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Spring Bank’s mission is to pursue a double bottom line of providing returns to their shareholders and serving the needs of the underserved consumers and small businesses in the New York City area.
Spring Bank is an FDIC insured community bank headquartered in the Bronx. In 2007, the bank opened as the only bank to establish its base in this New York borough in over 30 years. They are the first B Corp certified bank in New York.
Spring Bank has been designated by the US Treasury as a Community Development Financial Institution (CDFI), in recognition of the investments and loans the bank makes in low and moderate income communities in New York City. Spring Bank is also a preferred lender with the US Small Business Administration (SBA).
Listen in as Kathy and Vicki talk to Demetris Giannoulias, CEO of Spring Bank, and Melanie Stern, Community Reinvestment Act Officer, about how they have created transparent and affordable financial products for unbanked and underbanked consumers, demonstrating that this can be good business.