Go Local, Bank Local
We’ve all heard the phrases “Go Local” and “Farm-to-Table”, but those ideas go beyond the food and retail industries. They can also apply to banking. If you’re wondering how, here’s a brief explanation.
When people refer to “Going Local”, they usually mean supporting the local community businesses first, before shopping at the big box stores. Or eating food that is locally grown, knowing it came fresh from the farm down the road.
The same idea can be applied to community banking. When you bank with a community bank, your deposits are more likely to stay in your community. Your money may be used to fund a loan for your neighbor whose dream is to start their own business or help a first time home buyer.
In fact, according to the Independent Community Bankers of America (ICBA), community banks make up more than 60 percent of small business loans and have the highest satisfaction rate— solidifying their role in keeping local communities vibrant and growing.
Consider that banking locally doesn’t mean banking at the local branch of a national bank. Those banks are more likely to rely on a model-based loan approval process from committees located in another state. Community banks, which are more likely to be privately owned and locally controlled, typically make decisions based on local knowledge obtained through long-term relationships within the community. This approach allows for a more nimble and personalized solution for both businesses and families alike.
While community banks may provide a friendlier, hometown feel where you are viewed as a person and not a number, most also offer a comparable suite of products and services – essentials like no-fee checking, 24/7 online and mobile banking, free ATM availability, personal loans, and savings & investment options. In most situations, you aren’t sacrificing any conveniences or amenities by banking locally.
It’s a win-win, and if you want to “Go Local” in 2019, switching to a community bank might be the right move for you.
Go Local, Bank Local
These tips are provided by Brentwood Bank and are for educational purposes only. Brentwood Bank makes no representations as to the accuracy, completeness, or specific suitability of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Brentwood Bank recommends you consult a professional for any specific guidance you are seeking.
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. The stats referenced in this article can be found on the ICBA website. For more information, visit www.icba.org.