Community Banks: A Vital Part of the Wichita Community

Financial Stability and Economic Growth

Community banks play a critical role in the financial stability and economic growth of Wichita. They provide essential banking services to individuals, families, and businesses in the community. According to the Federal Reserve, community banks hold approximately 20% of all bank deposits in the United States. This makes them a significant source of funding for local businesses and entrepreneurs.

Community banks are also more likely to approve small business loans than larger banks. A study by the Independent Community Bankers of America found that community banks approved 55% of small business loan applications in 2021, compared to only 27% of applications approved by large banks. This is because community banks are more familiar with the local economy and the needs of small businesses in their communities.

In addition to providing financial services, community banks also contribute to the economic growth of Wichita by investing in the community. They often support local businesses, non-profit organizations, and community development projects. For example, Community Bank of Wichita has invested over $1 million in local businesses and community development projects in the past five years.

Personal Service and Local Decision-Making

One of the biggest advantages of community banks is their personal service. Bank employees are often familiar with their customers and their financial needs. This allows them to provide tailored advice and support that meets the specific needs of each customer.

Community banks are also more likely to make decisions locally. This means that they can respond quickly to the needs of their customers and the community. For example, during the COVID-19 pandemic, community banks were able to quickly provide financial assistance to businesses and individuals in need.

Finally, community banks are committed to the communities they serve. They are often involved in local organizations and events. This helps them to build strong relationships with their customers and the community. As a result, community banks are more likely to be there for their customers when they need them most.

Effective Strategies for Community Banks

To remain competitive and continue to play a vital role in the Wichita community, community banks must adopt effective strategies. These strategies include:

• Investing in technology: Community banks must invest in technology to improve their efficiency and customer service. This includes offering online and mobile banking, as well as other digital tools.
• Expanding their product and service offerings: Community banks should expand their product and service offerings to meet the evolving needs of their customers. This includes offering financial planning, wealth management, and other specialized services.
• Partnering with other businesses: Community banks should partner with other businesses in the community to cross-promote their products and services. This can help them to reach a wider audience and grow their business.
• Investing in their employees: Community banks should invest in their employees by providing them with training and development opportunities. This will help them to attract and retain the best talent.

Stories of Community Bank Success

Here are three stories of community bank success in Wichita:

• Community Bank of Wichita: Community Bank of Wichita is a locally owned and operated community bank that has been serving the Wichita community for over 100 years. The bank has a strong commitment to customer service and community involvement. In 2021, Community Bank of Wichita was named the Best Bank in Wichita by the Wichita Business Journal.
• Intrust Bank: Intrust Bank is a locally owned and operated community bank that has been serving the Wichita community for over 50 years. The bank has a strong focus on small business lending and community development. In 2022, Intrust Bank was named the Best Bank for Small Business in Wichita by the Wichita Business Journal.
• Spirit AeroSystems Federal Credit Union: Spirit AeroSystems Federal Credit Union is a community credit union that serves the employees of Spirit AeroSystems and their families. The credit union has a strong commitment to financial education and community involvement. In 2023, Spirit AeroSystems Federal Credit Union was named the Best Credit Union in Wichita by the Wichita Business Journal.

What We Can Learn from These Stories

These stories of community bank success teach us several important lessons:

• Community banks are committed to their customers and the communities they serve.
• Community banks are innovative and adaptable.
• Community banks are essential to the financial stability and economic growth of Wichita.

How to Support Community Banks

There are several ways that you can support community banks in Wichita:

• Bank with a community bank. When you bank with a community bank, you are helping to support a local business and the community it serves.
• Shop local. When you shop local, you are supporting businesses that are owned and operated by your friends and neighbors. This helps to create a vibrant and thriving community.
• Get involved in your community. Volunteer your time or donate to local organizations. This helps to strengthen the community and make it a better place to live.

Why Community Banks Matter

Community banks are essential to the financial stability and economic growth of Wichita. They provide essential banking services, support local businesses, and invest in the community. By supporting community banks, you are helping to make Wichita a stronger and more vibrant community.

Benefits of Banking with a Community Bank

There are many benefits to banking with a community bank, including:

• Personal service: Community bank employees are often familiar with their customers and their financial needs. This allows them to provide tailored advice and support that meets the specific needs of each customer.
• Local decision-making: Community banks are more likely to make decisions locally. This means that they can respond quickly to the needs of their customers and the community.
• Commitment to the community: Community banks are committed to the communities they serve. They are often involved in local organizations and events. This helps them to build strong relationships with their customers and the community.

How to Switch to a Community Bank

If you are considering switching to a community bank, here are a few steps you can follow:

1. Research community banks in your area. There are many community banks in Wichita to choose from. Take some time to research different banks and find one that meets your needs.
2. Visit the bank in person. This will give you a chance to meet the staff and get a feel for the bank's culture.
3. Open an account. Once you have found a community bank that you like, open an account. You can often do this online or in person.
4. Switch your direct deposit. Once you have opened an account, switch your direct deposit to the new bank. This will ensure that your paycheck is deposited into your new account each month.
5. Close your old account. Once you have switched your direct deposit, you can close your old account.

Conclusion

Community banks are an important part of the Wichita community. They provide essential banking services, support local businesses, and invest in the community. By supporting community banks, you are helping to make Wichita a stronger and more vibrant community.