Three Reasons to Bank Locally with a Community Bank
The COVID-19 pandemic has created a new type of consumer—one increasingly focused on essential products and online shopping. Interestingly, there has also been a corresponding rise in support for local businesses.
Forty-three percent of consumers report they are more “local” now than previously, according to PwC’s June 2021 Global Consumer Insights Pulse Survey. A Harris Poll commissioned by NerdWallet also found that 37 percent of Americans said they made more of an effort to support local businesses as a result of the pandemic.
Given efforts to help strengthen local economies during the pandemic, it’s only natural for consumers to also consider banking locally with a community bank.
Beyond offering you exemplary customer service and quality products and services, community banks also directly benefit your community in three ways:
1. When you work with a community bank, your money is reinvested into your community.
When you work with a large-scale national bank, you’re never quite sure how your money is being used. But when you bank local, there’s a tie back to the community, providing an opportunity to affect those you know and love.
“When you go to a community bank, and they know you are a community provider, they know OK, these are the opportunities that I see that we can do, that we can assist you with. And everyone’s working together for the betterment of the community,” said Curtis Faison, operating manager of CMC Transportation, a Raleigh-N.C.-based firm that transports special needs students in their area. “If we can keep the dollars moving around in our community, everyone is successful.” [Hear more about their story here.]
2. Community banks have a deep knowledge of community needs.
As trusted financial advisors and members of the community they serve, community bankers establish more personal connections than their mega-bank counterparts and are adept at understanding local market dynamics to anticipate the needs of their customers. For example, after Stephanie Moss, an owner of two salons on Omaha, Neb., was declined for a Paycheck Protection Program (PPP) loan on her first attempt with a large financial institution, she reached out to her community bank, who knew her and her role within the community.
“They were awesome, and right away said, ‘Absolutely, this is something we can help you with,’” Moss recalled. “You could tell these people were working day and night, and they were going to do everything they could to make it happen. I felt like they really had my back.”
3. They give back to the community.
Those relationships extend beyond customer interactions. As financial stewards of their community, community banks sponsor local events, promote financial literacy, create charitable foundations and contribute to local non-profits—helping the community as a whole to thrive.
“We see our local banks starting to get more involved in our community,” said Scott Johnson, county manager for Columbia County in Georgia. “Sponsoring the fireworks for the Fourth of July or a food truck Friday, and things we had going on in the county. Community banks invest in the community.”
Going local with your banking allows you to strengthen your community—and help your neighbors and local small businesses. As you explore ways to support local businesses and families, consider moving or expanding your financial accounts with a community bank that shares your commitment to the needs and interests of those around you.