October 1, 2018

No Tricks, Just Treats: Community Banks Win by Doing Good

Community Banking

As we think about Halloween costumes and trick-or-treaters, CorTrust Bank is focusing on the "treats" that set community banks apart, and keep our customers coming back for more.

First, let's look at some facts:

  • Community bank customers are more successful and satisfied than those of other institutions, outperforming megabanks and online lenders, according to a Federal Reserve small business credit survey. And we do it by staying focused on our customers' needs, not their transaction levels.
  • We won't jeopardize our hard-earned reputation by peddling goods and services our customers don't want or need. We bank the old fashioned way - one customer, one loan at a time. It's been our philosophy since the bank's founding over 85 years ago, and it continues to help us serve the unique needs of our customers today.
  • It's not just our proximity to customers that have won us repeat business. Unlike other banks, community banks effectively serve individuals of modest means and agricultural borrowers without taxpayer-funded subsidies. CorTrust Bank is proud that our tax dollars invest in the communities we serve, helping to support local police and fire departments, schools, and other municipal services.
  • Community banks help fortify local neighborhoods in other ways through philanthropic outreach and civic service - providing much needed resources and attention to worthwhile causes and events. From raking leaves for the elderly, volunteering at food shelters, or serving on the board of local nonprofits, CorTrust is connected with the communities we serve.

The treats don't end there. Nearly one in five U.S. counties are only served by a community bank. And, community banks as a whole fund more than 60 percent of the nation's small businesses, which account for two out of three new U.S. jobs annually.

A Minneapolis Federal Reserve fedgazette article also recognized the role of the nation's community banks as first responders in serving the agriculture segment, noting that when the agricultural economy takes a downturn, as it has in recent years, it's a call-to-action for banks that provide credit to businesses and households in their local communities. In fact, community banks provide approximately $180 billion in agriculture loans.

Through it all, just know that as your local community CorTrust Bank, we will remain on your corner, in your corner, for the long haul.