By: Ginger Nye, American Bank of Texas, SENIOR Magazine (Texoma Edition)
April was Community Banking Month. As Washington DC seeks solutions for the current economic crisis, community banks stand ready to support local economies. With nearly 23,000 locations nationwide, they are well-capitalized, local financial powerhouses that are ready and able to help mobilize local economies which are the lifeblood of the nation’s economy.
Community banks actually constitute 98% of all federally insured financial institutions. Their assets range from less than $10 million to a few billion dollars. Community banks should not be confused with the behemoth institutions that spurred the economic crisis. Rather they are rooted in the communities they serve; Main Street, not Wall Street. And American Bank of Texas is one with the unique spirit that makes it, along with other independent community banks, the foundation of communities in cities throughout America
“Local deposits are put to work locally to develop small businesses, purchase and repair homes and finance college educations,” said Wes Shelton, President/CEO of American Bank of Texas. “Our bank officers and employees reside in the same neighborhoods as our customers, shop in the same stores, attend the same churches and send our children to the same schools. We take active roles in making our local communities better places to live by participating in civic and charitable events.”
Because community banks are small businesses, bank officers understand the needs of small business owners and are better able to make lending decisions based on firsthand knowledge of the local economy. The decision makers at community banks such as American Bank of Texas are accessible to customers and are willing to consider character, family history and discretionary spending in making loans. The goal for a community bank is to build relationships rather than simply process transactions. Rather than shifting funds away from local economies as the biggest banks do, community banks channel most of their funds into loans within the neighborhoods where their depositors live and work.
American Bank of Texas has over a billion dollars in assets with 16 branches in 11 cities in North Texas, employing over 300 people. More information is available at www.abtexas.com.
The author is an employee of American Bank of Texas and may be reached gnye@abtexas.com or by calling 903-813-5762.
