3 Reasons to Put Your Money In a Community Bank

Financial services and banks have been the topic of a national dialogue recently. The media attention, blogs, posts and other consumer feedback has been very enlightening for us. In particular, a lot of people are starting to re-acquaint themselves with community banks. It started over a year ago with Huffington Post publisher Arianna Huffington urging people to use community banks and continues now with parts of the Occupy Wall Street movement and a recent “Bank Transfer Day” on Facebook urging people to move their accounts from the “big banks” to community banks and credit unions.

As fellow bankers we recognize and appreciate the vital role large banks play in the economy and the communities they serve. As a community bank, however, we welcome any opportunity to meet and serve our friends, colleagues and communities. And while it’s unfortunate somewhat that consumer frustration is what’s driving interest in community banks, we will take the opportunity to share some pretty good reasons to bank local:

1. You’re not just a number to us. Just ask your grandma or parents who probably bank at a community bank, when they walk in community bankers know their names. One of the main reasons to bank local is we know our customers…well. Our staff and management live in the communities we serve. If you have a complaint, our “letters to the President” really DO go to the President of the Bank. And it’s more than likely that you will get a call from him, too.

2. We help support and grow the local economy. Your FDIC insured deposits at a community bank is lent out to people in our service area, lending to local companies who invest and expand creating local jobs. Community banks play an integral role in the development, investment and support of businesses in this community. As a community bank, we have the privilege of seeing our work create jobs for people in our communities. And like any business or “for-profit” entity, community banks pay taxes that support community infrastructure, human services and education.

3. We care about your community…because it’s our community, too. Just this year Androscoggin Bank will give well over $100,000 to local non-profit organizations to support a variety causes including arts, youth-at-risk, economic development and education. Visit bankoncommunity.com to learn more about the organizations we support and how we are continuing our commitment to giving—even in the most difficult times.

At community banks, we do what it takes to get the job done. And if the recent OWS demonstrations and news stories are enabling more people to consider the benefits of a community bank when making an informed decision about their money, then perhaps I should be dusting off my L.L. Bean tent…