Why a community bank over a super regional commercial bank?
The main focus for a community bank is providing the products and services that best serve the consumers in their community. This means a product line that provides the anticipated return for the consumer, earnings net of fees. Community banks generally provide higher APYs at lower minimum balance requirements and at lower monthly account fees, if any. Since this is how we generally do business, community banks don’t make a big fuss out of it as do commercial banks. And while community banks are not the technological trend-setters, we do recognize and adopt proven technological advances as basic bank services. We do however find ourselves needing to use the word “FREE” as often as commercial banks because it’s the “squeaky wheel that gets oiled.”
A note on the APY: Unlike the APR (annual percentage rate disclosed on loans), the APY (annual percentage yield disclosed on deposits) does not take into its calculation any related account fees. Account fees could reduce your earnings. For this reason, you should take care in estimating the size of the deposit balances you will likely hold as well as the amount of activity. Match this against the required account disclosure statements and fee schedules. Only then will you be able to determine which bank product is right for you.
On loans, community banks face stiff competition not only from commercial banks but also from mortgage companies, both of who aggressively advertise. Just compare our APRs and the types of loans against those of competing mortgage companies and commercial banks. Community banks tend to offer the more stable basic loan products AND at competitive APRs. Gibraltar prides itself in helping our borrowers: attain their goals and to close within the time frame to obtain the applied for rate.
For these reasons, as a community bank, Gibraltar has the loyalty and return business of its long time deposit and loan customers - not to mention that our professional, courteous, personalized customer service also makes a satisfied customer.
Thank you for visiting our website. We hope to earn your business.
