Uses Her Financial Expertise to Help Her Community
– Living Our Mission: Featuring Diana Ravagnan, BSA Officer
– Rooted in Community: A Conversation with Josefa Ruiz, VP & Branch Market Manager
Did you know that you can earn rewards just by using your Spring Bank debit card?
In today’s economy, we understand you are looking for ways to maximize every dollar. Our ScoreCard® Rewards Program does just that. When you enroll your debit card linked to your personal checking account or business checking account, you’ll be able to earn points on every dollar you spend, which you can redeem for unique rewards. For example, you can cash in your points for new technology, home goods, travel, entertainment, and more.
And we are happy to announce that we’ve recently made some upgrades to get you even more perks!
You can now save money on your purchases at select Walmart and CVS stores by redeeming your points as cashback on the spot. You automatically accrue points when you open a personal checking account or business checking account with us. With our new cashback option available at select Walmart and CVS locations, you can save money on your transaction using your Spring Bank debit card at the register or self-checkout.
Here’s how to earn and start redeeming your ScoreCard® Rewards:
- First, create a ScoreCard® account so you can access the points you accumulate with your Spring Bank debit card.
- Make purchases with your Spring Bank debit card from your personal checking account or business checking account as you usually would – both are eligible to earn and redeem points.
- Redeem your points for travel, merchandise (i.e., electronics, appliances, and more), or experiences such as concerts and special events.
Remember, you can earn points even faster if you hold multiple debit cards by accruing points from all your cards into one rewards account. In addition, households who have multiple Spring Bank debit cards can join their accounts to build points and earn rewards faster.
Finally, don’t forget to take advantage of two great promotions with our ScoreCard® Rewards Program today:
- Receive 2,500 bonus points when you enroll in ScoreCard® Rewards and complete your first eligible purchase with your Spring Bank debit card.
- Our annual birthday gift to you! When you enroll in ScoreCard®, you automatically receive 500 bonus points on your birthday every year — on us.
Get the most out of your spending by signing up for ScoreCard Rewards today! You deserve the perks. Receive 2,500 bonus points when you enroll and make a purchase. Learn more.
Long gone are the days of receiving documents about your financial information as a hard copy in the mail. Physical copies come with risks and inconveniences. For example, if you live in a multi-unit apartment complex, your mail might get sent to the wrong recipient. Also, accumulating documents can take up extra space in your apartment. Take the easy, efficient, and environmentally friendly route with E-Statements: paperless financial records you can access through your mobile and desktop devices.
With E-Statements, you can access your personal checking account or business checking account activity with just the click of a button. Enrolling is extremely simple. All you need is an email address, and you’ll have 24/7 access to your monthly statements through the Spring Bank mobile app. You’ll never have to print or recycle your statements ever again. Plus, enrolling in e-Statements is completely free and eliminates the monthly service charges that mailed statements incur.
As a bank in New York, we know how busy life can get in the city. So, save yourself time, money, and stress by taking the easier route with E-Statements. This feature grants you access to your financial information whenever you need it and supports our climate goals as a B Corp and member of the Global Alliance for Banking On Values.
Join Us, The Equitable Commute Project, & Propel Bikes on July 31st at the Brooklyn Navy Yard
Are you a delivery worker interested in upgrading your e-bike?
In case you haven’t yet heard, New York law requires that by September 2023, all e-bikes sold in New York City must be UL-2849 certified. Because of recent fires caused by lithium batteries, this legislation is intended to keep New Yorker bikers safer with the highest safety certification available today.
As a proud member of the Equitable Commute Project, we are excited to invite you to join us for our first Bike Trade-In Event on July 31st at the Brooklyn Navy Yard [134 Flushing Ave, Brooklyn, NY 11205] along with Senator Chuck Schumer, Congresswoman Nydia Velasquez, and other officials. Our partner, Propel Bikes, will provide the new Tern Quick Haul e-bike, UL2849 certified, with two Bosch batteries. They will also offer test rides on July 12th and July 19th.
To be eligible, participants must own the e-bike and bring in their bike and at least one battery for recycling. All trade-in vehicles will be safely and sustainably recycled by My Battery Recyclers.
