ICBA - Go Local Initiative
ICBA Go Local Initiative

Consumers

Community Banks Fund 60 Percent of Small Businesses Under $1 million.

Whether located in small towns, suburbia or big-city neighborhoods, community banks improve America’s community; they use local dollars to help families purchase homes, buy cars, finance college and build financial security. By driving local economies and creating local jobs, community banks are an integral part of our financial system and play a key role in our nation’s economic recovery.

Community Banks and their Services

  • Community banks' boards of directors are made up of local citizens who want to advance the interests of the towns and cities where they live and where their banks do business.
  • Most community bank loans benefit the neighborhoods where depositors live and work.
  • Research has shown average fees for checking accounts and other depository services are lower at community banks than at large, multi-state institutions.
  • Community banks offer a wide range of banking services and products designed to meet the needs of consumers and business including:
    • Anytime, anywhere electronic banking,
    • Automated teller machines, often with little or no surcharge fees,
    • Credit and debit cards with competitive rates and features,
    • Competitive mortgage- and consumer-loan products
    • Competitive checking, saving and investment products and rates, and
    • Small-business and agricultural lending.
  • While the total number of banks in the United States is decreasing due to consolidation, new community banks continue to be chartered. In the wake of the financial crisis, only 3 new community banks were chartered in 2011.

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