Wall Street Banks versus Main Street Banks

While the financial crisis caused by large Wall Street banks rages on, it is the main street banks that are positioned to drive the recovery.  With small business employing as much as 80% of the work force, and small business financing coming in large part from community banks, it is your local community bank that will play a key role in the fix. 

If you aren't on a first name basis with your banker; if you can't walk into your bank lobby and recognize the staff; if you can't sit with your businesses banker and have them actually listen to your individual situation; then you need to find a community bank in your area.  I can't tell you how many business owners don't even have a business banker! They try and conduct their banking needs with whatever banker is around on the day they call in. 

Most importantly, community bankers are still lending while the regional and national banks long ago shut down their loan operations.  It is hard to understand how a bank can assist you or your business if they aren't willing to lend.  Continued access to capital is needed to fund economic growth which is what will ultimately result in recovery.

If you aren't a borrower, but are more of a saver, check your local community bank's savings rates and compare them to the big guys on every corner.  You will quickly realize that community banks are a better bet for your retirement savings as well.  Whatever you do, make certain when you invest your money, you get the benefit of FDIC insurance!  Now is not the time to start gambling.

Finally, beware of a wolf in sheep's clothing!  The regional and national banks all know that "community banking" is a benefit.  Many of them call themselves a "community bank".  It won't take you long in their lobby or with their staff to realize they aren't your brethren.  You won't see them sponsoring a local little league team, walking in the cancer walks, or contributing in any substantive way to overcome the social and economic challenges that every community faces.

Do yourself, your business, and your community a favor....bank with a community bank!  You deserve it.

www.cnbil.com