Community Banking: What's the Difference?Community Banking
As we celebrate Community Banking Month in April, we wanted to highlight what sets community banks apart from big banks. We are not only trusted financial advisers, familiar with your region's unique needs, we're your friends, neighbors, and a local small business. Check out what else makes us different from megabanks:
- Unlike larger banks that take deposits in one state and lend in others, community banks, like CorTrust, channel their loans to the neighborhoods where their depositors live and work, which helps local businesses and communities thrive.
- We know our customers, which helps us consider family history and discretionary spending when making loans. Megabank loan officers apply impersonal qualification criteria, without regard to individual circumstances.
Lending Leadership to Small Business
- According to the Federal Reserve's Small Business Credit Survey: Report on Employer Firms, community banks are the small business lender of choice.
- 73 percent of independent businesses that used community banks report they were satisfied with their overall experience, compared with 49 percent for large banks and just 35 percent for online lenders.
- We proudly offer nimble decision-making on business loans because those decisions are made locally. Megabanks must often convene loan-approval committees located in another state, far away from their customers.
Community Engagement and Accessibility
- CorTrust Bank team members are involved in their local communities. From raking leaves for the elderly, coaching little league teams, and serving on the board of local nonprofits, we believe in the power of community collaboration.