In recognition of Community Banking Month in April, Flagship Bank and the Independent Community Bankers of America (ICBA) are reminding consumers of the benefits of banking locally with an institution committed to their financial success and that stands with them through life’s ups, downs and everything in between. We are proud of the work we have done to help our small businesses survive and even thrive during this pandemic.
“Flagship Bank is invested in our community’s success. This is embodied in our tagline; Investing in you. Investing in you means investing in the community, local businesses and non-profits as well as our team members. We work alongside our friends and neighbors to support our clients and help them plan for the unexpected, reach financial milestones and establish a path to financial freedom.” said Brian Wagner, President at Flagship Bank in Wayzata. “I commend fellow community bankers across this great nation for their efforts to enable millions of Americans to achieve their financial dreams and uplift communities nationwide as relationship lenders and stewards of their communities.”
What they do.
Community banks take in local deposits and redistribute them back into the community—consistently making more than 60 percent of small-business loans and more than 80 percent of agriculture loans. They also contribute tax dollars that help maintain local municipalities and keep local neighborhoods viable and strong because serving the best interests of their customers is fundamental to their business philosophy.
Who they are.
- Are highly favored by small businesses, earning a 74 percent net satisfaction score compared to 60 percent for large banks, 46 percent for finance companies and just 25 percent for online lenders, according to a Federal Reserve study.
"Flagship Bank is built on quality relationships and fantastic customer service and truly care about community. Being a small business owner, having ongoing support and dependable people to help you with your money is incredibly important to me. And they truly support our business - they sponsor our events, and we have formed genuine friendships with their staff. I am so grateful for their team and exceptional service and support." Mollie Windmiller Co-Founder of LAB and Owner & Creative Director for Windmiller Design Group
- Are committed lenders with loan growth that has outpaced noncommunity banks for eight years.
"We tried to apply for the Paycheck Protection Plan (PPP) with Wells Fargo, but they were not accepting applications in March and April. We went to Flagship Bank and started working with Brian Wagner." John Sturgess, Owner ADOGO
- Demonstrate safety and soundness with higher capital ratios and better loan quality than the largest institutions.
- Offer high-tech, high-touch service, giving consumers access to modern-day conveniences while maintaining the superior customer service for which community banks are known.
- Have a strong track record in helping underserved Americans by focusing a relatively large share of their resources in low- and moderate-income tracts.
“Community banks are relationship lenders that stand by their customers and communities, and the pandemic has only emphasized their vital role in our financial system,” ICBA President and CEO Rebeca Romero Rainey said. “During ICBA Community Banking Month we are proud to recognize community banks as financial first responders who continue to demonstrate their flexibility to address unique financial needs while performing acts of community service that create healthy, resilient and vibrant communities, which benefit Americans nationwide."
Flagship Bank takes pride in being there for our Communities. We will continue to do everything we can to help our small businesses grow and prosper. Not just in April, but every month we celebrate supporting local. That includes our local Banks.