Shop Local, Bank Local: 3 Reasons to Choose a Local Bank

By shopping local, residents are not only supporting other residents but the local economy as well. By keeping dollars local, this revenue is more likely to continue circulating locally than if the same money were spent at a big box store or chain. Shopping local helps create new jobs in the community, it reduces the environmental impact, and it adds to the local tax collection annually. This means more money for schools, parks, roads, and non-profits. So, we stick to the local butcher, the local diner, the local veterinarian, why should one choose a local bank?

1.      Lower costs – Smaller financial institutions can provide all the same services as big-name chains but with lower costs. On average, local banks, like McHenry Savings Bank, will offer better interest rates on home and used auto rates as well.

2.      Grow Local Economy - The largest 20 banks in the financial community control 57% of banking assets. Sadly, only 18% of their commercial loans are given to small local businesses. Small banks help small businesses start or grow by taking on these smaller financing loans. These loans are done face-to-face and banks develop relationships with these local businesses, not just with their check books. For local banks, it’s not all about dollars and cents. It’s about providing and bettering a community that they too call home.

3.      Investments vs. Gambling-  Big banks are busy trading on Wall Street generating big profits for themselves. Smaller banks, are more old-fashioned and choose to turn small loans and investments in revenue. This practice is safer for the bank and gives them more time to focus on what matters most, the community!

Since 1955, McHenry Savings Bank has been a proud supporter of all things local. With 3 local locations in McHenry, Richmond, and Johnsburg, MSB offers hometown amenities you won’t find at other big-name banks. We offeronline banking, investment services, personal and commercial loans, and more. We are open from 9 AM-5 PM Monday through Friday and 9AM – 1PM on Saturdays with additional hours for our convenient drive-up services.