Take Advantage of our GoGreen Cycle Loan
At our first trade-in event, selected delivery workers can trade their e-bike for discounted UL-certified e-bike. The first 25 participants will be eligible to purchase a Tern Quick Haul e-bike with two Bosch batteries for $1,900 (plus tax). This represents a 40 percent discount from the retail price of $3,775 (plus tax). Old vehicles and batteries will be safely recycled. To cover the balance of $1,900, drivers selected for the trade-in event can apply for our GoGreen Cycle Loan.
The loan has no credit score minimum requirement, and loan applicants can use IDNYC as their primary form of identification. While no prior relationship with us at Spring Bank is required, we hope you’ll consider opening a personal checking or savings account as the most efficient way to process and make payments on a loan. As a mission-based bank, we will be happy to have you as a customer.
Learn more about the great work of the Equitable Commute Project, the E-Bike Trade-In Program, and how our GoGreen Cycle Loan works.
Questions about the Equitable Commute Project? Contact [email protected]
Questions about our GoGreen Cycle Loan Program? Contact Katherine Martinez at [email protected]
In Partnership with GreenPath Financial Wellness
Congratulations to the Class of ’23! For all of you donning caps and gowns (or for those who have a graduating family member), we’ve compiled some money management action items that can pave the path to future financial success. While everyone’s financial circumstances are unique, it helps everyone to know where to start.
Build a budget.
Creating a budget is the foundation of effective money management. Start by tracking your income and expenses in a personal checking account for 30 days. Most budgeting apps provide a visual breakdown of spending trends with suggestions on where to save. One standard budgeting method is to allocate 50-70% of your income towards necessities like rent, groceries, and transportation, 10-20% towards discretionary spending, and 20% to a personal savings account. Consider your financial picture and determine how you might include personal savings as a regular part of your budget.
Spend mindfully.
While graduation is a reason to celebrate (and you should!), this is also a great time to practice mindful spending, especially if college — and the accompanying costs — are going to be part of your financial future. Differentiate between wants and needs and try only to buy items you can afford. This will help you avoid the accumulation of credit card debt.
Set up a personal checking account & personal savings account.
If you haven’t already crossed this one off your financial bucket list, graduation season is the perfect excuse to do so. Opening a personal savings account and a personal checking account is the first big step toward financial independence. If you’re ready to start your financial journey with one of just a few, mission-driven community banks in NY, we would love to support you.
To open an account, you’ll just need a few things on hand:
- Proof of mailing address
- Your social security number or an ITIN
- Government-issued ID (like a passport or driver’s license)
Establish healthy credit.
Building a positive credit history early in life lays the essential groundwork for solid financial health. Building good credit will benefit you when applying for loans, renting an apartment, buying a car, or securing specific job roles.
If your credit is not where you want it to be, we can help you get there. Our Credit Builder Loan was designed to help establish a healthy credit score and savings, a great tool to help people build credit for the first time. To start, the loan proceeds are placed in a personal savings account to secure the loan. Then, each month we report your payments to the credit bureaus. When you make the final payment, the loan proceeds are available, or you may continue to build your savings. Learn more about building credit through our Credit Builder Loan. You can also check out this article for easy-to-implement credit-boosting tips: 6 Factors That Affect Your Credit Score (And Simple Ways to Boost It).
Eric Pallas, President
A Spring Bank Staff Feature
“We are doing our part to reach people in our community with lower incomes, and we have a strong commitment to small businesses. But we can’t do it alone. We work closely with numerous community partners to achieve our mission.” — Eric Pallas, President
Born and raised on Morris Park and Lurting Avenues in the Bronx, Eric Pallas, President at Spring Bank, is a proud Bronxite. He fondly remembers an era when there were more horses than cars on Pelham Parkway.
“I used to play in the woods in the Bronx before the Jacobi Medical Center was built,” Eric reflects. “And I have played on the basketball courts in this neighborhood year-round.”
