Why Bank Local?

If you already get your food locally and shop locally and are not yet banking locally, this is truly one of the next best things you can do with your money. The shift to banking locally, combined with a shift in spending to locally owned, independent businesses, is a powerful force that will re-shape our local economic landscape.

By shifting demand to local banks, it creates opportunities for our local financial institutions to invest our deposits through loans to increase local business capacity, which in turn allows local businesses and their employees to increase deposits and savings through their success. This virtuous cycle is a key driver for creating jobs and enduring well-being for all members of our local Valley economy.

Here are six reasons to bank local

1. We Give You The Same Services At A Lower Cost

Most locally owned banks offer the same array of services, from online bill paying to debit and credit cards, at much lower cost than big banks. Average fees at small banks and credit unions are substantially lower than at big banks, according to national data. Studies show that small financial institutions also offer, on average, better interest rates on savings and better terms on credit cards and other loans.

2. We Put Your Money To Work Growing Your Local Economy

Small businesses, which create the majority of new jobs, depend heavily on small, local banks for financing. Although small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending. Big banks, meanwhile, allocate relatively little of their resources to small businesses. The largest 20 banks, which now control 57 percent of all bank assets, devote only 18 percent of their commercial loan portfolios to small business.

3. Decisions Are Made Locally, By People Who Live Locally

At local banks, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with their customers, and understand local needs. Because of this personal knowledge, local financial institutions are often able to approve small business and other loans that big banks would reject.

4. We Share Your Commitment To Your Community

The fortunes of local banks are intimately tied to the fortunes of their local communities. The more the community prospers, the more the local bank benefits. This is why many local banks are involved in their communities. Big banks, in contrast, are not tethered to the places where they operate. Indeed, they often use a community's deposits to make investments in other regions or on Wall Street.

5. We Won't Gamble Your Money Away On Wall Street

The primary activity of almost all small banks is to turn deposits into loans and other productive investments. Meanwhile, big banks devote a sizeable share of their resources to speculative trading and other Wall Street bets that may generate big profits for the bank, but provide little economic or social value for the rest of us and can put the entire financial system at risk if they go bad.

6. You Can Be proud Of Where You Bank

Not many people these days will tell you that they are proud of their Big Bank. A great deal more will tell you they are proud to Bank with local people, at a local Bank, who share their commitment to the local community, and keeps its money circulating in the local economy.