Reinvesting in the Community
March 8, 2022
The idea of “sustainability” is linked to a lot of local activities these days—whether it’s reusing or recycling products, sampling culinary delights from a local bakery, or choosing to buy American-made products to support our national economy. There are plenty of reasons why eating, dining, and banking locally makes good economic sense.
If you’ve ever wondered if it matters where you deposit your hard-earned money, let me assure you it does. Not only does banking locally support small businesses (community banks fund more than 60% of small business loans and more than 80% of ag loans), but as locally owned and operated businesses themselves, they are part of the economic engines that create 62 percent of new jobs annually.
Community banks like New Tripoli Bank take in deposits and make loans that keep funds right here in the Lehigh Valley and feed our local economy. It is all part of the strong relationship that community banks have with the communities they serve, and the proceeds from those businesses employ residents, fund municipalities, and continue the cycle of local economic growth.
And if you need more proof, consider the community bank response to the coronavirus pandemic.
- Community banks, as economic first responders, made 60 percent of total Paycheck Protection Program loans to small businesses, including 72 percent of PPP loans to minority business owners.
- Community banks outpace large banks in their average number of banks operating in both rural and urban markets by a 3:1 ratio.
- Community banks are the preferred small business lenders, with an 81 percent net satisfaction score compared to 68 percent for large banks and just 43 percent for online lenders.
- Community banks have consistently demonstrated their safety and soundness with higher capital ratios and better loan quality than larger institutions.
- Community banks operate in areas abandoned by others—serving as the only physical banking presence in nearly one in three counties.
But it is not just about stats. When customers contact New Tripoli Bank, they are greeted by a talented team member who is attuned to their needs and empowered to act on their behalf.
And when our employees log volunteer hours in support of the Lowhill Food Pantry or Miracle League of the Lehigh Valley or when New Tripoli Bank contributes to East Penn Restaurant Week or the Allentown Symphony Orchestra, we are working toward our goal to ensure economic prosperity for the community we call home.
April is Community Banking Month, and I want to thank our customers for putting their trust in us for their banking needs. For our neighbors who may be considering a switch, I implore you to take a closer look at New Tripoli Bank to discover how we can help you realize your financial dreams.
At New Tripoli Bank, we pledge to never lose sight of the all-important relationship and the personalized service our customers expect. After all, at New Tripoli Bank, people are more valuable than money.
Remember, we are all in this together. Community banks like ours are only successful if our customers and communities are, too. That is why community banks and our relationship business model have thrived for more than 110 years. We know what it takes to create successful local economies. Join us in helping to build a more sustainable, vibrant economy here at home!