Idaho Trust: Why Choose a Local Idaho Bank

Visit any town in America and you’ll likely find at least one local community bank still in the heart of your destination.

With more banks to choose from than ever before, businesses and individuals looking for a new financial institution should consider the differences between a big national bank and local bank when deciding who to rely on for their financial needs.

Benefits of choosing a local Idaho bank

There are a number of benefits that local banks can provide to individuals, business owners, and the entire community they serve. They provide essential services, with many important positives that a national bank simply can’t compete with.

Entrenched in Idaho culture

As locally-owned and operated financial institutions, any small Idaho community bank that you choose will be committed to building their reputation and establishing themselves in the community they’re in. They understand the unique challenges that come with living where you do and all the cultural pros and cons that make Idaho special.

Building relationships with citizens and businesses

When you work with a local bank, the staff live in your community and are truly your neighbors. Wherever you’re building your home or business, those bank employees are people you can get to know, who remember your name, whose kids are likely at the same schools and extracurricular activities as yours.

Local banks are typically institutions that have been established for generations, like Idaho Trust in Boise and Coeur d’Alene who have been providing essential financial services to their communities for over 25 years.

With a local bank, you’ll get the personalized attention that you likely won’t find at a national bank. Whether it’s a cookie or cup of coffee offered when you walk in the door, or a familiar face who knows your name, local organizations pride themselves on truly knowing their customers and giving you the tailored advice you’re looking for.

Ethically minded

As members of the community, local banks have the best interests of your location in mind. They want to thrive as much as you and your businesses! As a result, they’re often more ethically minded than many larger banks.

However, being a significant part of the local community also means that these banks are typically held to much higher standards. They know that any decisions made have a tangible impact on what happens in your town or city.

Stability

It may be difficult to believe, but small local banks are actually less likely to fail than nationwide financial institutions. They’re typically more conservative when making big decisions, which sets them on a path to a greater chance of success, which is then passed onto you as the customer.

Studies have found that small banks are “systemically better equipped to handle both good and bad times”. While big banks have maximum profits in mind, community banks often lean into their roots because they have a stake in the success of the local economy. There’s a reason many local financial institutions have weathered numerous financial storms and are still serving their communities over 100 years since their founding.

Quicker local decisions

There are fewer times that are more frustrating than having to deal with financial bureaucracy, particularly when you’re trying to close a business or personal loan like a mortgage.

When you work with a local bank, decisions can be made in-house rather than referred to a different office, which means that you’ll benefit from a faster decision and an opportunity to talk to the people directly who are making the final call on your finances.

What can local banks do for Idaho businesses?

For most local banks, their success is tied to the success of the other businesses in your area. They spend years building relationships with business owners, networking, and getting to know the local market conditions that can help you as a business owner make smarter financial decisions.

Flexible business and commercial lending

No matter what your business needs, a local bank can help you find custom products and solutions. Typically, community banks hold more commercial loan options than bigger, nationwide banks. This means that you’ll be able to make use of better deals and possibly benefits like lower interest rates by working personally with your local bank.

Local business partnerships

Having spent years networking with other businesses in the area, the staff at your local community bank know who the right people are to connect you to outside of your financial needs. Or if there’s a product you need that they don’t offer but a local credit union does, they can help you all work collaboratively to invest in the success of your business.

One of the other big benefits of a community bank is how they reinvest their own time and resources. Whether it’s the staff volunteering at a community food bank or the whole organization helping to fund a school program, your local bank will likely be involved in ways to give back to others in your area.

Boosting the local economy

When one business succeeds, this opens the door for others to do the same. Your local community bank in Idaho helps keep money moving throughout all levels of your community.

Local businesses employ others in the area, keeping money in your neighborhood. When the local bank is a success, those profits stay in your community to help others move forward, too.

How can local banks personalize services for Idaho residents

Wherever you live in Idaho, having a local bank nearby can make banking much easier. The products offered will be geared towards the needs of Idaho residents, making it simpler for you to find products and services that work best for you.

Lower fees

As all decisions can be made in-house, community banks are often more flexible about the rates they offer on loans and the fees charged to maintain various accounts. For most customers, this means lower maintenance fees and more free account options to choose from.

Wide range of services

It’s easy to assume that a local bank won’t offer the same products and services that a national megabank might, but in most cases, the opposite is true.

Products are comparable to those that big banks offer but are uniquely tailored to the needs of your local community. On top of that, you’ll also get higher-quality service when you work with a local financial institution.

Work with a local Idaho bank for your financial needs

Local banks are an essential service in your community and provide a variety of high-quality services, unlike big banks. Your success is their success, so they’re invested in helping you find the best financial solutions for both your personal and business situation.

Talk to bankers and lenders who believe in you and want to see you succeed at Idaho Trust and open a new personal or business banking account today.