Abstract

Abstract

This research paper is going to go in depth of the definition and characteristics of community banks and their significance in the United States economy. Starting with the historical parts of the banks and when they started becoming popular and leading to how the evolution and growth of these banks over time has had a huge importance in what they are today. This goes into how they create jobs for small communities and help with local employment. Local banks provide services for communities that don’t have access to larger banks. Compared to larger banks, they are always more available and helpful when it comes to personal needs. Community banks are very helpful with local needs because they aren’t automated. Large banks in today's society make it hard to figure out simple problems. This ties in with how the banks highly contribute to community projects and with this, community banks give economic stability for areas that need it. Talking about stability for surrounding areas leads to the roles that they play in economic downturns. Community banks give a diverse landscape in the financial world, which leads to the impact on the overall economic health. Being small, these community banks run into a lot of struggles. There is a lot of competition with these banks, which leads to many regulatory challenges, technological advancements, and opportunities for adaptation.

To sum it all up, this paper will go into a recap of the crucial role that the community banks play, and recognize and support their continued importance in the United States Economy.

Year Manuscript Completed

Spring 2024

Senior Project Advisor

Dr. George Barton

Degree Awarded

Bachelor of Integrated Studies Degree

Field of Study

Commerce & Leadership

Document Type

Thesis

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