CCB keeps rural America growing by supporting the agricultural community
LITTLE VALLEY – Cattaraugus County Bank is helping to keep rural America growing by lending to local farmers. CCB, and other community banks that are members of the Independent Community Bankers of America, are able to serve as financial first responders to the agricultural community because they operate locally – knowing their marketplace – and putting local deposits back to work in their communities through loans to local farmers, ranchers, residents and small businesses.
“We feel that community banks, including CCB, are pivotal to the overall health and financial success of rural America, in part because we provide a great deal of credit to local farmers,” said CCB President Mike Wimer. “CCB’s been serving farmers for over 112 years. And because CCB and other community banks are small businesses – like farmers – we are better able to serve our agricultural customers because we know the local market and have highly specialized expertise in the agriculture business.”
Community banks have consistently been the largest provider of agricultural credit within the commercial banking sector and are often the catalysts for new and expanded business opportunities within their communities to ensure long-term economic viability and vitality. In fact, independent community banks with assets under $10 billion provide more than 75 percent of all commercial bank agricultural loans.
“Community banks, like CCB, stimulate rural economies in a multitude of ways by creating off-farm jobs, maintaining the local tax base and facilitating development of the infrastructure and public services necessary to keep rural communities vibrant,” Wimer stated.
There are almost 7,000 community banks, including commercial banks, thrifts, stock and mutual savings institutions, with more than 50,000 locations throughout the United States.
Assets may range from less than $10 million to $10 billion or more. Community banks constitute 96.8 percent of all banks.
CCB is an FDIC insured New York state-chartered independent, community bank. From Jan. 2, 1902, CCB has established an unprecedented record of fiscal integrity and sound financial growth, which now totals $190 million in assets. CCB maintains convenient ATMs and more information can be found on the web at www.ccblv.com. CCB is an equal housing lender. CCB’s main office is located in Little Valley, with seven branch offices.