April 1, 2017
Where you choose to bank matters.
Your choice of bank is your vote on where your money goes. Are your hard-earned deposits reinvested back into your local Maryland community? Or are they sent off to a banking hub in another state or halfway around the world? [See ICBA’s new Community Banking: Know the Difference video, which helps break it down.]
As more consumers realize the benefits of keeping their money local, banking locally right here in Anne Arundel County and Baltimore City can go a long way in helping your local community thrive.
For example, when you deposit funds into a community bank, you can trust that your money is being redistributed back into your town in the form of loans to fellow residents and entrepreneurs. This cannot be said for megabanks. Who knows where that money is going or what it’s powering?
During April, which is Community Banking Month, take a minute to think about where you bank and how your money has the power to make a meaningful impact on our community. From family businesses to local farms to craftsmen, banking locally with a community bank connects you to your community and your neighbors and gives everyone a stake in its financial success. Here are a few reasons why:
- Community banks respect the communities we serve by doing right by their customers and community. Community banks and local communities have symbiotic relationships—one cannot thrive without the other.
- Community banks are relationship lenders. They know their customers and understand their financial needs, unlike larger institutions that take a transaction-based approach to banking.
- Community banks understand and celebrate local economies. As small businesses themselves, community banks are an unequivocal resource for entrepreneurs looking to launch a local small business. A study from seven Federal Reserve Banks found that small businesses that apply for loans with community banks are the most successful and most satisfied.
- Community banks give back. Serving local communities is second nature to community banks. At Arundel Federal Savings Bank, we take pride in making our community stronger through various service projects such as: Annual Charity Golf Tournament benefitting local students; March for Babies Greater Baltimore; Operation Christmas Child; Community Resource Festival and more.
At Arundel Federal Savings Bank, we have the privilege of serving local residents and their families by making loans that help them buy a home, pay for a vehicle, or send a child to college—whatever it is, we’re there and happy to lend a hand. We also have the honor of serving many of our town’s small businesses through loans to help them get started, grow and succeed.
Making our community better and stronger is something that we all have a stake in. We hope you will join us in continuing to make Anne Arundel County and Baltimore City thrive and prosper for years to come!