After graduating from Fordham University, Eric started his career in the travel industry at American Express. Then after post-graduate school and a stint at Citibank, he worked at Banco Popular for over 18 years. He was interested in returning to the Bronx when he learned about a mission-based bank opening on 167th Street. Today, Eric has been an essential leader at the bank since our beginnings as CheckSpring Bank in 2007. We applaud him for his unwavering service to our mission and success.
“I was here when we were a blip on the radar screen building a rapport with the community and with regulators, working to make money and meet the mission,” says Eric.
For the last 16 years, Eric has worn every hat imaginable as the bank has evolved, from CFO to COO, Compliance Officer, along with President.
“I was willing to hold any role to build a bank in the South Bronx from scratch. I am so proud of what we built. Spring Bank feels like my baby. I’ve watched it grow in a place where no one thought it could be done,” says Eric.
To Eric, our unique ability to achieve our mission is directly connected with being a smaller financial institution. He witnesses firsthand the impact of our personalized service and how families have opened bank accounts and saved money instead of using predatory lending services.
“As a community bank, we can get a credit committee together quickly for loan approval for customers who need a timely response,” explains Eric. “We are committed to retaining that small bank ethos where we can still know all of our customers, maintain close relationships, and give personal attention to them.”
It’s also the hard work and dedication of the team at the bank that, to Eric, has led to its longevity and reputation. He takes great pride in knowing and supporting the staff in their professional development, like Diana Ravagnan, who was promoted internally as our BSA Officer.
“From day one, we weren’t going to give up. I am proud I stuck it out when we were thinly staffed. It takes a long time for a financial institution to build trust in a community,” says Eric. “I am very proud to be part of the Spring Bank family.”
When Eric isn’t at the bank, you can find him playing tennis, jogging, or spending time with his wife and family. Many co-workers have started or enhanced their exercise programs due to his example. Thank you, Eric, for your leadership and service.
Are you ready to bank ethically with one of the best banks in NY? As one of just a few community banks in Bronx, NY, we are here to help you apply for personal loan, build your personal savings and discover more affordable banking products like our personal savings account and personal checking account. Call our Customer Service team at 718.879.5000 to learn more.
Mona Ozkurt is a New Yorker, born and raised in Washington Heights in the Bronx. When she married in 2001, she never expected to be the CEO of her husband’s company, Bronx-based Citiwide Exterminating, a full-service extermination company. But she learned the ins and outs of the industry. As her husband shifted into a real estate career, Mona managed everything from customer service, vendors, and operations and, in 2004, took full control of the business he started in 1995.
Twenty-seven years later, Citiwide Exterminating is thriving with customers in all five boroughs, Westchester, New Jersey, and Connecticut. Mona has led the growth. We are proud to have provided the commercial real estate loan the company needed to expand their headquarters in the Pelham Parkway neighborhood of the Bronx.
“In a very male-dominated industry, people are often still surprised when they find out I’m the owner and CEO,” Mona laughs. “But I am fortunate to have such a great, hardworking team who have stuck with us. Most of our employees have been with us for a long time, some fifteen years, and we work so well together.”
Mona is still inspired by her work and how every day offers something new. Most of Citiwide’s customers are referred by other customers, typically management companies and landlords of multi-family units. Mona enjoys the challenge of constantly adapting her business model as the industry becomes more environmentally conscious.
“Running a business is never the same old routine every day,” says Mona. “It’s one project after the next. I’m always wondering, ‘How can we improve this? How do we make this more effective? How do we create more value for our customers?’”
Designated as an essential business during the pandemic, Citiwide Exterminating kept everyone employed and serviced businesses and properties where they could maintain social distancing. Mona reflects on the pandemic as having created the next evolution of the company.
“We have been through so much together as a team. Continuing to grow Citiwide Exterminating is the career path for me. It’s ever-evolving, ever-changing, and I know we can handle anything that comes next,” says Mona.
We are so happy to support Mona and the team at Citiwide Exterminating with the same personalized attention we know they offer their clients. With a commercial real estate loan and a new small business account, Mona received the support right when she needed it.
“Spring Bank cares about the success of my business. They provided the loan when I needed it and were there for me. I’m not just a number. I can call them any time, and they know who I am and are ready to answer my questions,” says Mona.
Learn more about Citiwide Exterminating.
