POUGHKEEPSIE – The State Department of Financial Services has approved the City of Poughkeepsie as a Banking Development District.
The program is a tool of the state agency to increase financial access, supporting its mission to build a more equitable financial services system in the state, said Superintendent Adrienne Harris.
Heritage Financial Credit Union is the first to receive Banking Development District approval for their commitment to serve Poughkeepsie residents and businesses, Harris said.
To encourage participation in the district program, $10 million in subsidized public deposits and other benefits are made available to bank and credit unions that open or maintain a branch and offer affordable and accessible products and services in an underserved community.
Heritage President Mike Ciriello said his credit union “believes that providing opportunities for financial wellness starts with having access to educational tools and resources to enhance and increase the knowledge and understanding of financial services.”
He said the mission of the center is to provide access to no-cost, one-to-one financial counseling, financial education and safe and affordable banking services to provide opportunities for financial inclusion and wellness.
“We understand that education and access to safe and affordable banking services will help more Poughkeepsie residents reach financial strength,” said Poughkeepsie Mayor Rob Rolison. “That’s why it’s important to have the Financial Development Center located right in the heart of the city at the Family Partnership Center.” The center is at 29 North Hamilton Street.
