The stated purpose of chapter 204 of the Laws of 1997, as amended by chapter 526 of the Laws of 1998, is to encourage the establishment of bank branches in specially designated geographic locations, known as “banking development districts,” where there is a demonstrated need for banking services. The establishment of a new branch by a bank, trust company, national bank, or, on and after January 1, 1999, by a savings bank, savings and loan association, Federal savings and loan association or Federal savings bank within such a banking development district should enhance access by consumers to banking services and promote local economic development. Underserved consumers may reside in urban or rural areas which may have different income levels, demographic characteristics and population densities. Regardless of an area's characteristics, it is anticipated that greater access to banking services will encourage the area's residents, who may have no banking relationships, to become part of the financial mainstream. It is further anticipated that the establishment of a bank branch will provide a foundation to stimulate the local economy by enhancing access to capital for local businesses. This will promote long-term economic development, foster job creation, and promote community stabilization and revitalization. As provided in section 96-d(5) of the Banking Law, savings banks and savings and loan associations authorized to participate hereunder, are further authorized to furnish security for any such deposits as they may receive under the banking developments district programs in the manner and to the extent authorized in the case of commercial banks and trust companies under such program.