Celebrate Community Banks this April!
At First Bank, every month feels like community banking month. However, the official month reminds us all of the importance of the role that these banks play in our communities.
Despite their size, community banks truly play a vital role in supporting the local economy and other local businesses within it. Not only do they support local businesses, but they also provide financial services and create jobs for those in the area. They support local lending by offering loans for small businesses, farms, and home mortgages. They prioritize engaging in philanthropic activities that benefit their local communities. Community banks often partner with local charities, schools, and other organizations to set up events that support local needs. This not only helps to boost the local economy but also creates a sense of community spirit and support.
As our world becomes more interconnected, the need for local banking options is as important as ever. The COVID-19 pandemic has highlighted the importance of local institutions in being able to adapt and quickly respond to challenges within their communities. Community banks provided crucial lending to small businesses, helping to keep many afloat during periods of lockdown and uncertainty. Their ability to offer options such as flexible repayment terms and waived fees proved to be crucial to their customers.
Check out these Fast Facts about Community Banks, courtesy of the Independent Community Bankers of America:
- Community banks give out more than 50% of small business loans.
- Community banks account for about 90% of agricultural loans.
- Community banks employ almost 1 million people across the United States.
Community banks have always had a close relationship with their customers. This connection is strengthened by a shared sense of community and understanding that community banks operate with. This human element can sometimes be the difference when in a difficult situation. Customers can speak with an actual person, not just an automated machine, when seeking financial advice or navigating a difficult time.
When customers reach out to First Bank, they have access to personal bankers who are attuned to their needs and empowered to act on their behalf. Our employees work, live, and play in the communities we serve – they also donate their time in the form of volunteerism to the local non-profits and youth associations that help our communities grow and stay strong.
In an era where bigger is not always better, we pledge to never lose sight of the all-important “relationship” and the personalized service our customers expect. It has been integral to our success since 2005 and is how we will continue to build a legacy that endures.
To learn more about First Bank, or find your nearest Personal Banker, click here to visit our website!