Megabanks Admit Ditching Local Communities

Mar 22, 2019
A new report from the nation’s largest financial institutions confirms they are withdrawing from Main Street communities while community banks reinvest in them, ICBA said.

The Bank Policy Institute—which represents the largest banks—reported that while deposit growth in urban areas is higher at megabanks, community banks are more than tripling the deposit growth of their larger competitors in rural communities.

ICBA President and CEO Rebeca Romero Rainey said the report shows the local communities hit hardest by the Wall Street financial crisis are being left behind by the entities that caused it while community banks are busy adding new bank offices to meet these areas’ needs.

“As the only physical banking presence for one in five U.S. counties, the nation’s community banks will continue their work in fostering economic vitality in every corner of every community, whether urban, suburban or rural,” she said.

Read the BPI Report
Read ICBA Release