Community Banks Help Customers Build Financial Stability
Just one of the many ways community banks build more economically sustainable communities
WASHINGTON, D.C. (Monday, April 21, 2014) - Community banks help customers build financial stability, said the Independent Community Bankers of America ® (ICBA) and thousands its community bank members that are celebrating ICBA Community Banking Month and Financial Literacy Month. Community banks are able to serve as financial first responders to their customers by helping them build strong foundations for financial literacy—providing them with knowledge, tools and a relationship banking experience that helps them navigate their finances in both the present and future.
“Community banks are relationship lenders who only thrive when their customers and communities do the same,” said ICBA Chairman John H. Buhrmaster, president of 1st National Bank of Scotia, N.Y. “As community bankers, we strive to educate our customers so they understand financial terms, products and how to manage their money, but ultimately, it’s up to the customer to be knowledgeable and make the right choices—and that’s exactly why financial literacy is so important. It allows consumers to be empowered to make the right financial choices that lead them to a lifetime of financial stability and prosperity.”
ICBA has an ongoing commitment to promoting financial literacy, encouraging its members to provide programs within their communities and forging government, nonprofit and private-sector partnerships, such as with the Jump$tart Coalition, America Saves Week and the FDIC Money Smart program.
“Taking care of our customers and communities is ingrained in the way community banks conduct their business,” said Buhrmaster. “By helping our customers succeed, we help our communities succeed. That’s the business we know and that’s the business we community bankers want to be part of—making people’s lives better.”
With nearly 5,000 members, representing more than 24,000 locations nationwide and employing 300,000 Americans, ICBA members hold $1.3 trillion in assets, $1 trillion in deposits, and $800 billion in loans to consumers, small businesses and the agricultural community. There are almost 7,000 community banks, including commercial banks, thrifts, stock and mutual savings institutions, with more than 50,000 locations throughout the United States. Assets may range from less than $10 million to $10 billion or more. Community banks constitute 96.8 percent of all banks.
To find your community bank, visit ICBA’s Community Bank Locator at www.banklocally.org. Simply type in your ZIP code and you will see community banks in your area. Customers can also download the free ICBA bank locator apps on their iPhone, Android or BlackBerry devices.
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. For more information, visit www.icba.org.