Executives Stay Local
With a national entity, you never know where its executives and managers are located. With a community bank, however, you can rest assured knowing that its executives live locally, are easily accessible and are invested in the community.
Nationwide institutions set aside a substantial part of their resources for speculative trading on Wall Street. This provides a nice return for them but does nothing for their clients or the local economy. Smaller banks don’t rely on such investments, instead choosing to work to turn client deposits into loans.
Personal Qualification Criteria
Larger institutions that lack local roots usually operate on an impersonal qualification criterium when determining a candidate for a loan. Conversely, community banks are open to taking into account family history and personal character when deciding upon a loan. Individual circumstances actually matter to local banks and they’ll spend time to consider them.