Community Bank “Go Local” Initiative Gains Traction in Communities Nationwide
You eat local, you shop local, why not bank local? That’s the idea behind ICBA’s Go Local initiative, inspiring consumers and businesses alike to re-invest in their own communities through their local community bank.
As small businesses themselves, community banks only thrive when their customers and communities do the same, so taking care of their customers and looking out for the best interest of their community is engrained in the way they conduct their business each and every day.
Community banks focus on the banking needs of local families, businesses and farmers. There are more than 7,000 community banks, including commercial banks, thrifts, stock and mutual savings institutions, with more than 50,000 locations throughout the United States. Assets may range from less than $10 million to $10 billion or more. Community banks constitute 96.4 percent of all U.S banks.
Community banks are locally operated financial institutions that empower employees to make local decisions to serve their customers. With more than 280,000 employees, community banks provide services to the rural, suburban and urban marketplaces and are a primary lending source for farms and small businesses. Even though they compose just 10 percent of the banking industry by assets, community banks with less than $1B in assets made 38 percent of outstanding bank loans to small businesses. Community banks under $10 billion in assets provide nearly 60 percent of small business loans between $100,000 and $1 million.
Don’t forget to follow the conversation on Twitter using the hashtag #GoLocal.
For more information about the Go Local campaign, visit www.icba.org/golocal.