New York’s banking development district pr
ogram has made a designation in Lewis County.
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. It will also offer financial education to New York consumers and businesses that will “help improve financial empowerment and inclusion in the previously underserved community,” the office of Gov. Andrew Cuomo contended in a Thursday news release.
The Carthage Savings banking development district branch is located at 9750 State Route 812 in the town of Croghan.
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The banking-development district program is designed to encourage the establishment of bank branches in areas across New York where there is a demonstrated need for such services. The New York State Department of Financial Services (DFS) administers the program, Cuomo’s office said.
To encourage bank participation in the 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.
The designation in Lewis County is the program’s 50th, Cuomo’s office notes.
Contact Reinhardt at ereinhardt@cnybj.com
