The iBankLocal network is currently limited to banks in Northern California. New areas will be added soon.
Before you open a new account at any financial institution, understanding your deposit insurance coverage is essential.
The FDIC insures bank deposits up to $250,000 with additional coverage for joint accounts and retirement accounts. Many non-interest bearing personal and business accounts are completely covered. For more information about FDIC insurance coverage visit the FDIC site or talk to your banker.
If you are considering a relationship with a bank as an individual or business owner with loans or deposit accounts over the insured amount, we recommend that you research the bank's financial health prior to moving your accounts.
What Is Community Banking?
There are nearly 8,000 community banks1 with more than 50,000 locations throughout the United States – in fact, community banks constitute 97% of all banks. Here are some facts about community banks:
- Community banks are the primary source of lending for small businesses and farms.
- Even though they compose just over 23% of the banking industry by assets, community banks made 67% of outstanding loans to small businesses.
- Government reports show small business lending rose slightly at institutions with assets of less than $1 billion between June 2008 and June 2009 and fell more than 4% at institutions with assets of more than $100 billion.
- Community banks’ boards of directors are made up of local citizens who want to advance the interests of the towns and cities where they live and where their banks do business.
- Most community bank loans benefit the neighborhoods where depositors live and work.
- Research has shown average fees for checking accounts and other depository services are lower at community banks than at large, multi-state institutions.
- Community banks are themselves small businesses, so they understand the needs of small-business owners and mid-size businesses.
- Community banks offer a wide range of banking services and products designed to meet the needs of consumers and business including:
- Anytime, anywhere electronic banking
- ATMs, often with access to surcharge-free networks
- Cash management services for businesses
- Checking, savings and investment products
- Credit and debit cards
- International banking services
- Lines of credit
- Merchant card services
- Mobile banking
- Mortgage and consumer loan products
- Real estate lending
- Remote deposit services for businesses
- SBA loans
- Small and mid-size business lending
When you switch to a community bank you’re directly supporting your community. It’s easy to switch your personal accounts, just ask how when you call or visit a local bank.
1Including commercial banks, thrifts, stock and mutual savings institutions. The definition of a community bank is typically under $10 billion in assets.
