Making money moves!
State Sen. Andrew Gounardes on Monday celebrated the soft opening of Spring Bank, the first retail bank in Red Hook in a decade, which will deliver accessible banking services to the neighborhood.
The new Spring Bank branch, located at 356 Van Brunt St., aims to improve access to essential banking services for residents and small businesses.
The opening follows more than a year of efforts by Gounardes and local stakeholders to address the community’s urgent need for banking facilities. Previously, residents had to leave the neighborhood for banking or rely on costly alternatives such as check-cashing services and prepaid cards.
“Red Hook residents shouldn’t have to leave their community for basic services like depositing a paycheck or opening a savings account,” Gounardes said in a statement. “With the opening of this bank branch, we’re ensuring that our Red Hook neighbors have the opportunity to grow and thrive financially right here in the community they call home.”
The introduction of a local banking option is expected to have a transformative economic impact on Red Hook, supporting entrepreneurs and providing much-needed financial services to the area.
Founded in 2007, Spring Bank is recognized as the first bank headquartered in the South Bronx in 25 years and the first Certified B Corporation bank in New York State. Its mission centers on promoting financial inclusion and serving underserved consumers and small businesses across New York City.
The senator’s office, in collaboration with the Spring Bank team, plans to launch an outreach initiative that includes creating a community advisory board made up of local organizations, businesses, and stakeholders. The board will foster ongoing dialogue with residents to address their financial concerns.
“Red Hook residents have long called for a local bank that supports local businesses and community banking needs,” said Michael Partis, executive director of the Red Hook Initiative. “We look forward to working with Spring Bank to connect with the Red Hook community.”
The response from residents has been overwhelmingly positive.
Karen Blondel, tenant association president of the Red Hook Houses West, praised the development.
“As the largest public housing community in Brooklyn, Red Hook has too often been overlooked for essential resources like banking services,” she said.
A formal ribbon-cutting ceremony to mark the official launch of Spring Bank is scheduled for January.
