NEW YORK, Jan. 16, 2014 /PRNewswire/ -- Spring Bank, a local institution that serves the underbanked residents and small businesses of New York City, achieved two major goals in the past two months.
Headquartered in the economically-distressed South Bronx, the bank recently announced its receipt of the highest-possible Bank Enterprise Award (BEA) from the U.S. Treasury's Community Development Financial Institution (CDFI) Fund for the second year in a row. Additionally, Spring Bank announced on January 3rd its official certification as a CDFI, a designation which recognizes the value the bank contributes to its overlooked and still underserved local economy.
GOBankingRates congratulates the bank for meeting the high standards determined by its mission and required by its customers.
"Spring Bank's CDFI honors demonstrate the amazing benefits local financial institutions can bring to their customers and communities," said Casey Bond, managing editor of GOBankingRates. "We're not surprised our client was awarded this honor, but impressed all the same."
The $323,000 BEA award was a rare honor for a non-CDFI institution to achieve, and announcement of CDFI status soon after was welcome news for the bank's staff and board.
"These substantial endorsements demonstrate that Spring Bank 'walks the talk,'" said Brian A. Blake, Spring Bank's Vice President. "We encourage people, businesses and organizations across New York to reach out to us, and bank with us. Deposits stay local. Loans go to businesses that hire your neighbors. This is real economic development where it's needed most."
To apply to become CDFI-certified, an organization must be a non-government financial entity with a primary mission of promoting community development, among other criteria.
Additionally, the institution was recently recognized by GOBankingRates for its work providing low-income and minority communities with quality financial services.
For more information on Spring Bank and to find out how to become a customer, visit www.springbankny.com.
About Spring Bank
Founded in 2007 and headquartered in the Bronx, New York, Spring Bank is an FDIC-insured, independently-owned community bank. Spring Bank's primary mission is to serve the underbanked through a wide range of innovative products, services and education, as well as stimulate and support small business growth through its deposit and loan products.
GoOBankingRates (www.gobankingrates.com) is a personal finance website that connects consumers with the best interest rates nationwide.