Most people think that all banks are the same. From the outside, we’re sure it looks that way. But as we celebrate Community Banking Month, it’s a good time to share the ways financial institutions differ to accomplish a wide range of goals.
- Large national banks—sometimes called megabanks—are best for similarly large corporations or projects with wide-reaching domestic and international dealings. Large national banks are almost always owned by institutional investors and often make decisions based on providing the best returns for shareholders without regard to local issues.
- Small private banks are owned by a person or family and typically have one location or a few very closely clustered locations. Resources tend to be limited, but local. They may struggle to attract qualified employees and provide them robust training. Focus is typically in-person interactions with very basic technology features.
- Online banks have low overhead and competitive rates and fees, but you must be comfortable managing your money exclusively online/digitally without any personal connections and usually cashless. This may be a good option for people who don’t want or need a physical bank nearby and have a very good internet connection.
- Community Banks usually operate within a defined geographic region and offer a more personalized experience balanced with current technology. With a focus on reinvesting back into the communities they serve, community banks often have special programs for small businesses, nonprofits, and local community groups along with robust services for individuals and families.
Each type of bank has a purpose. While there are definitely scenarios that are well-suited for very large or very small banks, we believe community banking is the best fit for most people and most businesses.
Benefits of Community Banking
Lake Ridge Bank’s official mission is “to build prosperous communities, one relationship at a time.”
Let’s look at seven ways Lake Ridge Bank helps build better and stronger places to live, work and play as a community bank serving Sauk, Dane, Green, and Rock counties in South Central Wisconsin.
- Our mission is focused on making our corner of the world better places to live and work. We understand that financial goals are often a surface level measurement for improving your health, professional goals, personal dreams, and family circumstances. We develop programs and products that meet your needs at each phase of life to serve the person rather than just your pocketbook.
- Your money stays in our local area, helping your favorite people and places thrive. Money deposited into our bank gets reinvested right here in South Central Wisconsin to support local growth and economic prosperity. We provide home mortgage loans to you and your neighbors, not for people three states away. We structure loans for the needs of local main street establishments, startups, and small businesses to give everyone a chance to contribute to what makes our communities special. And we champion local nonprofits with programs that support their unique needs.
- Decisions about bank operations, product offerings, and loan approvals are made locally by people who care about what happens because they live and work here too. Lake Ridge Bank is a widely held, publicly owned bank with roughly 1,400 local investors. The vast majority—more than 80%—of our shareholders are clients of the bank who live in the communities we serve. And 7% of our stock is part of our bank’s Employee Stock Ownership Program (ESOP), which means our associates are also owners and have a vested interest in your success.
- We give time, talent, and financial support to community organizations. From supporting food pantries to coaching little league, we encourage our associates to get involved in our communities by providing paid volunteer hours, by becoming active committee members or serving on a Board of Directors, and by requesting input on the causes we donate toward.
- We believe everyone rises together. As a community bank, we can look more holistically at your circumstances and often have more flexibility than a megabank to provide financial options for some who would normally get a “no” elsewhere. From farmers to first-time homebuyers and from nonprofits to new startups, we know that communities thrive when everyone gets an opportunity to succeed.
- You can manage all of your financial needs in one place. Lake Ridge Bank makes it a priority to provide a full banking relationship. We offer a complete line of financial products and services, including deposit accounts, card services, digital banking, fraud protection, personal loans and mortgage options, wealth management and financial planning, trust services, business loans, treasury management, executive banking, crop insurance, and agricultural loans. We aspire to support your financial goals at every age and stage of life by staffing specialized services at every physical location in addition to our robust online access.
- Banking should be easy and accessible. Whether you’re a college student or great grandparent, we want you to feel confident in managing your money. We provide the most modern digital banking services balanced with friendly face-to-face support. We offer products that keep new savers and spenders safe from the start, as well as Prime Time Plus membership to keep our older clients socially engaged and financially savvy.
Life is Better at The Lake
We truly believe that community banks are the essence of what helps our region prosper and flourish. It comes down to being a good neighbor, engaging and supporting each other through life.
We both had the unique experience of growing up with fathers and extended family who also worked in community banking. So, our bias is built upon generations of watching what is possible when banking becomes a community resource that provides encouragement and guidance versus outsourcing decisions and service.
We invite you to celebrate Community Banking by visiting one of our locations to enjoy our signature root beer available every day in every lobby. Lake Ridge Bank is a place to connect, collaborate, and create the kind of community we are proud of. Thank you for banking with us!
