How To Find a Community Bank Near You

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Where you choose to do your banking plays a huge role in your overall financial picture. Bank and credit unions near your community can be a good choice whether you are a small business owner or just looking to open a simple checking account. Community bank locations and local bank branches are often the cornerstones of your hometown, so it is time to find the best one both for you and near you. 

How To Find a Community Bank in 3 Steps 

Many local banks can be found through the Independent Community Bankers of America, which creates an environment where community banks can flourish. Outside of this, you can start your own hunt in your neighborhood by doing the following:

  • Step 1: Get a list of geographically close banks. 
  • Step 2: Research what your local bank does for your community.
  • Step 3: Choose a bank with the right accounts for you.

Step 1: Get a List of Geographically Close Banks 

In this day and age, convenient banking is a must, whether that means you find a bank near your home or near your work, the first step includes knowing all of your options. Data for any bank is publicly available as each branch must report the location of their deposits along with other regulatory information. 

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One convenient way to get a list of geographic locations of banks near you is to visit the Independent Community Bankers of America’s website and enter the zip code of the area you wish to bank in. Here, you’ll also be able to access government data on how the money is deposited and distributed throughout the community. 

Step 2: Research What Your Local Bank Does for Your Community 

A bank’s location can play a key role in not only the convenience factor but also its influence within the community, town or city it services. The social, economic and environmental impact it has is attributed to several factors including, but not limited to, the following:

  • Loans for such things as businesses, housing, construction or farms.
  • What percentage of the bank’s total dollars is invested in the community.
  • Public work loans, projects and securities.
  • Other monitoring by community banks.

Step 3: Choose a Bank With the Right Accounts for You

Whether it is online banking, a high-yield savings account, or you are looking for a loan to start a small business, make sure the bank you choose has the proper accounts to suit your needs. Make a list of what you need your bank to cover for your unique financial situation so you are prepared when opening an account with your new community bank. All community banks will cover the basics such as checking or savings accounts, but if you need more, make sure to do your research first. 

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Final Take 

Community banks obtain most of their core deposits from within the community they serve and focus primarily on providing traditional banking services as well as reinvesting money locally through such ways as giving loans to local businesses. When you deal with a local community bank it feels more like a relationship than a transaction. Finding the best branch near you can evolve your whole banking experience.

FAQ

Here are the answers to some of the most frequently asked questions regarding local banks.
  • How do you find a local bank?
    • One convenient way to find a local bank is to visit the Independent Community Bankers of America's website. Here you can enter the zip code of the area you wish to bank in.
  • Which banks are considered local banks?
    • Here are some examples of bank types considered to be local banks:
      • -Community banks
      • -Community development financial institution funds (CDFIs)
      • -FDIC-insured minority-owned or led banks
      • -Minority-owned or led credit unions
  • Is it better to use a local bank?
    • Though it depends on your banking needs, local banks do obtain most of their core deposits from within the community they serve and focus primarily on providing traditional banking services as well as reinvesting money locally.
  • Is Wells Fargo a local bank?
    • No, though there may be Wells Fargo branches located near you it is an American multinational financial services company with headquarters based in San Francisco and Manhattan as well as managerial offices throughout the United States and internationally.

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About the Author

Caitlyn Moorhead has written content for a variety of businesses and publications. After graduating from Central Michigan University cum laude, she moved to New York City where she wrote columns, articles and plays for several years before relocating to Austin, Texas in the fall of 2020.
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