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While some industry watchers might apply the term “community bank” to the nation's largest financial institution, the truth is community banks cannot be replicated by megabanks, ICBA Chairman Lucas White wrote in a new American Banker op-ed (subscription required).
Details: In the BankThink op-ed, the president of The Fountain Trust Company in Covington, Ind., countered a previous American Banker column touting JPMorgan Chase as a community bank because it is opening branches in local communities as part of a broader push into larger metro areas.
The Difference: “Despite branching initiatives at any of the megabanks, the community banking business model is built upon authentic relationships and continued investment back into local communities — a decidedly different model from that of the largest institutions,” White wrote.