Tips & Resources

Community Bank Relationships

Community Bank Relationships

When asked to identify the quintessential ingredient that makes community banking special, we do not hesitate to answer “relationships.” And it has never been more apparent than over the past several months when we reached out to the community during the coronavirus pandemic to communicate that the bank was open for business and ready to serve in an hour of need.

It is what we have always done at The Bank of Elk River, where our focus exclusively remains on delivering the products and services our customers want. All the while, our local roots, and accountability ensure our interests remain tied to our neighbors here in our community.

At The Bank of Elk River, we work with our customers to help them realize their financial dreams, whether opening a business, purchasing a home, or planning for retirement. And we nurture our community by donating time and money to important causes and contributing tax dollars that help maintain local municipalities—all of which help keep local neighborhoods viable and vibrant.

We work hard to stay attuned to the needs of our community by remaining in your corner. This dedication to creating healthy, strong communities has helped the community banking industry flourish and has maintained our well-earned reputation as relationship lenders. Here are the facts:

  • Community banks are economic first responders, processing more than 57 percent or 2.8 million loans as part of the Small Business Administration’s Paycheck Protection Program, saving an estimated 33.7 million jobs.
  • Community banks outpace large banks in their average number of banks operating in rural and urban markets by a 3:1 ratio.
  • Community banks are preferred small business lenders, with a 73 percent net satisfaction score, compared with 58 percent for large banks and 37 percent for online lenders.
  • Community banks have consistently demonstrated their safety and soundness with higher capital ratios and better loan quality than the largest financial institutions.
  • Community banks operate in areas abandoned by others—serving as the only physical banking presence in nearly one in three U.S. counties.
  • Community banks focus a relatively large share of their resources on low- and moderate-income tracts.

But it is not just about stats. When customers contact The Bank of Elk River, they are greeted by a talented team member attuned to their needs and empowered to act on their behalf.

And when our employees log volunteer hours or when The Bank of Elk River contributes to a cause, we are working toward our goal to ensure economic prosperity for the community we call home.

In an era where bigger is not always better, high-tech does not necessarily equate to high touch, what we think of as “normal” is in flux. At The Bank of Elk River, we pledge to remain focused on the all-important relationship and the personalized service our customers expect. It has been integral to our success for 136 years and is how we will continue to build a legacy that endures.

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