Underbanked residents of Lafayette, Indiana, will now have access to banking measures after years of not being to obtain service at traditional institutions. On Tuesday, Lafayette Mayor Tony Roswarski introduced Bank on Tippecanoe, which will provide services and other sources of alternative consumer credit, Inside Indiana Business reports.

Roswarski said the new bank will provide greater security for consumers by providing them a safe place to deposit money, create and maintain financial records and retain more of their money, rather than relying on continuous short-term lending. The mayor states that as the bank and its practices continue to gain popularity, underbanked consumers will begin to build credit.

"Access to affordable financial services, and taking steps to avoid bad credit or unmanageable debt, are the keys to financial stability and the broader economic vitality of our community," added West Lafayette Mayor John Dennis, who also supported the bank's creation. "Having a checking account means citizens will have more of their money available to pay bills, build assets through savings and improve their credit rating."

Laura Carson, finance and community impact director at the United Way of Greater Lafayette, told Inside Indiana Business that approximately 12,600 households in Tippecanoe County were unbanked or underbanked.