What is the role of local banks?
Their interest rates may not be as low as mega-banks, but local banks serve a vital role in their community. Local banks provide reliable, responsive banking services for homeowners and small businesses.IdentificationAll banks begin as local banks. Local banks, sometimes called community banks, may have more than one office but their service area is limited, often to one community or county.FunctionCommunity banks provide the services that are most in demand by residents of the area they serve. They provide traditional services; checking and savings accounts, credit cards, personal and mortgage loans.BenefitsCommunity banks provide personalized service to customers and local businesses, regardless of their size. Local bankers provide exceptional service because they are members of the same community as their customers.ConsiderationsMany community banks were bought by large national and international banks. To protect their independence, many community banks merged with larger organizat
