Spring Bank opened its doors in 2007 as the first bank to locate in the South Bronx in over 25 years. With the opening of a second branch in Harlem, the community bank continues to provide affordable, mainstream financial services in neighborhoods that need them. Spring Bank aims to serve New York City's local "underbanked": low- to moderate-income communities where people have limited access to mainstream bank services, and small businesses whose credit needs aren't served by larger banks. With the help of community development partners, Spring Bank works to expand access to financial literacy resources and asset building tools throughout New York City.
Personal and business clients alike can open a checking, savings or CD account with Spring Bank. Checking and savings accounts feature free access to online and telephone banking, a Spring Bank ATM card, and free ATMs throughout the city and the country. Non-depositors can potentially save hundreds of dollars a year with discounted check cashing rates. Qualified borrowers can choose from a variety of secured and unsecured personal loans as well as business and small business loans. If you need an affordable and safe way to build your credit history, Spring Bank can help you with Credit-builder CD secured loans.
Spring Bank NY (FDIC certificate 58668) was established in 2007 and operates through 2 branch offices located in NY. Mr. Eric Pallas, President of Spring Bank NY, leads a team of 35 employees.The bank's parent holding company, Checkspring Community Corporation is based in Bronx, NY.
Spring Bank NY, headquartered in Bronx, NY, is rated five stars for financial strength by BauerFinancial, Inc., the nation’s leading bank rating firm. As a general rule, a five star rating indicates, among other things, that Spring Bank NY has at least twice the capital that regulators require, is profitable (or operating with a very small loss) and has kept its delinquent loans in check.
Spring Bank NY is a state chartered commercial bank and not a member of Federal Reserve. With $130 million in total assets, the FDIC classifies the bank’s asset concentration as Commercial Lending Specializatio.
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