April is Community Banking Month
One of my Economics Professors liked to say that people vote with their feet. Where you choose to bank is a vote on where your money goes. Your hard-earned deposits are either reinvested back into our community or they aren’t. I challenge you to think about how banking in Gothenburg can go a long way to help our community prosper.
When you deposit funds into a community bank, your money is being invested back into Gothenburg in the form of loans to fellow residents and entrepreneurs. We also help finance local projects by purchasing municipal and school bonds. This cannot be said for big box banks. Who knows where that money is going or what it’s financing? By the way, does the entity that you bank with pay a comparable share of income taxes on their profits that community banks do?
Since 1906, First State Bank has had the privilege of serving Gothenburg residents and their families by making loans that help them buy a farm, home, business or vehicle. We’ve served many of the local farms and Ag related business that have been part of our community for generations. During April, which is Community Banking Month, I encourage you to think about where you bank and how your money has the power to make a meaningful impact on our community. Consider the following points:
- Relationships Matter. Community bankers know their customers and understand their financial needs, unlike some larger institutions that take a transaction-based approach to banking. You are more than a number to a community bank. We take the time to get to know you personally.
- Local Economies Matter. Community banks are small businesses. We are also a resource for entrepreneurs looking to launch a small business. A recent study from seven Federal Reserve Banks found that small businesses that apply for loans with community banks are the most successful and most satisfied. By the end of April, First State Bank will have had a hand helping three small businesses open their doors to Gothenburg residents in 2018.
- Giving Back Matters. First State Bank recently hosted the 25th annual community Easter Egg Hunt. We are now preparing to participate in Teach Children to Save Day at Dudley Elementary. An event we have been a part of for over 20 years. In 2017 we hosted a Solar Eclipse party for the entire community to enjoy. Since 2014, our employees have donated almost $10,000 to various charities, organizations, or people in need in our community through our monthly jean day donations. And as you walk through the doors of the brand new YMCA this month, appreciate the vision of our employees and Board of Directors who made it possible for First State Bank to be the first to pledge $500,000 to this project.
Making our community better and stronger is something that we all have a vote in. We hope you will join us in continuing to make Gothenburg thrive and prosper for years to come!
First State Bank
Posted on Wed, April 4, 2018
by First State Bank