Community Banking by the Numbers
Community Banking by the Numbers
One of the biggest reasons a place feels like home is the community that surrounds it. At Lincoln Savings Bank it is our priority to positively impact our local communities each and every day. This April is Community Banking Month, and we’re excited to share stories of life-changing impact many of our employees make in the communities they are a part of. Lincoln Savings Bank isn’t the only one affecting their local area; nationally, community banking is creating ripples across the United States. Other community banks who value their customers AND their communities are creating waves that can only come from one act of kindness continually trailed by another.
For instance, did you know that one of every five U.S. counties would have NO physical bank if not for community banks? Surprisingly, many banks got their start in a small town community. Lincoln Savings Bank was founded in Lincoln, Iowa, population 150. Now, having grown to 16 locations (soon to be 17) Lincoln Savings Bank is able to help our customers across numerous counties, while also assisting the surrounding communities for our rural locations!
There are more community banks around the United States than you might think. In fact, 99 percent of all banks in the United States are community banks. These bankers are members of their community; lenders helping area businesses, mortgage lenders assisting customers with their first home purchase, and much more. Many of the employees at these locations are homegrown as well. If you were to combine all the community bank employees in the United States it would total to 760,000 people. That’s a lot of local jobs which help build the economies in each of the counties they are a part of.
Community Banks don’t stop there though. Nationwide, they are responsible for approximately 60 percent of all small business loans AND an astounding 80 percent of all agricultural loans. Community banks, like Lincoln Savings Bank, appreciate the businesses and families who are building and expanding their surrounding communities. Residents see this appreciation and show their thanks through their actions; 54 percent of Americans only use one bank. Many times, these banks have become a valuable member of their neighborhood, often having been there longer than most other businesses in town. After all, there are approximately 2,500 community banks that have been in business for over 100 years within the United States.
Community banking is, and will continue to be, a valuable part of the American economy. At Lincoln Savings Bank we are proud to be a strong supporter of small towns, local business, and expanding ideas. With locations in 16 communities around Iowa, we are the friendly faces around town, the volunteers at local organizations, and your favorite financial friend. This Community Banking Month be sure to stop into your nearest Lincoln Savings Bank location and meet our wonderful employees. You’ll discover why we love what we do and so much more.
Lincoln Savings Bank. Member FDIC. Equal Housing Lender. NMLS #480330
*Statistics provided in this blog are courtesy of the ICBA.
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