In First Full Year of Operation, Unique Community Bank Provided Services to 1,000 Unbanked Consumers, Converting Many to Depository Customers
CheckSpring Bank — a unique community development bank founded in late 2007 and headquartered in the South Bronx — announced today that it provided bank based services to over 1,000 previously unbanked customers in 2008, and successfully “banked” more than 200 unbanked New Yorkers in the process.
CheckSpring opened its Bronx branch in October 2007 with a focus on meeting the needs of unbanked and underbanked residents. The last time a new bank set up its headquarters in the Bronx was in 1982.
The Bronx is home to many of New York City’s unbanked residents, who suffer both from the inability to build credit and higher-than-necessary fees. When CheckSpring commenced operation in late 2007, the borough still had the lowest ratio of bank branches to residents, about one branch to 11,100. By contrast, the ratio in Staten Island was one branch to 5,000, and in Manhattan it was one for every 2,500 people. Read more..
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