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State Approves Carthage Savings & Loan's Application
Designating Croghan Area as Banking Development District

December 12, 2019   04:25 p.m.   By: Nick Altmire
    Croghan, NY- Local and State officials were on hand at the Carthage Savings &
    Loan (CSL) branch in Croghan this afternoon for an announcement from the New
    York State Department of Financial Services approving the joint application
    submitted by Carthage Federal Savings and Loan Association and the towns of
    Croghan, Denmark, and New Bremen and the villages of Castorland and
    Croghan, to be designated as a Banking Development District (BDD).

    New York State Department of Financial Services Superintendent Linda A.
    Lacewell came to Croghan to make the announcement with Thomas Piche,
    President of Carthage Savings & Loan.

    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 with the designation.

    The Croghan-Denmark-New Bremen BDD is the 50th designation made,
    pursuant to Section 96-d of the New York Banking Law, and is the largest
    geographically.

    The NYS Department of Financial Services made the decision to create the BDD
    after a thorough review of the demonstrated need for financial services set forth
    in an application by the bank, towns, and villages.

    For more you can see our full video from this afternoon's announcement below,
    with comments from Mr. Piche, Ms. Lacewell, Croghan Mayor Michael Monnat,
    CSL Croghan Branch Manager Wendy McClane and Director of Snowbelt
    Housing Cheryl Shenkle-O'Neil.
Croghan Mayor Michael Monnat (L) and Carthage Savings & Loan President Thomas Piche (R)
applaud the signing of documents by NYS Department of Financial Services Superintendent Linda
Lacewell designating the Croghan Area as a Banking Development District.