Reinvesting in your community sounds great, but how does one really put that into action? If you’ve ever wondered if it matters where you deposit your hard-earned money, let us assure you it does. Not only does banking locally support small businesses (community banks fund more than 60% of small business loans and more than 80% of ag loans), but as locally owned and operated businesses themselves, they are part of the economic engines that create 62 percent of new jobs annually. That’s powerful.
Community banks like Bank of the James take in deposits and distribute loans that feed into a self-sustaining micro-economy that keeps funds right here in the communities we serve. It is all part of a symbiotic relationship that community banks have with their communities. And the proceeds from those businesses employ residents, fund municipalities, and continue the cycle of locally based economic growth.
Smaller
Many people err towards commercial banks because they recognize the names or assume that “bigger means better” but local banks are able to focus their attention on the people who bank with them. Community banks like Bank of the James take in deposits and distribute loans that feed into a self-sustaining micro-economy that keeps funds right here in the communities we serve. Every local bank has a story for why they were founded, and this is ours: Bank of the James was founded in 1999 as we watched many of our local banks being taken over by large corporate banks and institutions. We saw the level of service and quality of banking available to our community erode as decisions were being made in other states, and customer service was defined by an automated message at the other end of a toll-free number. Smaller banks have a stronger culture within their company and usually have more positive employee attitudes. At Bank of the James, the relationship comes first so we can work on meeting your goals together.
Offer Personalized Service
Due to their smaller size, community banks have the ability to customize their services. You’ll also have access to real people to help you when you need it. When customers contact Bank of the James, you’ll be greeted by a talented team member who is attuned to your needs and empowered to act on your behalf. Branches are conveniently located for easy accessibility. Local bank officers are on site, but large bank CEOs can be hundreds of miles away.
Connected to the Community
Local banks care about the communities they are in, as they are designed to serve the residents. By investing in causes such as educational programs, youth enrichment, arts and culture, human services, and volunteering, community banks benefit multiple areas of the community. Large banks are typically detached both physically and emotionally from the locations they reside in. Bank of the James is enthusiastically committed to support our non-profits and other charitable efforts. We currently give to over 250 organizations across our service area. We care deeply and actively demonstrate this commitment by ensuring economic prosperity for the community we call home.
More Lending Flexibility
Smaller banks can offer more flexible loans, especially in the cases of small businesses (as local banks are small businesses themselves). Community banks can generally offer more commercial loans than big banks. Community banks like Bank of the James are preferred small business lenders, with an 81% net satisfaction score compared to 68% for large banks and just 43% for online lenders. Local banks are more likely to consider your character, family history and discretionary spending in the loan application, whereas big banks often apply impersonal criteria such credit history and credit scoring to make loan decisions.
Your Money Helps the Local Economy
Small businesses, which create jobs in your hometown, rely on local banks to get the financing money they need. When you bank at a community bank, you help keep the money in your town. Although small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending. Big banks, in contrast, are not tethered to the places where they operate. Indeed, they often use a community’s deposits to make investments in other regions or on Wall Street. Did you know that community banks operate in areas abandoned by others, serving as the only physical banking presence in nearly 1 in 3 US counties? Bank of the James is proud to remain strong and steady in these areas when big banks have left holes to fill.
Better Fees
Typically, local banks offer friendlier fees on checking accounts and other services. Some will even reimburse or waive out-of-network ATM fees. Bank of the James has no hidden fees throughout any of our services, so you always know what to expect.
You Are a Person
At a local bank, they care about you as a person rather than just your account. Community banks take in deposits and distribute loans that feed into a self-sustaining micro-economy that keeps funds right here locally. As locally owned and operated businesses themselves, they are part of the economic engines that create 62 percent of new jobs annually. Not only does banking locally support small businesses (community banks fund more than 60% of small business loans and more than 80% of ag loans), but the proceeds from those businesses employ residents, fund municipalities, and continue the cycle of locally based economic growth. Community banks are only successful if their customers and communities are, too.
Local banks may be smaller, but they have a profound impact on economic growth, job creation, and the well-being of the communities they serve. Thank you to our customers for putting your trust in us. For neighbors considering a switch, we invite you to take a closer look at Bank of the James to see how we can help you achieve your financial goals while supporting our community in many meaningful ways. Remember, we are all in this together.
