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A growing number of bank customers are moving their money from large institutions to community banks, according to a new Wall Street Journal report.
Report Details: The report says many consumers are making the switch to gain greater face time with bankers and better rates, leading community banks to outpace the broader banking industry on deposit growth. It features several community bank customers who have moved their funds because they prefer banking locally.
Growing Momentum: The Wall Street Journal report follows a recent New York Times article that points to ICBA’s BankLocally.org search tool that allows consumers to find a community bank in their neighborhood, showing growing momentum for banking locally.
ICBA Campaign: ICBA educates consumers on the benefits of banking locally via its ICBA National Campaign, which offers numerous assets to differentiate and elevate community banks from other financial institutions. A subgroup on the campaign is available on ICBA Community.