*First National Community Bank’s blog does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors for advice.
There are many benefits to banking with a locally owned community bank, including the unique spirit, strength, stability and community involvement, which makes community banks the foundation of their communities. While most people choose a bank based on many different factors, such as the products and services they offer, the availability of retail branches and ATMs, savings rates, etc., it is also important to note the value of supporting a community bank’s presence in your community. Moreover, choosing a local community bank can have an impact on your community that indirectly benefits your own financial prosperity, as well as the stability and prosperity of your neighbors.
As a locally owned community bank, we have 10 full service First National Community Bank locations throughout northwest Georgia in the cities of Adairsville, Dalton (2 branch locations), Calhoun, Cartersville, Chatsworth, Eton, Rome (3 branch locations), a Mortgage Office in Dalton and Loan Production Offices in Paulding County, Georgia and Chattanooga, Tennessee. We have outlined 6 benefits to banking locally with a community bank:
- Personalized Service
From greeting customers by name as they walk through the door to being a life-long financial partner who is there with you every step along your financial journey as you open your first checking and savings accounts to purchasing your first home, a community bank offers personalized service and serves as a trusted and valued resource for a lifetime. In addition, community banks have the flexibility to adapt their offerings to the needs of their account holders as they are always keeping the best interest of their customers and community in mind.
- Lower Fees & Competitive Rates
Most community banks offer lower fees and more competitive borrowing rates than what large banks typically offer. This offers a direct benefit to you as the account holder and it also benefits all other account holders in your community by keeping more money in their bank account and in the local community. From CDs, Money Market and IRAs to Personal Checking Accounts and Business Checking Accounts, and Treasury Management Services, banking with a local community bank like First National Community Bank can help your money grow with lower fees than what larger banks typically offer.
- Local Decision Making on Mortgages, Small Business Loans and More
Whether it’s a small business loan, mortgage or other financial products and services, community banks make decisions based on what will best serve their customers and the communities they serve. This translates into products and services that best meet the needs of their customers and a fast and seamless loan approval process.
- Community Involvement
As businesses that support their communities, community banks can be instrumental in creating long-term positive changes for individuals and businesses through charitable programs and other volunteer opportunities that benefit the community. There is a strong focus on acts of service and charity to local individuals and organizations in need. Through charitable giving, employee-sponsored volunteer efforts and other programs, community banks provide direct local support to individuals and causes that face the greatest need in their area. These programs and initiatives strengthen the local economy, lift up community members in need and build a foundation for greater prosperity overall.
- Small Business Focus
Small businesses depend on the support of financial institutions to lay a foundation for their success. The benefits of community banks to local businesses are many and range from the speed and quality of the loan approval process to the collaborative approach small banks exemplify when helping businesses find success. Community banks are invested in their local areas and function more as partners with small businesses who have a genuine interest in their long term success.
- FDIC Insurance
FDIC insurance covers up to $250,000 per depositor, per insured bank, for each account ownership category. FDIC coverage starts automatically as soon as you open your account and protects deposits on your behalf. FDIC insurance covers many types of deposit accounts, including checking, savings, money market, and certificate of deposit (CD) accounts. As noted above, the current standard insurance amount is $250,000. First National Community Bank participates in the FDIC insurance coverage program on all of our deposit products.
It is important to note that not all financial institutions are FDIC-insured. Banks and savings associations that are insured by the FDIC will display the FDIC logo on their premises and websites. You can also visit the FDIC website to check to see if your bank is insured: https://www.fdic.gov/
FDIC Insurance Coverage Can also be maximized on Business Accounts with Insured Cash Sweep (ICS). For businesses, a smart, secure and convenient option to protect your assets is an Insured Cash Sweep. Insured Cash Sweep allows you to access FDIC insurance above $250,000 through a single bank relationship. Bank customers can access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility. ICS deposits are sent to other FDIC Insured ICS Network banks. Learn more about ICS by visiting the ICS page on our website: www.fncbank.com/ICS
You can read more about FDIC insurance and Insured Cash Sweep in our May 2023 Bog, What Is FDIC Insurance? – How Does It Work and How To Maximize It: https://fncbank.com/FNCB-Blog/entryid/665/what-is-fdic-insurance-how-does-it-work-and-how-to-maximize-it
Banking with a locally owned community bank is an investment in your community. As YOUR locally owned community bank of choice, the success of your financial future is top of mind. We offer Personal Checking Accounts, Money Market, Personal Savings Accounts, CDs, IRAs, Business Loans, Treasury Management Services, Mortgages, Personal Loans of all shapes and sizes and much more! To learn more about First National Community Bank’s financial solutions, contact us here.
Member FDIC. Equal Housing Lender.