Comptroller Deposited $10 Million in Public Funds to Spring Bank Branch as Part of Program to Increase Access to Financial Services in Historically Underserved Communities

New York State Comptroller Thomas P. DiNapoli and Department of Financial Services Superintendent Adrienne A. Harris today announced the approval of Spring Bank’s Red Hook Branch as a Banking Development District (BDD) and deposited $10 million in public funds to the bank.

The BDD program, administered by the Department of Financial Services, supports the establishment of bank and credit union branches in areas across New York State where there is a demonstrated need for banking services. The Spring Bank Branch, located at 356 Van Brunt Street, Brooklyn, is now a designated branch within the previously designated Red Hook BDD.

To encourage participation in the BDD program, the State Comptroller’s office makes public deposits available to banks and credit unions to open or maintain a bank branch. The $10 million in public funds for Spring Bank will support their operations and provide affordable and accessible banking products and services in the community.

New York State Comptroller Thomas P. DiNapoli said, “The residents of Red Hook shouldn’t have to travel outside the community to open a savings account, apply for a loan or simply take out money, DiNapoli said. “The state’s Banking Development District program helps bring banks where they are desperately needed and invests in their future. With $10 million, we hope to see Spring Bank spur business growth, job creation and family savings in Red Hook.”

New York State Superintendent of Financial Services Adrienne A. Harris said, “When I came into DFS three years ago I wanted to ensure that New Yorkers know that the Department is working for them, making sure that financial services are both affordable and accessible. The BDD program is a powerful tool to encourage savings and credit building in our local communities.”

Brooklyn Borough President Antonio Reynoso said, “For far too long, Brooklynites in Red Hook have lived without a nearby source for banking. As a co-applicant for this designation, I am proud to help restore these critical banking resources to Red Hook. Spring Bank’s new branch will play a vital role in fostering financial stability and economic growth for residents and small businesses alike. I thank Governor Hochul, Comptroller DiNapoli, and Superintendent Harris for their leadership in making this important milestone possible.”

New York State Senator Andrew Gounardes said, “Every New Yorker deserves access to high-quality, affordable banking services. But for years, Red Hook lacked a single bank branch, forcing working families to waste thousands of dollars on expensive ATM and check-cashing fees. Now, Red Hook neighbors have the bank they deserve, and with this designation, we’re ensuring Spring Bank’s new branch can serve our communities and taking tangible steps to invest in the financial future of Red Hook. This is about providing families and small businesses with the resources they need to grow and succeed. Getting to this moment was a team effort, and I’m grateful to Comptroller DiNapoli, DFS Superintendent Harris, Brooklyn Community Board 6, and all the local leaders and community organizations that made this possible.”

New York State Assemblymember Marcela Mitaynes said, “Spring Bank’s inclusion in the Banking Development District is a critical step in addressing longstanding inequities in financial access and supporting the vitality of our community. It is an example of the direct support and investment our state government can provide for our communities in need. I look forward to seeing how Spring Bank will provide much-needed access to affordable financial services, empowering residents and small businesses to grow and succeed.”

“We are excited to open our doors in Red Hook, a neighborhood that, like others in New York City, has faced barriers to banking access,” said Akbar Rizvi, President of Spring Bank. “Our goal is to bring affordable, equitable financial services to this community and provide the support that many families and small businesses need to grow, succeed, and build a better future. The deposit of State and New York City funds into our institution is critical to support our ability to provide these services and ensures that their deposits fund local growth.”

The designation of this branch is the result of strong community support from local organizations, residents, small businesses, and elected officials, as part of the BDD application process.

The branch is committed to providing technical support and lending to small businesses, including nonprofits, increasing product affordability, expanding banking access and supporting financial empowerment and inclusion within the Red Hook community. New services include increasing access to loan products, credit lines, banking accounts and business development guidance to meet the needs of small businesses, providing free checking accounts to nonprofits within the BDD, offering free payroll check cashing services, ensuring bilingual staff and product information and sponsoring financial education workshops.

New York State has now approved fifty-seven BDD designations to date. As of 2/10/2025, the Comptroller’s office had deposits totaling approximately $543 million in 13 banking institutions that have opened branches in BDDs across the state.

Learn more about the Banking Development District program on the DFS website.

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