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
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.