Three Reasons Why Small Banks Are a Big Hit

Community banks offer an attractive alternative

3) Personal service. You don’t have to shop the Internet to find a community bank. Chances are, you can walk around the corner and find one of those 50,000 branches.

Sure, your local community bank might offer half a percentage point less on a money market deposit account than you could find online: that’s $50 a year (before tax) for every $10,000 you keep there. In return for giving up a smidgen of yield, you have the opportunity to deal with real people, face-to-face, and to resolve any problems personally.

What’s more, your local bank might offer you the best (or only) deal you’ll find. “Officers and directors of local community banks have often lived in the same small town their entire lives,” says Bedda D’Angelo, president, Fiduciary Solutions, a financial planning firm in Durham, North Carolina. “If you start hanging around the local Chamber of Commerce, you will meet attorneys, realtors, and bankers who went to school together and do business together. One of my former clients bought her house from a realtor who talked the executive lending officer of the community bank into approving a mortgage. The transaction would never have met Fannie Mae standards but she got her loan.”

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  • It is very important that you find out whether or not your bank large or small is carrying the new FDIC deposit limits before making any rash decision regarding large or small(Hometown)banks. Credit Unions and a Smaller servicer seem to have a better grip on personalized business relations with depositors within there community… Mainly, being that the relationships are upfront and personal in bank and community oriented. Someone that they can have walk in.
    When it comes to Home Loans you need to research with both the banking side and the brokerage sides to see who will be more applicable. The bank on has one set of guidelines and program; while the broker has several lending institution and banking realtionships to give you several option(s) that will never be offered through principal lending. The advice is well recommended and worth the work… Your bank may deny you; but the brokerage may find a suitable lender fit for your personalize needs…

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    Calvin Kyles, Origination/Broker
    Sunset Mortgage Co
    Oregon, Washington, & Idaho

    Helping one family at a time…

  • great points on home financing. I Look forward to reading more here in the future.

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