Continuing a longstanding tradition of stability and service, the Board of Directors of The First National Bank once again reaffirmed their commitment to remaining an independent, community bank. At a meeting held on June 9, 2015, each Board Member signed the Bank’s Declaration of Independence – a document that ensures Bucks County will continue to have a locally owned and operated bank dedicated to the community it serves.
Why are we committed to community banking?
First, let’s look at what makes a bank a community bank. This type of bank is defined as a locally owned and operated depository institution with between $1 million and $10 billion in assets. Community banks are also defined by their strong focus on people and businesses within the communities where the banks operate. Using their unique understanding of the local business and financial climate, community banks can make lending decisions that better serve the needs of their customers.
This focus was recently underscored by Daniel J. Schaffer, President/CEO of The First National Bank. “We believe in Bucks County and in the many individuals and businesses that live and work here,” said Schaffer. “Our commitment to independent community banking remains firm; it is what drives us and will continue to lead us into the future.”
We know Bucks County.
Founded in 1864, The First is Bucks County’s oldest and most established bank, with twelve branches county-wide. The decision to remain independent is an important one because it gives The First the freedom to support local business ownership and operation. It also supports the Relationship Banking model where personal knowledge of the customer plays a major role in determining creditworthiness. The Relationship Banking model often makes it easier for business owners to borrow the capital they need to expand their businesses and foster a more robust local economy.
The First is committed to helping local businesses grow. Find out more about business loans here: http://www.fnbn.com/business/business-lending/
How does your independent bank benefit the community? Let us know in the Comments section.