Superintendent of Financial Services Adrienne A. Harris today announced the approval of the towns of Neversink and Denning as a Banking Development District (BDD), with the Hudson Valley Credit Union (HVCU) branch in the hamlet of Grahamsville, Town of Neversink, as a participating BDD Branch, continuing New York State’s efforts to expand and retain access to affordable financial services. The Superintendent also approved HVCU’s Green Island branch as a BDD participating branch to serve the Green Island BDD, allowing the credit union to access state supported benefits that encourage branches in underserved areas. The branches have committed to a series of small business lending and community financial education initiatives that will foster financial empowerment and inclusion in the community.

Continuing New York State’s efforts to expand and retain access to affordable financial services, this is the seventh BDD that DFS has approved since Superintendent Harris joined DFS in September 2021, and the Grahamsville branch marks the state’s fifty-eighth BDD designation.

Superintendent Harris said, “DFS is committed to making financial services affordable and accessible for all New Yorkers. BDD designations play a vital role in expanding financial access, encouraging savings, and supporting credit building—empowering individuals and businesses in these areas to build a more secure financial future.”

HVCU President and Chief Executive Officer Jonathan Roberts said, “Hudson Valley Credit Union appreciates these BDD designations from the New York State Department of Financial Services. For over 60 years, Hudson Valley Credit Union has focused on serving the needs of our communities. With the addition of Sullivan County to our field of membership and now these Banking Development Districts, we look forward to sharing HVCU’s cooperative philosophy by keeping community dollars within the community, so that we can all grow and thrive.”

New York State’s BDD Program, administered by DFS, supports the establishment of bank and credit union branches in areas across New York State where there is a demonstrated need for banking services.  The program is a public-private collaboration among DFS, local communities, and financial institutions. Strong community support from local organizations, residents, small businesses, and elected officials is a critical piece of establishing a BDD. 

The designation of Neversink and Denning as a BDD, with HVCU’s BDD participating branch located at 279 Main Street, Hamlet of Grahamsville, Town of Neversink, will allow the Credit Union to be an on the ground partner with residents and small businesses to provide greater access to affordable banking products and services in the area.

The approval of HVCU’s branch located at 148 George Street, City of Green Island, as a BDD participating branch will allow the Green Island BDD to preserve its access to affordable and accessible banking products and services. The Green Island BDD was originally established in September 2004 and was most recently served by Catskill Hudson Bank. 

To encourage participation in the BDD program, $10 million in subsidized public deposits and other benefits are made available to banks and credit unions that open or maintain a branch and offer affordable and accessible products and services in an underserved community. The BDD branches in Grahamsville and Green Island have committed to providing affordable products to members of the community that include: free checking, small business loans, personal loans, and affordable mortgages. In addition, the BDD branches have committed to providing and supporting financial education workshops within their respective communities.

Senator Oberacker said, “Ensuring access to reliable financial services is vital for the strength and growth of our rural communities, especially in places like Neversink and Denning. This new Banking Development District is a game-changer—it means families, small businesses, and local governments will have the financial tools they need right in their own backyard, strengthening our local economy and keeping our communities thriving.”

Assemblyman Maher said, "Access to banking is a fundamental service that every community should have. The establishment of this BDD in Neversink and Denning will provide residents and small business owners with a reliable, affordable financial partner right in their own backyard, ensuring they have the resources they need to manage their finances, grow their businesses, and strengthen the local economy."

Town of Denning Supervisor David Brooks said, “The Town of Denning is thrilled that the State has approved our application for a Banking Development District in our remote community. This approval will significantly improve banking access for the municipalities of Denning and Neversink, along with other local entities that rely on Catskill Hudson Bank. Without this designation, our municipality would be unable to utilize Hudson Valley Credit Union and would face a minimum 20-minute trip outside the area for banking services. This approval ensures that Denning residents have a convenient local banking option, reducing the need for lengthy round trips of nearly an hour in a region where alternatives are scarce.”

Learn more about the Banking Development District program on the DFS website.

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