WASHINGTON–The Independent Community Bankers of America has issued a statement that “at a time of social distancing,” community banks are putting the “community” into banking not just during the coronavirus pandemic but beyond.
“Community banks will continue to create community closeness no matter what challenges arise,” said ICBA President and CEO Rebeca Romero Rainey in a statement. “Community banks have been around for generations and have seen it all. They are the economic bedrock of their local economies and are focused on helping their customers and communities flourish.”
Romero Rainey encouraged consumers who have questions about their finances to reach out to their local community bank.
“If you are a community banking customer who has questions, I encourage you to speak with your community banker—this is when having that relationship really counts,” she said. “And if you are a consumer who doesn’t have a banking relationship, please don’t hesitate to reach out to your local community bank. We exist to serve and can help local consumers navigate questions and concerns.”
What Makes Banks Special
The ICBA said what makes community banks “special” includes:
- Community banks respect and honor community ties. “They channel loans to neighborhoods where their depositors live and work, which helps keeps the local economy thriving.”
- Community banks are relationship lenders and “take a holistic approach to lending, considering numerous sources of information, including history and discretionary spending.”
- Community banks understand and embrace local small businesses. “A study from the Federal Reserve Banks found that small businesses that apply for loans with community banks are more successful and satisfied,” the ICBA said.
- Community banks are innovative. “They partner with innovative technology providers, as showcased through ICBA’s ThinkTECH initiatives, to deliver high-tech, high-touch customer experiences,” according to the organization.
- Community banks give back. “Serving local communities is second nature to community banks, as reflected in ICBA’s National Community Bank Service Awards,” the ICBA said.