Community banks stand out for their unwavering commitment to local economic growth and fostering genuine relationships with their customers. Far removed from the impersonal interactions of large national banks, we see you as more than just a name on a screen, but as a valued member of our community. As we strive to help our community flourish, we recognize the importance of empowering all individuals, especially those in underserved communities, to achieve financial stability and success.
Here are some key reasons why community banks play a crucial role in driving positive change:
- Focused Lending Practices: Unlike national banks, community banks like ours prioritize lending to Black individuals and those in low to moderate-income areas. This targeted approach ensures that marginalized communities have access to the financial resources they need to thrive. In fact, Black banks directed 65% of their lending to low to moderate-income communities in 2016, compared to just 14% from national banks.
- Championing Small Businesses: As advocates for small businesses, we are dedicated to providing the necessary support and resources for entrepreneurs to grow and succeed. From offering financial literacy programs to tailored business loans, we are committed to helping turn your business ideas into reality.
- Closing the Racial Wealth Gap: As the nation’s largest FDIC-insured Black-owned bank, we are deeply invested in tackling the racial wealth gap one transaction at a time. Through innovative initiatives and community-focused programs, we strive to uplift underserved communities and create a more inclusive financial landscape.
In 2023, we took concrete steps towards narrowing economic disparities and promoting financial inclusion through the launch of WiseOne™ Insights, an AI-driven tool that offers personalized financial guidance. This, coupled with our ongoing efforts to provide affordable financial services, has benefited over 100,000 new customers since 2021.
Our unwavering dedication to low-to-moderate income communities is exemplified by our consistent receipt of the Bank Enterprise Award (BEA) from the U.S. Department of Treasury. This recognition, awarded to us for the 12th time, highlights our commitment to community development lending, with over 60% of our loans directed towards supporting those in low-to-moderate income neighborhoods.
In a world where profits often overshadow purpose, community banks serve as beacons of hope and change. By prioritizing people over profits and championing economic equity, we are paving the way for a more inclusive and prosperous future for all. Join us in our mission to create a more equitable financial landscape for everyone.
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