Ethical Banking

Ethical Banking

Interested in applying now? Please fill out the form below and go through our online application process.

B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials. In order to achieve certification, a company must:

1. Demonstrate high social and environmental performance by achieving a B Impact Assessment score of 80 or above and passing a risk review.

2. Make a legal commitment by changing their corporate governance structure to be accountable to all stakeholders, not just shareholders, and achieve benefit corporation status if available in their jurisdiction.

3. Exhibit transparency by allowing information about their performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.

As they are required to undergo the verification process every three years in order to recertify, B Corps are by definition also focused on continuous improvement, leading to their long-term resiliency. B Corp Certification is holistic, not exclusively focused on a single social or environmental issue. Recertification confirms these standards continue to be met on an ongoing basis.

How do you know your bank is ethical?

All banks tout their community mindedness in glossy ads and photos. But how do you really know if your bank is acting and investing in a way that reflects your values? In the case of Spring Bank, you don’t have to just take our word for it. You can turn to well established independent sources. Below are three ways you can review and assess how well a bank is meeting the needs of their community.

Start by looking at your bank’s publicly available CRA rating. The CRA legislation was passed in 1977 to prevent the practice of redlining and to minimize systemic financial exclusion.

You can read more about CRA at: https://www.frbatlanta.org and find the CRA rating of your bank or any bank in the USA at: https://www.ffiec.gov.

In December 2018 Spring Bank received the highest available CRA rating from the FDIC – “Outstanding.”

1. What is your bank’s Community Reinvestment Act (CRA) rating?

2. Is your bank a US Treasury Certified Community Development Financial Institution (CDFI)?

Since 1994 the United States Treasury has certified a singular number of banks as Community Development Financial Institutions (CDFIs) based on their use of deposits to provide low- and moderate-income communities the credit they need. If your bank is a designated CDFI, you can be certain that your money is being lent to the communities that need capital the most. Find a CDFI bank in your community at: https://ofn.org/cdfi-locator.

Spring Bank was designated a CDFI in 2014 and has received numerous awards and recognition from the CDFI fund.

Certified B Corporations are businesses that balance purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. The B Corp community of companies are driving a global movement of people using business as a force for good. All B Corps are given a score by the independent third-party B-Lab. You can find B Corps and their scores at: https://bcorporation.net/directory.

Spring Bank is New York’s first B Corp Bank with a current rating of 136.2. You can read details about our score here. We are proud to have received the designation of “Best for the World” in 2021 in two categories: Customers and Governance. This means that we are amongst the top 10% of B Corps in our ratings in these categories.

3. Is your bank a B Corp?

Schedule an Appointment

Ready to grow with us? Come in and talk to one of our account managers to see how we can help. You can open a checking account, apply for a loan, open an IRA account and much more. Use the form below to schedule an appointment:

Open Business Checking Account Online in New York

Have any questions? Stop by a branch or call us at (718) 879-5000.

Our Promise

We don’t take it lightly that you trust us with your money. In fact, the best part about working here is getting to know our customers and their families. You’ll soon find out that you are far from a number here. On the contrary, you become part of the Spring Bank Family. We can’t wait to get to know you.