December 12, 2019
GOVERNOR CUOMO ANNOUNCES 50TH DESIGNATION OF BANKING DEVELOPMENT DISTRICT AS STATE EXPANDS BANKING SERVICES TO UNDERSERVED COMMUNITIES
Department of Financial Services Grants Banking Development District Designation to Town of Croghan in Lewis County
BDD Branch Will Provide Crucial Financial Services to Residents of Croghan, Denmark and New Bremen
Governor Andrew M. Cuomo today announced that New York State's Banking Development District Program has made its 50th designation. With this designation, Carthage Savings and Loan Association will provide residents of the Towns of Croghan, Denmark and New Bremen with essential and affordable banking services and products. They will also provide financial education to New York consumers and businesses that will help improve financial empowerment and inclusion in the previously underserved community. The Carthage Savings Banking Development District Branch is located at 9750 State Route 812 in the Town of Croghan.
"New bank branches, such as Carthage Savings in Croghan, offer New York's small businesses and residents an opportunity to access critical financial services so that they can take charge of their economic future," Governor Cuomo said. "The 50th Banking Development District designation is a testament to New York's commitment to financial inclusion and empowerment, and gives small businesses and families statewide the opportunity to access banking services in their own communities."
The Banking Development District Program, administered by the Department of Financial Services, is designed to encourage the establishment of bank branches in areas across New York where there is a demonstrated need for such services. To encourage bank participation in the BDD Program, $10 million in subsidized public deposits and other benefits are made available to banks that open or maintain a branch or improve products and services offered to an underserved community.
Department of Financial Services Superintendent Lacewell said, "The opening of this 50th Banking Development District is a direct result of what we can achieve when government, industry, and the community work together. Residents and small employers now have an accessible brick and mortar financial institution to meet their local banking needs. Congratulations to Carthage Savings and Loan Association and the Towns of Croghan, Denmark, New Bremen, and surrounding localities on this historic day."
Thomas H. Piché, CEO of Carthage Savings and Loan Association said, "We are excited to expand our banking services and products in the Town of Croghan and surrounding towns and villages in partnership with the New York State's Banking Development District Program. We are called a 'Hometown Bank' for a reason and we look forward to forging strong relationships to uphold our mission of providing quality financial services that exceed our members' expectations while enhancing the communities we serve."
Senator Joseph Griffo said, "I am pleased to see the approval of a new Banking Development District in the Towns of Croghan, Denmark, and New Bremen. This approval will provide residents in the region with additional access to a variety of financial products and banking services."
Assembly Member Ken Blankenbush said, "The significant impact that Carthage Savings Bank will have in the towns and villages within the BDD cannot be overstated. This will bring great benefits to our communities, providing affordable banking services to those who need it most."
Village of Croghan Mayor Michael Monnat said, "Today's announcement is good news for our residents and main street businesses as it furthers access to financial services. We thank the New York State Department of Financial Services and Carthage Savings and Loan Association for working together for the greater good of our community here in Croghan."
For more information on the Banking Development District Program, visit the BDD section of the DFS website.