The Independent Community Bankers of America released a statement Monday in which it argued the importance of community banks towards the economy.

According to the statement, community banks offer savings products and services to help their customers fulfill their financial goals.

One advantage of saving at a community bank, the ICBA argued, is that because they are local, they want to build lasting relationships with their customers so they work hard to deliver superior customer service.

Local community bankers understand community needs and continue to provide loans in their communities for housing, small businesses and other local economic needs, said Michael Menzies, ICBA chairman and president.

As locally owned and operated institutions, community banks are integral to their communities and engage in community reinvestment and development on a daily basis-one of our key missions is to ensure our local communities are vibrant and thriving.

We understand the needs of small business owners because community banks are also small businesses, Menzies continued,

Community banks are vital to small businesses, providing funding for their expansion and innovation. Small businesses have been and will continue to be critical for new job creation and economic growth in our nation.

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