By Cindy Cabbage, Assistant Vice President/Loan Officer – Loda Facility
Almost 95% of all U.S. banks are community banks. Community banks, like Federated Bank, provide nearly half of all small loans to U.S. businesses and farms. In one of every five U.S. counties, community banks are the only banking option for local residents and businesses. Many small towns, like the ones served by Federated Bank, would have little access to banks and the services they provide without community banks. Community banks channel most of their loans to the towns where their depositors live and work, helping to keep local communities vibrant and growing.
As a community bank, Federated Bank depends upon the residents of the communities we serve to be our customers. That’s why we focus attention on the needs of local families, businesses and farmers. We strive to serve a role to the local community that helps to advance economic growth in the communities we serve. A community banking study released by the Federal Deposit Insurance Corporation in December 2012 says this about community banks, “Community banks foster economic growth and help to ensure that the financial resources of the local community are put to work on its behalf.” In other words, community banks, like Federated Bank, keep decisions and dollars at home – something the FDIC study says is undeniably good for local economies.
All bankers work hard to understand their local economies and customers. The difference between Federated Bank and our larger competitors is that we tend to give our special knowledge of the community greater weight when making decisions. We know the local economy better because we’re involved in the local economy. Here are just some of the ways we are able to stay connected to our local communities:
- Federated Bank loan officers are also branch managers; therefore, we are accessible to customers on-site.
- Many Federated Bank officers and employees are deeply involved in local community associations, committees, and events.
- Federated Bank offers nimble decision-making on business loans because decisions are made locally.
If you’re looking for a reason to bank locally, I hope this information has been beneficial to you. I think you’ll find Federated Bank to be a friendly and professional bank that can meet the needs of your family, your business, or your farm. Our success and our community depend on it.
Member FDIC
Equal Housing Lender