It’s February and love is in the air. You probably don’t associate that “L” word with your banking relationship, and if so it’s probably because you’re not at a community bank. Community banks have numerous advantages that allow them to serve you and local communities in ways that consistently exceed your expectations and will have you saying you love your bank too!
At a local community bank, deposits are used to fund loans that invest in the local community, including local individuals and small businesses. In big banks, customer assets are often invested in large corporations that create no difference in your surrounding area. Community bank customers can be certain that their money is being used to make their local economy stronger.
2. Community banks support community organizations.
Community banks are committed to seeing the communities they serve grow and prosper. As such, they are dedicated to supporting community organizations like local non-profits and other charitable organizations. This support often comes in the form monetary donations as well as the accumulation of volunteer hours that greatly benefits the bank’s community.
In 2017 Pentucket Bank supported numerous local charitable organizations, with donations totaling over $418,000. In addition to that, our employees provided over 4,800 volunteer hours by serving on more than 168 local non-profit boards and committees, as well as assisting with charitable events and initiatives.
3. Local banks provide personal service.
By choosing to conduct your banking with local community banks, you are able to benefit from the excellent customer service that that these banks provide. Here at Pentucket Bank, it is not unusual to hear our employees and customers interacting on a personal level that often goes beyond just their banking needs. You can find comfort in the fact that when you do come into a branch, you actually know the person behind the counter. These relationships allow our bank to better serve you and to create individual solutions that better fit your banking needs.
4. Local banks don't gamble your money.
It has become common practice for big banks to focus solely on profits. To increase their profits, these banks use customer deposits to make “speculative” investments that often put their customer’s money and the entire financial system at risk if something goes wrong. In comparison, community banks will utilize your deposits to fund loans and other productive investments. At Pentucket Bank, we focus our efforts on productive investments that aim to strengthen small businesses and our local economy while keeping your money safe.
5. Local banks provide the same products.
In addition to all these advantages, community banks offer the same variety of products that larger banks do and often at a lower price. In today’s market, almost all banks offer the same services that include top-rated mobile apps, mobile check deposit, online bill-pay, instant issue debit cards, and more products that make your life easier. You can be sure that you are not losing out on any exceptional products when you choose a community bank for your banking needs. In fact, data shows that the fees that come with using these products are often lower at community banks than at the big banks. What’s not to love about that?
If you’re not feeling the love for your bank, we invite you to come by Pentucket Bank to experience the “Pentucket Bank Difference” and see for yourself. We have local branches in Haverhill, MA, North Andover, MA, Salem, NH and Hampstead, NH. Or, you can send us an email or call us today at (978) 372-7731.