Celebrating the Power of Community Financial Institutions
by Steve Powless
Most of us are truly glad when April rolls around, with the promise of new beginnings literally in the air and all around us. But April 1 marks another reason to celebrate, as it officially kicks off Community Banking Month. It’s an honor bestowed with good reason; after all, where would our industry be without the contributions of community financial institutions?
We know community banks create jobs and stimulate local economies, but I also wanted to reiterate what we work so hard to accomplish by sharing some statistics you can all be proud of:
- According to Independent Community Bankers of America (ICBA), community banks constitute 96.6 percent of all banks in the United States, and serve as the primary source of lending to small businesses and farms.
- BankLocal.org states that community banks made 67 percent of outstanding loans to small businesses in 2011.
- The FDIC reports that one out of every five U.S. counties has a community bank only.
