“Community banks remain a critical component of our financial system and our economy. They help keep their local economies vibrant and growing by taking on and managing the risks of local lending, which larger banks may be unwilling or unable to do. They often respond with greater agility to lending requests than their national competitors because of their detailed knowledge of the needs of their customers and their close ties to the communities they serve.”
Federal Reserve Chairman Ben Bernanke at ICBA National Convention
I couldn’t have said it better myself. As the nation’s economy and its Main Street communities were wounded by the latest crisis, community banks again responded in full force to help them recover.
Community banks are the first responders of the financial sector. They are often the first, or only, institutions to work with their customers, to provide credit and to support sustained growth in a financial emergency. They know their communities and how to promote entrepreneurship and small-business success even in times of trouble. And that is why ICBA stands FOR community banks first, foremost and always.