From the “too close to the forest to see the trees” department:

You wear your community bank brand every day, and you wear it very well. You have earned it several times over and keep growing it, often without conscious effort. You are banking the only way you want to bank: through strong personal relationships built on trust and unceasing efforts to retain that trust.

And research clearly shows that your efforts are acknowledged by the public. Over the past decade, survey results have consistently reflected your good work. In ICBA’s recent filing with the CFPB “regarding Relationship Banking and Customer Service,” three charts quantify the high level of success you see and sense daily in your bank. In general, customer satisfaction, satisfaction with lenders, and the fewest challenges with lenders, community banks lead the way among all banks and online lenders.

This is no surprise. Although minor, one of the few positive outcomes of the Great Recession was the recognition among almost every stakeholder that community banks did not cause the crisis. Fast forward to the pandemic crash, when community banks were the clear champions of the PPP. The aura of your performance still resonates strongly with the public and policymakers.

Now, as the pace of change brings many new challenges to the financial services marketplace, it is critical that you continue investing time and resources into protecting your stellar brand and enhancing it wherever possible. In this regard, I would offer two suggestions for your consideration.

First, find partners to keep you focused on doing what you do best. While plenty of fintech companies compete with community banks, there are more and more quality fintechs that want to work with community banks, allowing you to spend more time building valuable relationships. Let VACB help you find those quality partners. In addition, VACB provides targeted educational opportunities that bring timely information to you and your staff.

Second, don’t let your brand be covered over or diluted. You are much more than a bank; you are a community bank. VACB represents your uniquely valuable brand before policymakers, the media, and the public. Your continuing engagement with us, and your increasing engagement, will provide additional value to your brand.

I know you will keep doing your good work in your communities. It’s an honor to be able to provide a little wind in your sails, assisting you in your invaluable efforts.