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Unlike huge multi-state and multi-national banks,
community banks are locally owned and operated
banking institutions. These community banks offer
all of the standard banking services including
checking, savings, loans and mortgages, safe
deposit boxes, etc., for both consumers and
business customers. Most community banks do not
offer some of the services that larger banks offer
such as brokerage services and multi-million
dollar financing.
The advantage of banking with a community bank
over larger banks is that community banks are
locally owned and operated. This means that all
lending decisions are made locally by people who
understand the unique challenges and financial
needs of the business people and residents who
live and work in the community that the bank
serves. This fact often makes it easier to obtain
a loan that might not be written by a bigger bank
for any number of reasons.
But don't assume that your money is not safe in a
community bank just because it is small. Community
banks are governed by the same laws that govern
the big banks and your money is insured by the
FDIC just like it would be if you banked with
one of the giants. |
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