Small business creation is about as American as apple pie and is
essential to our nation’s economy. More than half of Americans either
own or work for a small business, and small businesses create about two
out of every three new jobs in the U.S. each year.
But did you know that community banks like Bank of the West in
Grapevine, Texas, are the primary economic engines behind small
businesses on Main Street—funding more than half of all small-business
loans?
“I was able to give my hairstylist, Kim, a loan to acquire a salon
when the owner died. She was a young lady, she had good credit, but
didn’t have a lot of collateral,” Cynthia Blankenship said during
testimony
before the House Small Business Committee. In total, nine stylists were
employed because of that loan, noted Blankenship who serves as vice
chairman, chief financial officer and corporate president at Bank of the
West.
“It’s our job to put that customer in the right finance tool to get
them their credit availability. Our reputation and integrity is riding
on this as well.”
This April, in recognition of Community Banking month and the
symbiotic relationship community banks have with their customers, we’re
highlighting examples of community banks that are making their
communities better places to live and work.
Giving Back
Community banks do much more than provide capital, however. They fill
key roles as trusted financial advisors, mentors and philanthropists.
Mike Kochenour, chairman and CEO of York Traditions Bank in York,
Pa., has built a thriving career and bank. Like many community bankers,
Kochenour is eager to pass on what he’s learned to up-and-coming
business owners.
“Word has gotten around that you can call him and he’ll answer! He
wants to serve as a resource to help everyone reach their potential,”
Suzanne Becker, marketing director at the bank shared with
IB magazine.
Community banks are known for courting customers and now Allied First
Bank in Oswego, Ill., has taken that role literally—building a
basketball court into its headquarters for sports, fundraisers and community activities.
“Many, many times I’m out in the community talking about the bank or
trying to attract new customers and inevitably what I hear is, ‘Oh,
you’re the bank with the basketball court. I’ve got to come see that,’”
said Allied First president and CEO Kenneth Bertrand.
When Citizens Bank of Edmond, Okla., is not helping local small
businesses and consumers across its community, the bank is making a
splash in its neighborhood with
Herd on Hurd.
With President and CEO Jill Castilla leading the charge, the bank’s
Herd on Hurd street festival is bringing together families, friends and
small businesses every third Saturday from March through October.
“With $4 million in local economic impact, our little bank
community’s appreciation event is making a big impact in the Oklahoma
City metro area,” Castilla told the
Edmond Sun.
Read more here.
For more examples of community banks and bankers making a difference
across the nation during ICBA Community Banking Month and beyond, follow
#BankLocally hashtag on Twitter. To find your local community bank,
visit ICBA’s Community Bank Locator at
www.banklocally.org.
