Most locally owned banks offer the same array of services, from online bill paying to debit and credit cards, at much lower cost than big banks. Average fees at small banks tend to be substantially lower than at big banks, according to national data. Studies show that small financial institutions also offer, on average, better interest rates on savings and better terms on credit cards and other loans.
Small businesses, which create the majority of new jobs, depend heavily on small, local banks for financing. 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, meanwhile, allocate relatively little of their resources to small businesses. The largest 20 banks, which now control 57 percent of all bank assets, devote only 18 percent of their commercial loan portfolios to small business.
At local banks, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with their customers, and understand local needs. Because of this personal knowledge, local financial institutions are often able to approve small business and other loans that big banks would not.
The primary activity of almost all small banks is to turn deposits into loans and other productive investments. Meanwhile, big banks devote a sizable share of their resources to speculative trading and other Wall Street initiatives that typically generate big profits for the bank, but provide little economic or social value for our local economy.
The health of local banks impacts the health of our communities. This is why local banks are involved in their communities. Big banks, in contrast, are not as connected to the places where they operate. Larger banks use a community’s deposits to make investments in other regions or on Wall Street.
MidAmerica National Bank cares about you, your business and the health of our community. At MNB, we know there’s no substitute for having a face-to-face conversation with an experienced banker dedicated to helping you prosper. Whether you’re starting or expanding a business, looking for a home mortgage, or seeking a more personal banking relationship, our team uses our “We Can Do That” spirit everyday to provide you with the finest banking experience possible. Banking with MNB means that you’re helping our local community thrive. Our deep roots and local market know-how provide you with timely decisions and innovative banking solutions to save you time and money. It is with great privilege that MNB actively supports a variety of local organizations throughout our communities and works hard to maintain your trust. After all, we’re not just bankers, we’re your neighbors.
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