NY deposits $10M into Croghan’s Carthage Savings & Loan

CROGHAN, N.Y. (WWNY) - New York state will deposit up to $10 million into Carthage Savings & Loan in Croghan. The money will reinvest into Lewis County.

Carthage Savings & Loan opened a branch in Croghan earlier this year.

Now, that location has been named a Banking Development District. What does that mean? Well, to start, it means the state will be depositing upwards of $10 million into the bank.

"We will pay interest on that, it might be slightly below market, but it gives us something to work with to start out, to lend out, even to invest, which allows us to build capital," Thomas Piche, CEO of Carthage Savings & Loan.

It also means that money will get spread around Lewis County for investment.

"It helps with having the capital to loan out, to make sure folks that want to buy a home, folks that want to start a small business, have the capital available to them right here in Lewis County, without having to rely on someone from Watertown or Syracuse to provide that service," said Lewis County Manager Ryan Piche.

Part of the deal was that Carthage Savings provide financial literacy and affordable housing programs for the community.

“I would hope that it would help people who are looking to get a mortgage, make that a little easier for them, particularly in this district,” said Snow Belt Housing Executive Director Cheryl Shenkle-O’Neill.

Lewis County officials say local banks are the lubricant for local economy; they expect this to have a great impact on the area.

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