Community Banking is About Building Strong Local Relationships
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 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. With nearly 5,000 members, representing more than 24,000 locations nationwide and employing 300,000 Americans, ICBA members hold $1.2 trillion in assets, $1 trillion in deposits and $750 billion in loans to consumers, small businesses and the agricultural community. Whether located in small towns, suburbia or big-city neighborhoods, community banks improve our towns and cities by funding small businesses and using local dollars to help families purchase homes, finance college and build financial security.
Small Business Lending is Part of Community Banks’ Mission
Community banks are the primary source of lending for small businesses and farms. Even though they compose just 10 percent of the banking industry by asset size, community banks with less than $1B in assets made 37.5 percent of outstanding bank loans to small businesses. Community banks with less than $10B in assets made 57.9 percent of outstanding bank loans to small businesses.
Community banks play a significant role in local communities’ economic health:
- 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 are the largest source for small business and agricultural loans.