Washington, D.C. (Apr, 2016)—During ICBA Community Banking Month, the Independent Community Bankers of America® (ICBA) celebrates Citizens First Bank and the nation’s more than 6,000 community banks, which build stronger communities by helping local customers gain financial stability through quality products and services and access to financial literacy information and tools.
“Community banks are locally owned and operated financial institutions that take in local deposits and lend them out locally in the form of loans to customers, farmers and small business owners. Many times, community banks are family owned and have served their community for generations,” said ICBA Chairman and third-generation community banker Rebeca Romero Rainey, chairman and CEO of Centinel Bank of Taos, N.M. “Community banks exist to serve the needs of their customers and communities and make their Main Streets thrive one loan at a time.”
Community banks are relationship lenders that flourish when their customers and communities do the same. Taking care of customers and looking out for the best interest of local communities is inherent to the relationship lending business model that is unique to community banking.
Below are some fun facts about community banks.
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Community banks constitute 96 percent of all banks!
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There are more than 600 counties—almost one out of every five U.S. counties—that have no other physical banking offices except those operated by community banks.
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There are more than 51,000 community bank locations nationwide.
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Community banks hold more than $3.8 trillion in assets, $3.1 trillion in deposits, and $2.6 trillion in loans to consumers, small businesses and the agricultural community.
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Community banks employ 700,000 Americans and create countless jobs thanks to their role in lending to small businesses and agricultural enterprises.
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Community banks make more than 50 percent of small business loans.
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Community banks make 90 percent of agricultural loans.
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More than 2,500 community banks have been in business for more than 100 years.
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The oldest community bank is in Rhode Island. It’s 215 years old, which means that it opened the same year that John Adams was elected president and Volta created the first modern battery!
“Citizens First Bank is honored to serve the lending needs of Clinton and surrounding communities. We care about our customers and are dedicated to helping our local residents and town thrive,” said Kathy Forrest, President and CEO, Citizens First Bank. “We appreciate the opportunity serve our customers and to celebrate community banking here, as well as in communities across the nation, and spread the positive story of our industry and the communities we serve.”
About Citizens First Bank
Chartered in 2000, Citizens First Bank has been playing an important role in community banking. Citizens First Bank products provide customers with effective, locally owned banking choices, latest technology, and services expertise. Headquartered at 1442 Lincoln Way in Clinton, Citizens First Bank also has branches at 403 S Washington Blvd, Camanche and at 1329 N 2nd St, Clinton.
About ICBA
The Independent Community Bankers of America®, the nation’s voice for more than 6,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.About ICBA
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