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Sep 16, 2022 · September 16, 2022. As Autumn approaches, and we reflect on a summer of changes, Williamstown Bank is committed to providing you an innovative, community minded, and forward-thinking banking experience.
Apr 8, 2022 · Williamstown Bank is proud to not only be a community bank ourselves but also a very community minded bank. Through this season of change we are reminded of what it means to be part of a community and offer banking services to those who deserve it the most. ICBA stands for Independent Community Bankers of America.
Jul 15, 2022 · July 15, 2022. July is not only the marker of a hot Mid-Ohio Valley summer, but it is also the marker of big changes at Williamstown Bank! July is a month that we look outward to the prospect of an innovative, community minded, and forward-thinking banking experience.
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- What Is A Community Bank?
- Pros of Community Banks
- Cons of Community Banks
- Deciding Between A Community Bank and A National Bank
- How to Find A Community Bank
- Bottom Line
Community banks are commonly defined as individual banks that have less than $1 billion in assets, while community banking organizations generally are those with under $10 billion in assets. There were 4,230 community banks in the U.S. in 2023, according to the FDIC. In its most recently reported branch count, the FDIC stated there were more than 2...
Personalized service: Community banks are commonly owned and managed by people who live near the bank. As such, bank employees may have long-standing friendships with customers and be able to provi...Local investment: A bank’s focus on giving loans to those in its own community helps local businesses and residentsthrive.Relationship banking: Community bank officers may take into account discretionary spending and family history when making loans, rather than relying solely on impersonal data like credit scores, ac...Community service commitment: Like other local businesses, neighborhood banks often give back to their community through volunteer work and supporting local charitable organizations.Limited number of products and services: While community banks typically offer deposit products and loans, they might not have some of the specialized products more commonly offered by big banks su...Fewer branches and ATMs: Unlike national banks, you’re less likely to have access to a branch when traveling, and the network of ATMs may be limited. However, some banks reimburse their customers f...Less robust digital banking: The digital banking offerings of community banks may be less sophisticated than those of national banks. Smaller banks may also have fewer resources to devote to the se...A community bank may be worth considering if you prefer to use a financial institution run by people who live in your community, as well as one that focuses on providing deposit products and loans to local residents. It’s also a good option for those who prefer a bank that invests time and resources in local charities. A big bankmay be a better opt...
Community banks commonly advertise, so keep an eye out for their ads around town or in your local newspaper. Since they often sponsor community events, you may also see their name on signs and banners. You can also find a community banknear you on the ICBA website.
Community banks offer an array of unique benefits and are often sought out by consumers who prefer a more personalized banking experience. They often contribute to their communities by supporting various neighborhood initiatives and charitable organizations. In all, they play a vital role in providing local banking services, including in areas that...
Aug 24, 2022 · A community bank is a depository or lending institution that primarily serves businesses and individuals in a small geographic area. Community banks tend to emphasize personal relationships with ...
Feb 21, 2023 · The empty buildings being shuttered as larger banks leave rural areas is not a result of community banking, and not a result of people choosing to bank local but rather our putting our trust in organizations that are too big to care. Next time you need a banking service, look local.
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