The New York State Department of Financial Services and the New York State Comptroller announced that the towns of Shandaken and Olive have been approved as a Banking Development District, and the Comptroller has placed a USD 10 million state deposit with Ulster Savings Bank’s Phoenicia branch. The designation makes the branch an eligible BDD location for state deposits and extends the program to an area identified as needing greater access to banking services. DFS administers the BDD program, which is intended to encourage qualified banks and credit unions to open or maintain branches in underserved areas, with applications submitted in partnership with local government. Ulster Savings Bank’s Phoenicia branch said it will provide products including secured credit cards, government-backed mortgages, and reduced-fee or no-fee services, and will sponsor workshops on financial education, identity theft, elder abuse, and scams. The branch is New York State’s 59th BDD designation, and as of May 1, 2026, the Comptroller’s office had approximately USD 540 million on deposit with 13 banking institutions operating branches in BDDs across the state.
New York State Department of Financial Services 2026-05-06
New York State Department of Financial Services approves Shandaken and Olive Banking Development District with USD 10 million deposit for Ulster Savings branch
The New York State Department of Financial Services and the State Comptroller designated the towns of Shandaken and Olive as a Banking Development District and placed a USD 10 million state deposit with Ulster Savings Bank’s Phoenicia branch. The state’s 59th such designation aims to expand access to banking services in an underserved area and makes the branch eligible for state deposits, with the bank offering targeted products and financial education. As of May 1, 2026, the Comptroller held about USD 540 million in deposits with 13 institutions operating branches in Banking Development Districts statewide.