CheckSpring Bank, a New York start-up that plans to make check cashing a core service, said Wednesday that it is set to cut the ribbon on its flagship South Bronx branch Nov. 5.
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CheckSpring also said it would be the first bank to establish a headquarters in the South Bronx in 25 years.
Its plan to serve primarily the underbanked had trouble winning over investors at first, CheckSpring said; it wanted to open in the spring of last year but could not raise the requisite capital in time. In July, however, CheckSpring said it had overcome investor hesitation and raised $17 million.
