Advantages of a Community Bank

In our super-size-it world, bigger is often considered better. But when it comes to money matters, it’s hard to beat the hometown advantage of a local bank. 

Unlike national or international banks, community banks, like Town and Country, have managers and decision-makers in their facilities, not just customer service employees. This means decisions about your money and loan requests are made locally by locals, not in another state by people who don’t know your situation or town.

Their focus is on the people and businesses in the community where they’re located, not on corporations or stockholders in another state or country.

Community banks, including Town and Country, usually have local owners as well, further tying them to the success of people and businesses in their community. Typically, these banks have assets under $10 billion, some of which they invest back in the community by supporting local charities, sports teams, or schools.

Here are just some of the advantages of a community bank:

Personal service

While larger banks often use technology to decrease interaction with customers, community banks use it to make banking easier (through online banking, for example,) while maintaining one-to-one service in their facilities. “Community bankers get to know their customers and understand their needs,” says Dana Dow, chief operating officer of Town and Country Bank.

This enables your banker to tailor loan plans and services to your situation. “We work with local accounting firms and technology providers to educate a lot of our business customers on the challenges they may have in running their business,” Dow says. “We do more than just loan people money or provide good cash management systems and products."

Better approval rates

“Community banks are the backbone of small business lending in many communities, with approval rates of close to 50% for small business applicants, compared to 24% approval rates at big banks,” according to fundera.com, an online financing broker for small businesses.

Fairer loan review

Your loan request gets a more in-depth look. “Community bankers typically review your entire credit report when you apply for a loan or a credit line rather than simply look at your FICO credit score,” according to allbusiness.com, a small business information and research site.

Convenience

You won’t need to phone a large, impersonal customer service center in another state for your banking or loan request. “The difference with a community bank is you can pick up the phone and know who you’re talking to and get something done when you need to,” says Dow.

Community support

When you bank locally, you support your town.

Competitive fees and rates

You’re more likely to find free checking at a community bank. For example, Town and Country Bank offers Clear E-Checking with no monthly fee, no minimum balance, and free online banking and other extras.

Town and Country Bank was founded in Springfield nearly 57 years ago and has a majority of local owners whose goals are to make banking easy and accessible. For more information about the products and services that we offer as a community bank, visit www.TownandCountryBank.com or call us at 866.770.3100.