Choosing a community bank puts the bank closer to where you live and play. It is a small business with a personal feel that builds relationships with it clients. There is just something comforting about going to a place where the people know you, your kids go to school together, they know the local businesses and understand where you are coming from. But there is more to banking with a community bank, much more. Here are five compelling reasons to choose a community bank.
1. Community Banks Support the Local Economy. Small business is responsible for creating many new jobs and they depend heavily on community banks when it comes to financing. While local banks control less than 25 percent of all bank assets, they are responsible for more than 50 percent of all small business lending. Small businesses actually get very little from larger banks. The top 20 largest banks in the United States control more than half of all bank assets. However, of their commercial loan portfolios a mere 18 percent goes to small business.
2. Community Banks Create Productive Investment Opportunities. When you choose to bank locally you are investing in a community …
June 15 is World Elder Abuse Awareness Day and the Independent Community Bankers of America® (ICBA), the Senior Housing Crime Prevention Foundation (SHCPF) and First Farmers State Bank want to provide the following suggestions for preventing the disturbing trend of elder financial abuse:
- Secure all of your valuables in a bank safety deposit box. These valuables can include your Social Security card, passports, credit card account numbers, will and other legal documents, financial statements and medical records. Contact your nearest First Farmers State Bank location for box availability and current rental rates.
- Do not give financial information to callers that contact you and claim to be from established organizations such as your bank or credit card companies, especially if they ask you to wire funds or send them private information. If you are concerned about your bank account, contact First Farmers directly.
- Check your bank accounts and bill statements carefully. You can check them online so you can zoom in easily in case you need to make the statement larger for easier reading. If you notice unauthorized charges, alert First Farmers immediately. If you would like to receive your statement electronically from First Farmers (delivered as …
Warmer weather ushers in bike rides, barbeques, home improvements... and home purchases! Before you start seriously house shopping, First Farmers urges you to consider the following tips so that purchasing your dream home doesn't become a nightmare:
- Know your monthly income and budget, including how much you spend on rent, utilities, entertainment, clothing, food and transportation.
- Discuss your finances with a First Farmers State Bank lender before you begin looking for a home. It is important to stay within your means when purchasing a house.
- Gather and organize paperwork and documents. Items you should have readily available include paycheck stubs, W2 forms, tax returns and bank and investment statements for the past two years.
- Check your credit report so you are aware of what your current credit score is before applying for a loan. Credit reporting agencies must give you one free report annually.
- Maxing out credit cards or falling behind on other loan payments could create issues when applying for a mortgage. Keep tabs on your spending habits before applying for …
First Farmers State Bank would like to congratulate all of the 2014 high school and college graduates!
Maybe you're a student wishing to further your education. Perhaps you've earned your degree and are ready to enter the work force. Or maybe you have younger children who look to attend college in the future. Whatever station in life you are at, know that First Farmers' employees are here to help with the banking and financial needs you may have.
College Saver CDs, 529 Education Accounts, a checking account with Visa Check Card, a home loan to help you settle into your post-school life... wherever you find yourself right now, we are dedicated to tailoring solutions to best fit your needs.
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