The economic downturn’s effects on community banks
Community banks outnumber big-name banks 25 to 1. They say they’ve been insulated from the subprime mortgage crisis. The Takeaway talks with Robert Palmer, chief executive of Community Bankers Association of Ohio.
Takeaway Facts:
* According to the organization, Independent Community Bankers of America, community banks are operated with assets ranging from less than $10 million to multi-billion dollar institutions.
* Of the 8,643 banks in the United States as of January 31, 2008, 96.3 percent (8,324) are community banks.
* The Independent Community Bankers of America named April “Community Banking Month.”
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