Assemblyman Brian Maher today highlighted the designation of the towns of Shandaken and Olive as a Banking Development District (BDD), a bipartisan and public-private partnership between the New York State Comptroller’s Office, the Department of Financial Services and Ulster Savings Bank that will expand access to critical banking services in Ulster County.

As part of the designation, State Comptroller Thomas P. DiNapoli announced a $10 million state deposit into Ulster Savings Bank’s Phoenicia branch to help strengthen local banking operations and expand financial access for residents, families and small businesses in the region.

“This designation is an important step toward expanding economic opportunity and ensuring families and businesses in our region have access to reliable banking services close to home,” said Meghan Hurlburt, Assemblyman Maher’s chief of staff. “Assemblyman Maher was proud to support this bipartisan public-private partnership alongside the New York State Comptroller’s Office and Ulster Savings Bank to help strengthen underserved communities in Ulster County. Investments like this help create long-term financial stability, support local businesses and ensure residents have the resources they need to succeed.”

“The designation of the towns of Shandaken and Olive as a Banking Development District will help expand access to essential banking services,” DiNapoli said. “My thanks to the Department of Financial Services and the local communities for their partnership in making this possible. By placing state deposits at Ulster Savings Bank’s Phoenicia branch, we can help expand access to credit, support local businesses and promote long-term economic growth.”

“The designation of our Phoenicia branch as a Banking Development District is deeply meaningful to us, not just as a bank, but as a neighbor and partner in this community,” Bill Calderara, President and CEO of Ulster Savings Bank said. “This approval reflects a shared belief that access to responsible, affordable banking can change lives, strengthen local businesses, and help communities thrive. We are sincerely grateful to New York State Department of Financial Services team and State Comptroller DiNapoli and his staff for their commitment, collaboration, and care throughout this process. Their dedication made this milestone possible, and it will have a lasting impact on the people and neighborhoods we are proud to serve.”

The Banking Development District program encourages banks and credit unions to establish or maintain branches in underserved communities across New York State. The Phoenicia branch of Ulster Savings Bank is now eligible to receive state deposits that will help expand affordable and accessible banking services in the area.

Under the program, the branch will continue offering financial products and educational initiatives designed to support local residents, including reduced-fee banking options, government-backed mortgages and workshops on financial literacy, identity theft prevention and elder fraud awareness.

“This partnership demonstrates what can happen when state and local leaders work together with community institutions to address real needs,” Hurlburt added. “Reliable access to banking services is essential for economic growth, supporting small businesses and helping families build financial security.”