Are you ready to expand your small business?
We offer commercial, mixed-use, and multi-family real estate loans between $100,000 and $8,000,000. Our dedicated lending team will help you set up your new business bank account and walk you through every step of the process. You’ll have access to all the great features of our business checking account, like zero maintenance fees on our Basic Business Checking account.
As one of the only community banks in Bronx, NY, we offer a personalized approach to banking. Learn more about how you can take advantage of our FDIC-insured small business accounts.
We value customer service, local partnerships, and an exceptional staff that cultivates Spring Bank creating a place for personal connection and financial empowerment. As a community bank in the Bronx, NY, we also value the power of small business ownership and the wealth-building opportunities it can bring to people in New York City. This month, we are proud to highlight the contributions of Erica Rosero, our Small Business & Nonprofit Loan Officer.
Erica has been transforming the lives of entrepreneurs and nonprofit organizations as a member of the Spring Bank team for over two years. Her role goes beyond underwriting small business loans and providing working capital for nonprofits. Erica also prioritizes her clients’ business needs, helping them access the resources and information that help ensure that they can make the best financial decisions for their business.
“I understand what our customers need. I look at their financials from their point of view. From my previous experience, I can teach business owners about financial management and planning,” she says.
Erica brings her previous small business experience to her work at Spring Bank. She received her bachelor’s and master’s in finance and international business from Lehman College in the Bronx. She initially studied to become a math teacher and has leveraged her exceptional math skills in business and finance.
While in school, Erica worked for Lehman’s Small Business Development Center (SBDC) as a counselor and certified business advisor. She supported small businesses at all life stages with tools from the Small Business Administration (SBA) to support business expansion. Coincidentally for the five years she worked there, Erica referred clients to Spring Bank to open affordable small business accounts and access credit.
Erica was the perfect person to join our team when a vacancy opened in our commercial lending team. She came on board during the pandemic, a critical time for small businesses and nonprofits, and reviewed many of the applications she had initially met through the SBDC. Transitioning to supporting small businesses in a lending capacity from a mission-driven perspective was inspiring for Erica.
“As a community bank, we are trained to understand the community’s needs. The idea of helping the community motivates me. We all need to learn to manage our money and plan,” she shares.
Erica is committed to education and transparency with her small business clients. Larger financial institutions and fintech lending institutions will approve or decline people for a loan without an explanation, including hidden fees, predatory interest rates, and a one-sided automated online service. Erica approaches the lending process with a personal touch. She seeks to understand her clients and ensure they understand their business finances.
“The fact you’re starting a business doesn’t mean you’ll see revenues immediately. But, typically, at least in the first year, you may see losses on your balance sheets, and you need to be ready for that,” Erica states.
There is a lot to account for when seeking money for your business or nonprofit organization. Having at least three months of expenses ready in a small business account, developing a good business plan, and knowing the right tools to manage your business finances are just a few. But, even if you are not ready to apply, we’ll always point you in the right direction to become a better applicant to try again in the future.
“The most important thing is to tell our customers the truth. If there is something we can do, then we’ll work with them on how to proceed. But if we can’t, we’ll try to refer them to somebody else who can,” she says.
Erica’s ability to make others feel heard and understood is refreshing to her clients. She takes the time to listen to her clients and address their needs individually. She understands that people fear the unknown and lack trust in banking.
“We all work hard for our money to get what we need. If we are investing it or saving it somewhere, we want to ensure that it’s super safe and will be there when needed,” Erica empathizes.
We value trust as active contributors to the community to keep relationships strong. This integrity keeps our small business and nonprofit services growing, including our nonprofit lending programs. For example, through our affordable capital options, Erica has worked with local community-based organizations such as the Kota Alliance, Rocking the Boat, and the Bronx River Alliance to support their positive initiatives.
We’re excited for the growing clientele of small businesses and nonprofits seeking Erica’s services, and she is too! Erica enjoys speaking with clients, reviewing their financial activities, and finding the right financial solutions to reach their goals.
Are you looking for financial support and counseling to grow your business? Check out three reasons to open a business checking account. Learn more about our small business lending program here. Contact us today to schedule a consultation.
