The Largest Community Bank in Every State
Community banks have the ability to deliver personalized banking services to their constituents. Find out the largest community bank in your state.
Locally owned and operated, community banks deliver high-touch banking services to meet the particular needs of their constituents. That includes specialized products for depositors, as well as flexible lending solutions for small businesses and farms.
In the wake of industry consolidation in recent decades, community banks face daunting challenges. But they retain a significant market share, especially in smaller communities, and may be ripe for a comeback. Here we list the largest in each state.
Community banks are locally owned and operated, comprising 92% of FDIC-insured banks.
Known as “America’s Favorite Lenders,” they have long played an important function in fueling the nation’s economic growth by investing at the grassroots level, particularly in smaller and rural markets.
Indeed, they provide more than 60% of all small business loans, as well as 80% of agricultural loans.
But their services extend far beyond lending. Whether it’s low-cost banking, flexible decision-making, targeted products, or financial education, these banks help deliver the solutions needed for local communities to thrive in good times and bad.
The unique role of community banks is not lost on American consumers, 58% of whom prefer the more personalized experience they provide.
Despite that, community banks have been in decline for more than a decade, thanks to the regulatory changes in the late 1980s and the Great Financial Crisis of 2008.
But some observers believe they may be poised for a comeback. That’s because the same industry shakeup that devastated these institutions also left certain populations with unmet banking needs–needs that community banks may be well-positioned to meet.
What qualifies as a community bank?
Traditionally, community banks have been defined as those with assets under $1 billion. However, the Federal Deposit Insurance Corporation (FDIC) recently refined its model to include criteria related to lending and deposit gathering activities as well as geographic scope.
It is this data from which we determined each state’s largest community bank, shown in the table below.
|State||Bank Name||Dollar Assets Under Management||Offices|
|AK||First National Bank Alaska||3,706,753||28|
|AR||First Security Bank||5,397,456||78|
|AZ||BNC National Bank||1,000,024||14|
|DC||The National Capital Bank of Washington||480,707||3|
|DE||The Bank of Delmarva||759,078||16|
|FL||City National Bank of Florida||14,782,939||44|
|FM||Bank of the Federated States of Micronesia||171,815||4|
|GA||Metro City Bank||1,488,463||16|
|GU||ANZ Guam, Inc.||317,682||4|
|HI||First Hawaiian Bank||20,440,955||61|
|IA||Bankers Trust Company||4,572,352||24|
|ID||D. L. Evans Bank||1,569,175||31|
|IN||1st Source Bank||6,375,094||81|
|KS||Capitol Federal Savings Bank||9,552,356||58|
|KY||Community Trust Bank, Inc.||4,291,255||80|
|LA||Home Bank, National Association||2,198,885||39|
|MA||East Boston Savings Bank||6,260,609||35|
|ME||Bangor Savings Bank||4,447,239||59|
|MI||Mercantile Bank of Michigan||3,534,042||47|
|MN||Bremer Bank, National Association||12,559,980||87|
|MT||Stockman Bank of Montana||3,664,700||37|
|NC||Southern Bank and Trust Company||2,692,782||61|
|NE||Union Bank and Trust Company||4,205,230||36|
|NJ||OceanFirst Bank, National Association||8,092,941||64|
|NM||First American Bank||1,168,791||19|
|OH||First Federal Bank of the Midwest||3,188,619||43|
|PR||FirstBank Puerto Rico||12,367,251||67|
|RI||The Washington Trust Company, of Westerly||5,153,981||23|
|SC||The Conway National Bank||1,202,518||16|
|TN||Franklin Synergy Bank||4,235,250||14|
|UT||Bank of Utah||1,409,929||17|
|VA||Burke & Herbert Bank & Trust Company||3,003,568||25|
|VI||Merchants Commercial Bank||246,308||2|
|VT||Northfield Savings Bank||1,031,652||13|
|WI||Nicolet National Bank||3,037,536||38|
|WV||Summit Community Bank, Inc||2,241,017||35|
|WY||Bank of Jackson Hole||838,580||10|
Data Source: FDIC Community Banking Study Reference Data
Do other institutions offer the perks of community banks?
Even though Betterment is not a community bank (or a bank), we are equally incentivized to help you make the most of your money. In fact, as a fiduciary, we are legally required to put client interests first.
Betterment does not do lending, which permits us to focus explicitly on the cash management and investing needs of consumers.
Further, Betterment tailors our offerings based on your individual goals, as well as insights into your saving and spending patterns obtained by our cash-analysis tool.
We then go a step further, automating the money-movement process via our two-way sweep feature. It utilizes our cash analysis feature to monitor your linked checking account daily and aims to keep the account balanced.
When cash on hand grows beyond your immediate needs, Betterment’s investment platform helps make it easy and cost-effective to potentially earn higher returns.
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