Banking is not always top of mind for individuals and businesses, but it’s something that can directly and indirectly affect many aspects of life and finances. In an era where national and online banks dominate the banking landscape, local community banks might seem like a relic of the past. Yet, the local, community focused banks play a vital role in the areas they serve. Community banks help foster local growth, prioritize relationship- based banking, and offer services uniquely tailored to the needs of their customers.
If you’ve been looking for a new bank with a broad range of personal and business products but prefer a personal touch from someone you can get to know, it’s worth considering the benefits of a local choice.
Benefits of Choosing a Local Bank
Full Service With Customization
Often, people are hesitant to choose a local bank because they assume it will not offer the depth and breadth of services they are used to. However, many community banks, like First Independent Bank, offer the same exact services and products you are accustomed to. In addition, local banks can more easily customize their offerings to match the needs of their customers and community.
A Personal Touch
Because local banks have strong ties to their communities, they provide more personalized service. Your needs will be prioritized, you will be able to reach someone on the phone, and you can easily build relationships and trust with your bankers. Quality service can make all the difference and help you manage your financial confidently, knowing you have support in your corner.
Lower Fees
Dealing with maintenance and overdraft fees is a huge hassle in personal finance and many people relate to this as an unavoidable reality. The truth is, though, that many local banks have low or limited fees! They also have a reputation for being up-front and direct about fees and policies, so you always know what to expect and don’t have to worry about surprise charges.
Stability
Finally, many local banks have been around for over a century (First Independent Bank was established in 1903!) This means that they have a strong history of service, presence in their community, and loyalty to their customers. With this local focus, local banks can get involved in their communities and avoid corporate politics. When you choose a community bank, you can trust that they’re invested in you, and that they’re here to stay.
Supporting the Local Economy and Community
Community banks are also great for the local economy. When working with a regional bank, you’re helping to keep the money in your own area and supporting small businesses that rely on local banks for loans. Community banks also like to invest in neighborhood causes, such as educational programs, fundraisers, and volunteer opportunities, making them an active and valued part of the community.
First Independent Bank is committed to investing in our community in Minnesota and serving each customer on a personal level. If you’re interested in switching to a local bank, you can reach out to one of our many branches throughout southwest Minnesota. We answer our phones, and we’re ready to support all of your banking needs.