THE BRONX - A new bank is opening its headquarters in the Bronx for the first time in 25 years.

CheckSpring Bank celebrated the opening of its doors with a ribbon cutting ceremony earlier this week. Local leaders say the economic center is a needed boost for the "under-banked" borough.

"We have a large population considered low income, and we're desperately looking for ways we can increase the economic index of the community," says Community Board member D. Lee Ezell.

Several of CheckSpring's services are aimed at the borough's low income residents. Customers do not have to hold an account to use the bank's check-cashing services.

Elected officials say CheckSpring's lower account limits will be beneficial to the community.

"If you have 100 bucks under your pillow?this bank will show you how to make it $125," says Rep. Jose Serrano (D).