A community bank is a type of bank that is locally owned and operated, and serves the financial needs of the communities in which it operates. Community banks are typically smaller than national or regional banks, and focus on building strong relationships with their customers and the communities they serve.
Community banks offer a wide range of financial products and services, including checking and savings accounts, loans, mortgages, credit cards, and online banking. They may also offer specialized services for small businesses and local organizations.
One of the key features of community banks is their focus on personal service and building relationships with customers. Because they are locally owned and operated, community banks may have more flexibility to tailor their services to the needs of their customers and provide more personalized attention.
In addition, community banks may play an important role in supporting the economic development of their communities. They may provide loans and other financial services to local businesses and organizations, and reinvest their profits back into the community.
Community banks are regulated by the same agencies as other banks, such as the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). They must adhere to certain rules and regulations to ensure the safety and soundness of their operations.
Overall, community banks can be a good choice for individuals or businesses that value personal service, community involvement, and a focus on local economic development.
This page was last updated on March 31, 2023.