Celebrating Community Banking Month
April is Community Banking Month and we are celebrating what makes those banks so special.
As we might all know, community banks and credit unions are an integral part of the communities they serve, helping cities and towns all across America grow and thrive. They build relationships with their customers both inside and outside the bank walls. The tellers, the back office, and lending staff live and breathe the idea of KYC – their customers are their neighbors, their children’s soccer coaches, the cashier at their favorite grocery store.
The money at community banks stays in the community, getting reinvested locally to help a small business get a much-needed loan or a family finance a major purchase. By keeping that money locally, they’re promoting economic growth and creating jobs. According to the Independent Community Bankers of America, community banks employ 760,000 Americans, hold $4.9 trillion in assets, $3.9 trillion in deposits, and $3.3 trillion in loans to consumers, small businesses, and the agricultural community. That’s a lot of money kept locally to help these communities and businesses flourish.
More than that, community banks and credit unions serve as the common thread throughout their towns. As we reflect, we know the importance of their staffs being active in volunteering and giving back. They take a personal interest in the place they also call home. From sponsoring a local youth sports team to hosting a donation drive at the branch, community banks and credit unions have a vested interest in making their town a great place to live.
We’ve been honored to serve our customers who are in the back office for nearly two decades and through that time, we’ve been fortunate to see a lot of growth in community banks and credit unions. BSA/AML and Fraud Professionals have a responsibility to know their customers’ behaviors, have a strong knowledge of where the money they are banking is coming from – and if it is legitimate. They protect their customers and their communities from acts of financial crime and we are proud to support them this month and every month.
When community banks thrive, their customers/members and communities succeed and that’s a win-win for everyone.