In an effort to expand banking services to underserved communities, the Department of Financial Services announced the approval of new banking development districts in the Bronx and Brooklyn.
The department on July 13 announced that it had approved two Banking Development Districts (BDDs) in Community District 4— which includes Concourse Village, East Concourse, Highbridge, Mount Eden and West Concourse in the Bronx— as well as in Community Districts 2, 3 and 8, which includes portions of Clinton Hill and Prospect Heights in Brooklyn. Two state-chartered banks, Spring Bank and Ridgewood Savings Bank, will receive financial incentives to offer banking products and services to consumers and small businesses in the Bronx and Brooklyn.
