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ICBA Encourages Americans to Save during America Saves Week Feb. 21 – 28

Washington, D.C. (February 22, 2010)—The Independent Community Bankers of America (ICBA) is proud to add its voice to the nearly 1,000 organizations nationwide that are encouraging Americans to save as part of America Saves Week, Feb. 21–28.

“Saving is key to financial stability and independence,” said R. Michael Menzies, ICBA chairman and president and CEO of Easton Bank and Trust Co., Easton, Md. “But studies show most Americans aren’t saving enough. And this recent economic crisis has shown us how important it is to have a cushion to help you weather the unexpected. Now more than ever, people need to develop good saving habits. By participating in America Saves Week, ICBA and our nearly 5,000 member community banks are hoping to encourage community bank customers to make savings a part of their everyday lives.”

Community banks not only offer personalized customer service tailored to individual needs, they also offer savings products and services at rates that are comparable to or often better than larger institutions.

“Fortunately, it’s never too late to start saving,” Menzies said. “Your local community banker can help you create a savings plan so that you can reach your financial goals.”

ICBA advises you to consider these factors in choosing where to place your savings:

  • Access. How quickly can you access your money? Community banks are local and offer an array of technology so that consumers have access to their money when and where they need it.
  • Safety. How safe is your money? At a community bank, the FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC-insured funds.  Talk to your community banker for more information.
  • Earnings. How much money will you earn? Community banks offer competitive products and interest rates.

America Saves Week is a nationwide campaign in which a broad coalition of nonprofit, corporate, and government organizations help individuals and families save and build wealth. Through information, advice, and encouragement, America Saves assists those who wish to pay down debt, build an emergency fund, save for a home, save for an education, or save for retirement. Learn more about financial literacy and how to get started on building a nest egg at www.icba.org and www.americasaves.org.

To find a community bank near you, visit ICBA’s Community Bank Locator. And to learn more about community banks, go to www.ICBA.org.