The Story: A recent Independent Community Bankers of America (ICBA) survey of 10,000 Americans finds a significant majority recognize the importance of local banking, with 70% citing the importance of personal banking relationships. Further, survey participants are more likely to look favorably on community banks because they make 60% of small-business loans and 80% of agricultural loans, putting money back into their communities. Additionally, knowing that community banks outperformed the rest of the banking industry in the Paycheck Protection Program – lending to women-owned, minority-owned, and veteran-owned small businesses – lead 64% of participants to see them “much more” or “somewhat more” favorably.
The Takeaway: Community banks have a strong advantage in terms of local goodwill. Knowing that these local institutions put the community first in banking, consumers trust community banks and appreciate their role in helping local neighborhoods thrive. Successful community bank brands embrace this local advantage and highlight their investment in what matters most to people in a banking partner.
Source: ICBA, “Community Bank Public Opinion and Local Impact,” March, 2022