“Community banks exist to serve the needs of their customers and communities & make their Main Streets thrive one loan at a time,” said ICBA Chairman and third-generation community banker Rebeca Romero Rainey, chairman and CEO, Centinel Bank of Taos, N.M.
Washington, D.C. (PRWEB) March 31, 2016
April is ICBA Community Banking Month—a time to salute the nation’s more than 6,000 community banks and the Main Street communities they serve. Throughout the month, the Independent Community Bankers of America® (ICBA) will share the positive story of community banks—how they help their customers and build stronger communities and why they are principal drivers of economic prosperity on Main Street.
“Community banks are locally owned and operated financial institutions that take in local deposits and lend them out locally in the form of loans to customers, farmers and small business owners. Many times, community banks are family owned and have served their community for generations,” said ICBA Chairman and third-generation community banker Rebeca Romero Rainey, chairman and CEO of Centinel Bank of Taos, N.M. “Community banks exist to serve the needs of their customers and communities and make their Main Streets thrive one loan at a time.”
Community banks are relationship lenders that flourish when their customers and communities do the same. Taking care of customers and looking out for the best interest of local communities is inherent to the relationship lending business model that is unique to community banking.
Below are some fun facts about community banks. You can also view the facts on this infographic:
- Community banks constitute 96 percent of all banks!
- There are more than 600 counties—almost one out of every five U.S. counties—that have no other physical banking offices except those operated by community banks.
- There are more than 51,000 community bank locations nationwide.
- Community banks hold more than $3.8 trillion in assets, $3.1 trillion in deposits, and $2.6 trillion in loans to consumers, small businesses and the agricultural community.
- Community banks employ 700,000 Americans and create countless jobs thanks to their role in lending to small businesses and agricultural enterprises.
- Community banks make more than 50 percent of small business loans.
- Community banks make 90 percent of agricultural loans.
- More than 2,500 community banks have been in business for more than 100 years.
- The oldest community bank is in Rhode Island. It’s 215 years old, which means that it opened the same year that John Adams was elected president and Volta created the first modern battery!
To find your local community bank, visit ICBA’s Community Bank Locator at http://www.banklocally.org. To follow the ICBA Community Banking Month conversation on social media, follow the #BankLocally hashtag 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. For more information, visit http://www.icba.org.
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