Spring Bank

What Spring Bank does

Spring Bank is a privately held, FDIC-insured community bank headquartered in the South Bronx, New York (legal entity: CheckSpring Community Corporation), founded in 2007. It operates two physical branches — the original Bronx headquarters at 69 East 167th Street and a newly opened Brooklyn branch in Red Hook (January 2025) — and serves unbanked and underbanked consumers, small businesses, nonprofits, and commercial real estate borrowers across New York City. The bank is a U.S. Treasury-designated Community Development Financial Institution (CDFI), a Certified B Corporation since 2016 (New York's first B Corp bank; current rating 161.2, the highest of any U.S. B Corp bank), an SBA Preferred Lender, and a member of the Global Alliance for Banking on Values (GABV). In December 2024 it received Outstanding CRA ratings from both the FDIC and NYSDFS, ranking in the top 3 of 60 banks on CRA compliance.

Its core products include personal checking (Green, Basic, Interest, Money Market), savings (Basic, Community Chest, Club/Vacation, CD, IRA), and personal loans (Credit Builder, GoGreen Cycle, Loyalty, Employee Opportunity). Business products comprise Grow Loans (up to $150K), Micro Lines of Credit (up to $10K), SBA 7A/Express/504 financing, Commercial Real Estate loans, and business checking integrated with Autobooks for embedded accounting. Free nonprofit checking and nonprofit lines of credit up to $250K round out the suite. Distribution relies on a community-led go-to-market: physical branches, a bilingual website (English/Spanish), iOS/Android mobile apps, online and telephone banking, free access to the MoneyPass and Citibank ATM networks, and an employer partnership channel (Employee Opportunity Program) for distributing small loans to workers at partner organizations such as BronxWorks and Crave Fishbar.

The revenue model is conventional community banking: net interest income from the loan portfolio (consumer, small business, nonprofit, SBA, CRE) and deposits (checking, savings, money market, CDs) forms the primary revenue stream, supplemented by deposit and service fees (monthly maintenance, overdraft, wires, ATM), SBA program fee income, and ancillary fee income (e.g., ScoreCard Rewards interchange). As of July 2026, posted rates include 3.35% APY on Money Market and 3.60% APY on Savings. Most checking tiers carry low monthly fees ($3-$10) that are waivable with direct deposit or balance thresholds. Capital partners include Mizuho Bank ($10M, 2023) and the FHLBNY Small Business Recovery Grant ($3M, 2025), both deployed for community lending.

Name

Spring Bank

Legal name

CheckSpring Community Corporation

Website

https://spring.bank

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Spring Bank is a B Corp-certified, CDFI-designated community bank headquartered in the Bronx, New York, providing affordable personal and business banking, SBA and micro lending, and free nonprofit accounts to unbanked consumers, small businesses, and nonprofits across New York City.

Ownership category

akta.pro rank

Headquarters

HQ city

Bronx

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Interest Income (NII): Spring Bank earns interest income from its loan portfolio (personal loans, small business loans, commercial real estate loans, SBA loans, lines of credit) and pays interest on deposits (checking, savings, money market, CDs). This is the primary revenue stream for the community bank, generated from lending activities across consumer, small business, nonprofit, and commercial segments.
2. Deposit and Service Fees: The bank generates non-interest income from account service fees including monthly maintenance charges, overdraft/NSF fees, wire transfer fees, ATM fees, check-related fees, and other banking service charges. Fee schedule as of July 2026 is publicly available on the website.
3. SBA and Government Program Lending: Spring Bank operates as an SBA Preferred Lender offering SBA 7A, SBA Express, and SBA 504 loan products, generating fee income from government-backed small business lending programs.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

Spring Bank is a community bank that provides personal and business depository accounts (checking, savings, CDs, IRAs), consumer and small business loans (credit builder, micro lines of credit, grow loans, SBA 7A/Express/504, and commercial real estate), and nonprofit banking services. It also operates a mobile and online banking platform with remote deposit capture and Autobooks accounting integration, distributing products through two branches in the Bronx and Brooklyn.

