Often when other banks won’t lend, it is the local community bank that steps up and helps Main Street succeed.
Washington, D.C. (PRWEB) April 06, 2015
During ICBA Community Banking Month, the Independent Community Bankers of America® (ICBA) celebrates the nation’s more than 6,000 community banks, which build stronger communities by lending to local small businesses and helping local entrepreneurs get their start or continue in their career as small business owners.
“Community banks make over half of all small business loans in this country, serving a vital role in maintaining the flow of credit to small businesses in their neighborhoods, which create local jobs and create local economic stability,” said ICBA Chairman Jack Hartings, president and CEO of The Peoples Bank Co., Coldwater, Ohio. “Often when other banks won’t lend, it is the local community bank that steps up and helps Main Street succeed. And since community banks are small businesses themselves, they are able to provide their small business customers with localized business perspective and advice.”
There are more than 6,000 community banks, including commercial banks, thrifts, stock and mutual savings institutions. Assets may range from less than $10 million to $10 billion or more. Across the nation, community banks operate 52,000 locations, employ 700,000 Americans and hold $3.6 trillion in assets, $2.9 trillion in deposits and $2.4 trillion in loans to consumers, small businesses and the agricultural community.
“By driving local economies and creating local jobs through lending to small businesses and entrepreneurs, community banks help build more sustainable communities across the nation,” Hartings said. “Community banks are an integral part of our country’s financial system, and they will continue to serve their communities well into the future—making Main Street a better place for all residents.”
To find your local community bank, visit ICBA’s Community Bank Locator at http://www.banklocally.org. To follow the conversation on ICBA Community Banking Month, follow the hashtag #BankLocally on Twitter.
The Independent Community Bankers of America®, the nation’s voice for more than 6,000 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.