The New York State Department of Financial Services (DFS) and New York State Comptroller Thomas P. DiNapoli announced approval of Spring Bank’s Red Hook branch as a Banking Development District (BDD) branch and placed a USD 10 million public deposit with the bank under the programme. The BDD programme, administered by DFS, supports bank and credit union branches in New York State areas with a demonstrated need for banking services. Spring Bank’s branch at 356 Van Brunt Street in Brooklyn is designated within the previously designated Red Hook BDD, with the Comptroller’s deposit intended to support branch operations and the provision of affordable and accessible products. The branch commitments include technical support and lending for small businesses and nonprofits, expanded access to loan products and credit lines, free checking for nonprofits within the BDD, free payroll check cashing, bilingual staff and product information, and financial education workshops; New York State has approved 57 BDD designations, and as of 2/10/2025 the Comptroller’s office reported approximately USD 543 million of deposits across 13 institutions with BDD branches.
New York State Department of Financial Services 2025-03-11
New York State Department of Financial Services designates Spring Bank’s Red Hook branch as a Banking Development District with a USD 10 million public deposit
The New York State Department of Financial Services and Comptroller Thomas P. DiNapoli approved Spring Bank’s Red Hook branch as a Banking Development District (BDD) branch, placing a USD 10 million public deposit to support its operations. The BDD programme aims to enhance banking services in underserved areas, with Spring Bank committing to technical support, small business lending, and financial education. New York State has approved 57 BDD designations, with USD 543 million in deposits across institutions.