Welcome!

News Feed Item

Spring Bank Achieves CDFI Recognition and $323,000 Award for Aiding Underserved Communities

GOBankingRates recognizes client Spring Bank for its dedication to providing top-tier financial services to the unbanked.

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.

About GOBankingRates

GoOBankingRates (www.gobankingrates.com) is a personal finance website that connects consumers with the best interest rates nationwide.

(Logo:  http://photos.prnewswire.com/prnh/20130926/LA86996LOGO)

Contacts:

Connie Lundegard
310-297-9233 x112
[email protected]   

Jaime Catmull
310-297-9233 x261
[email protected]

SOURCE GOBankingRates.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...