Wikipedia says, "A community bank is a depository institution that is typically locally owned and operated. Community banks tend to focus on the needs of the businesses and families where the bank holds branches and offices. Lending decisions are made by people who understand the local needs of families, businesses. Employees often reside within the communities they serve."
Imagine that? ...a bank that understands the local needs of families and businesses.
Community banks all have a converging goal: To help America's local communities, whether they are classified as urban, rural, or agricultural. By providing financial opportunities to individuals and businesses we see in our everyday lives, community banks help run our local economies.
Community banks make large contributions to the community they serve, making up more than half of small business loans and nearly all agricultural loans. They also help boost the American economy, hiring thousands of American employees and furthering the job market by lending to smaller businesses
Historically, smaller community banks offer higher rates on checking and savings accounts than big banks, not being driving by profit. The customer service they offer is something incomparable to big banks, providing individualized help to their customers whilst still offering extensive online services. And most of all, community banks have a strong interest in nurturing local ties and seeing their community thrive.
Currently, there are more than 52,000 community banks nationwide
Community banks employ 765,000 Americans and support employment in other sectors by lending to other small and agricultural businesses
Community banks make a large portion of commercial real estate lending, holds around $3.3 trillion in loans to customers, and provide nearly half of small business loans of under $1 million
Souce: Independent Community Bankers of America (ICBA)
Whether it's about your dissatisfaction with a big bank or your love for your local community bank, please share your story, whether by writing an article or submitting your own video.