Community Banks Build Better Communities

In honor of Community Banking Month in April, The Bank of Elk River and other community banks are shining a spotlight on community bank efforts to create economic prosperity for Americans in urban, suburban, and rural communities nationwide.

"As a financial service provider with deep community ties, we apply our local knowledge and financial expertise to help Elk River area residents reach their financial goals while supporting important causes that strengthen the local economy,” said Bill LaVigne, Chief Operating Officer at The Bank of Elk River. “The Bank of Elk River invites you to stop by one of our branches and learn how we’re working to improve our community and service your personal and business banking needs—whether you’re just getting started or are well established.”

Collectively, community banks make more than 60% of small-business loans, more than 80% of agriculture loans, and contribute tax dollars that help maintain local municipalities. Community banks:

• Are favored by small businesses, earning a 76% satisfaction score compared to 62% for large banks, 46% for finance companies, and 39% for online lenders. 
• Are committed lenders with loan growth that has outpaced noncommunity banks for a decade.
• Demonstrate safety and soundness with higher capital ratios and better loan quality than the largest institutions.
• Offer high-touch, high-tech service. This gives consumers access to modern-day conveniences and technical capabilities while maintaining the personal service for which community banks are known.
• Understand and embrace local small businesses. In fact, community banks made 60% of total Paycheck Protection Program loans to small businesses and provided 72% of PPP loans to minority business owners that reported such data.
• Give back to their communities. Community service is a way of life for community bankers as reflected in The Bank of Elk River’s giving philosophy. Last year, we donated more than $90,000 to local non-profit organizations, City event sponsorships, and local scholarships.

For more facts about community banks, click here.