Don’t Underestimate the Value of a Hometown Bank
Across America, hometown community banks have long been among the strongest pillars supporting our free enterprise system. While they may not have the size or national recognition of giant financial institutions, they have something many larger organizations cannot duplicate: personal relationships with the people and businesses they serve.
For generations, community banks have provided the capital that allows entrepreneurs to open new businesses, expand operations, purchase equipment, buy inventory and create jobs. They have helped countless families purchase homes, finance farms and ranches, and weather difficult economic times.
America’s free enterprise system has rewarded hard work, innovation and determination. It has made our nation the most prosperous and successful economy in history. Immigrants who come here legally seeking opportunity have started businesses, built companies and achieved remarkable success because our economic system encourages initiative and rewards those willing to work hard.
Community banks have quietly been partners in those success stories.
Unfortunately, the banking industry is changing rapidly.
Across the country, independently owned community banks are disappearing as they are purchased by larger regional and national financial institutions. While mergers may make business sense in corporate boardrooms, communities often lose something valuable when local ownership disappears.
I was reminded of that last Friday while attending the 31st anniversary celebration of First American State Bank in Greenwood Village. President and CEO Jay Davidson welcomed customers personally, just as he has done for more than three decades. Alongside him were his wife, Kristina and their daughter Michelle, greeting customers as they arrived and making everyone feel welcome. It wasn’t just an anniversary celebration. It was a gathering of neighbors.
That is something special.
When I walk into the bank, the tellers know my name. I know theirs. There is comfort in doing business with people who understand the community, know their customers and genuinely care about their success.
Jay Davidson has built more than a successful bank. He has built a community institution. Throughout the years, First American State Bank has supported local nonprofits, including Volunteers of America and the Cherry Creek Schools Foundation. The bank has invested not only in businesses but also in the quality of life throughout our community.
As I looked around the room Friday, I couldn’t help but think that community banks like this are becoming increasingly rare. My hope is that independently owned banks will continue to prosper and remain locally controlled. Once local ownership is lost, it is seldom regained.
America’s hometown banks deserve our appreciation. They continue to believe that banking is about more than transactions. It is about trust, relationships and helping neighbors succeed.
Congratulations to Jay Davidson, Kristina, Michelle and the outstanding employees of First American State Bank on celebrating 31 years of service. May there be many more anniversaries to come, and may hometown banks across America continue to serve as the financial backbone of the communities they proudly call home.