Product overview

Spring Bank is a community bank offering a comprehensive suite of personal and business banking products. The personal banking lineup includes checking accounts (Green Checking, Basic Checking, Interest Checking, Money Market), savings accounts (Basic Savings, Community Chest Savings, Club/Vacation Savings, CD Savings, IRA Savings), and personal loans (Credit Builder Loan, GoGreen Cycle Loan, Loyalty Loan, Employee Opportunity Program). Business banking encompasses checking accounts with integrated Autobooks accounting, Grow Loans, Micro Lines of Credit, SBA Financing (7A, Express, 504), and Commercial Real Estate Loans. Nonprofit banking includes free checking accounts and loan products. The bank also provides a mobile banking platform with separate apps for personal and business customers, and a ScoreCard Rewards debit card program. All products are designed with a focus on financial inclusion, ethical banking practices, and community development as a B Corp certified institution.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts

Quantifiable outcome

• Samantha De La Rosa paid off $800 of her $1,000 Credit Builder Loan and accumulated over $800 in savings; her credit score rose from ~500 to ~700.
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• GreenPath Financial WellnesscoreStrategic or Co-development Partner · 1 January 2021GreenPath Financial Wellness is a trusted nonprofit that has operated since 1961. Spring Bank provides all its customers with free access to GreenPath's financial counseling, debt management services, housing services, credit report reviews, and student loan counseling. GreenPath counselors are available via phone (866-692-2659) and provide free initial consultations to Spring Bank customers.
• MoneyPasscoreTechnology or IntegrationMoneyPass is a surcharge-free ATM network across the United States and Puerto Rico. Spring Bank customers can access any MoneyPass ATM at no transaction fee, expanding the bank's free ATM footprint nationwide.
• CitibankcoreChannel Partner/ Reseller/ DistributorA partnership allows any Spring Bank customer to use any domestic Citibank branch ATM at no charge, significantly expanding free ATM access for Spring Bank customers throughout the US.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Amalgamated Bank: New York-based B Corp-certified union and socially responsible bank serving mission-driven consumers, nonprofits, and progressive organizations. Closely comparable to Spring Bank in CDFI-adjacent mission, geographic base, and nonprofit/consumer deposit focus.
• Ponce Bank: Bronx-headquartered community bank focused on Hispanic and immigrant communities in New York City, with similar small-business and consumer banking products. Comparable to Spring Bank in target demographic, CDFI-style mission, and Bronx geographic overlap.
• Carver Federal Savings Bank: NYC-based minority depository institution and CDFI serving African-American communities with consumer and small business banking. Closely comparable to Spring Bank in mission-driven focus, CDFI designation, and small-business lending emphasis.
• Lower East Side People's Federal Credit Union: NYC CDFI credit union serving low- and moderate-income communities with checking, savings, and small-dollar lending. Comparable to Spring Bank in financial-inclusion mandate, NYC footprint, and unbanked/underbanked target segments.
• Neighborhood Trust Federal Credit Union: NYC-based CDFI credit union offering banking, credit-building loans, and financial counseling to underserved Bronx and Manhattan residents. Directly comparable to Spring Bank in Credit Builder Loans, financial wellness integration, and Bronx community focus.
• Self-Help Federal Credit Union: CDFI credit union serving low-wealth communities across the East Coast with consumer banking, small business lending, and credit-building products. Comparable to Spring Bank in CDFI mission, small-dollar lending focus, and serving unbanked/underbanked populations.
• Hope Credit Union: CDFI credit union serving low-income communities across the Deep South with consumer banking, small business lending, and credit-building products. Comparable to Spring Bank in CDFI mission, Credit Builder Loans, and underserved community focus, though operating in a different geography.

Emerging players

• Chime: Digital-first consumer bank targeting underbanked Americans with no-fee checking, early direct deposit, and credit-building products. Comparable to Spring Bank as a competing channel for the same underserved consumer segment, though with a fintech cost structure and no physical CDFI mandate.

Broad incumbents

• Citibank: Large national bank with a major New York City retail and small business presence and an established community development banking function. Comparable as a competitor for deposits and small business lending in the same NYC geography, with broader capabilities but less mission specialization.
• Bank of America: Large national bank with extensive NYC retail, small business, and Community Development Banking Group presence. Comparable to Spring Bank as a competitor for the same small business and consumer segments in NYC, with far greater resources but a less tailored community-mission approach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/springbankny
• Facebookfacebook.com/SpringBankNY
• LinkedInlinkedin.com/company/spring-bank-ny
• Instagraminstagram.com/springbankny

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spring Bank