Neighborhood Banks Helping Stabilize, Revitalize City Communities

Senator Velmanette Montgomery

December 13, 2017

Originally published in Advisor News on December 13, 2017.

New York State Comptroller Thomas P. DiNapoli issued the following news release:

New York State Comptroller Thomas P. DiNapoli today visited Ridgewood Savings Bank, in Clinton Hill, Brooklyn and Spring Bank, in the South Bronx, to highlight the importance of Banking Development Districts (BDDs). The Comptroller's Office has deposited $10 million in state funds in each of the two bank branches.

"Residents of New York City, and the neighborhood businesses where they spend their money, shouldn't have to travel outside the community to cash a check, open a savings account, or apply for a loan," DiNapoli said. "The state's Banking Development District program helps open bank branches that provide financial services to communities that show a real need for retail banking services. Having a local bank can spur business growth, job creation and family savings. I am proud that my office and New York state have been able to deposit $20 million in these banks that will help them serve residents and businesses in Brooklynand the Bronx."

"The Banking Development District provides an opportunity for my constituents to have access to financial services without hefty fees and restrictions," said State Senator Velmanette Montgomery, who the Brooklyn's Senate District 25. "It is so important, especially for young people, families and small businesses to be able to access savings, capital and financial literacy programming. I welcome this investment from Comptroller DiNapoli and look forward to taking steps to expand community banking options even further."

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