During the COVID-19 pandemic, banks are considered an “essential” service provider. Overall, the media has done a good job acknowledging and showing appreciation for the well-deserved work and commitment of our “essential” service providers across the Country. That said, the role of Community Bankers, who are also an “essential” group, is routinely omitted in the media’s 24/7 coverage of this tragic and historic event.
For those who do not know, it is Community Banks and not the Big Box Banks that have done most of the heavy lifting to support individuals and small businesses across America during the pandemic. It is Community Banks who have executed and delivered, almost overnight, the much-needed relief to so many of those small businesses who are in dire need of financial assistance.
On a personal note, I have had the opportunity to watch in awe as our team at TFNB Your Bank For Life has organized and stepped up to continue delivering excellent uninterrupted service to our customers. This is especially true of our entire loan staff, and many others who have for weeks now been working diligently, almost around the clock, to prepare and fund loans for the Payroll Protection Program (PPP). These loans help our small business customers retain their employees in gut-wrenching attempts to hold onto their businesses until this crisis stabilizes. We have a very strong and relatively young team. They are intelligent, resourceful, capable, and absolutely put to rest any and all concerns regarding the work ethic, commitment, and abilities of our younger generation.
Please understand the role they play and support locally owned Community Banks. They have been there for you over the years, are here for you today, and will be there for you tomorrow!
President & CEO
TFNB Your Bank For Life
State of Community Banking
- 5,037 Community Bank charters active across all 50 states
- Community Bank Consolidation Rate = 4.4% YoY 2019.
- Net reduction of 232 bank charters.
- Community banks represent 97% of the banking industry.
- 2,496 Community Banks headquartered in smaller, rural counties with populations < 50,000.
Several states stand out with significant numbers of Community Banks:
- Texas – 413 Community Banks – down (19), or (4.4)% YoY.
- Illinois – 409 Community Banks – down (20), or (4.7)% YoY.
- Minnesota – 280 Community Banks – down (12), or (4.1)% YoY.
- Iowa – 273 Community Banks – down (15), or (5.2)% YoY.
- Missouri – 245 Community Banks – down (8), or (3.2)% YoY.
- Kansas – 227 Community Banks – down (8), or (3.4)% YoY.