4 Benefits of Choosing a Local Bank
Article by Jeff Shellberg, Executive Vice President and Chief Credit Officer
Deciding where to bank is a popular topic as of late. With the recent industry disruption, many businesses and individuals are left perplexed and searching for a new place to establish a banking relationship. The plethora of choices can seem overwhelming, but maybe the decision is easier than you think. Here’s why choosing a local bank may be the answer you’ve been looking for.
Unlike big multinational banks, community banks have a thorough understanding of their clients’ unique financial needs and offer a personalized banking experience. They understand the local market and are eager to serve those in their community by providing effective banking solutions tailored to each client’s specific needs.
Fueling the Local Economy:
By banking locally, you're directly contributing to the revitalization of your neighborhood. Community banks provide approximately half of all small business loans, helping to fuel economic growth through new enterprises, housing initiatives, and local lending needs. The businesses they support create jobs for people right in your own community. When you see the positive impact a local bank can make on the neighborhoods around you, you'll be inspired.
Client service is a top priority for community banks. They listen to their clients and respond to their needs in a way that larger banks simply can't match. Forget about 1-800 numbers and automated responses. With a local bank, you get the attention you deserve from someone who understands your unique situation. It's a level of service you won't find anywhere else.
Dedication to Clients:
During the COVID pandemic, community banks proved their commitment to their communities in remarkable ways. They stepped up to provide PPP loans to businesses to help retain their employees, modified loans to businesses to help their cash flow, and offered financial counseling to help them get through the pandemic.
And these initiatives were not just directed at existing clients. Many other community banks also supported individuals and businesses who were unable to get a response from their big national bank. When times were tough, community banks were there for their customers. That's the kind of dedication you can count on.
Community banks are an important part of our financial system and our communities. They provide essential financial services, care about their clients, support local economies, respond quickly to client needs, and help to keep our financial system stable and secure.
When we founded Bridgewater in 2005, we set out to deliver on all of the above and more. So, if you’ve been thinking about your banking lately, I encourage you to stop into your nearest community bank. You’ll be surprised to see a local friendly face who’s eager to learn more about your personal or business banking needs and provide unique solutions that will meet your needs and exceed your expectations.