In honor of Community Banking Month, First Federal Savings Bank and the Independent Community Bankers of America® (ICBA) are highlighting the vital role community banks play in strengthening local economies, supporting small businesses, and helping families achieve long-term financial success.
“At First Federal Savings Bank, our mission is grounded in serving our community as a partner in progress,” said Gabbie Wilson, AVP, Marketing Coordinator. “We help individuals and families reach their goals while reinvesting in the neighborhoods we proudly call home. Every deposit and every loan strengthens the communities we serve.”
Collectively, community banks fund nearly 60% of small-business loans and more than 80% of bank agriculture loans nationwide while contributing to local tax bases that support schools, infrastructure, and essential services. Community banks also:
- Are favored by small businesses, earning a 62% net satisfaction score topping large banks by 13 points, finance companies by 25 points, and online lenders by 60 points.
- Are committed lenders with loan growth that has outpaced noncommunity banks for a decade.
- Offer high-touch, high-tech service, providing modern-day conveniences and technical capabilities while maintaining the personal service for which they are known.
- Expand access to financial services, serving the vast majority of majority-minority communities and low-income counties nationwide.
- Give back to their communities. Civic service is a way of life for community bankers as reflected in ICBA’s National Community Bank Service Awards.
“Community banks cater to the financing needs of their customers as part of their business philosophy, creating meaningful, and long-lasting relationships rooted in the community,” ICBA President and CEO Rebeca Romero Rainey said. “ICBA is proud to represent these financial stewards that empower citizens, support economic opportunity, and strengthen the fabric of towns and cities across the country.”
For more facts about community banks, click here. Follow the ICBA Community Banking Month conversation on social media with the #BankLocally and #CommunityBankingMonth hashtags.
