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Featured Article, Resource filed under Banking | Written by Nick Stumo-Langer | No Comments | Updated on Apr 13, 2017

Small Banks, Big Benefits – Episode 16 of the Building Local Power Podcast

The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/small-banks-big-benefits-episode-16-of-the-building-local-power-podcast/

Welcome to episode sixteen of the Building Local Power podcast. For full transcript of the podcast, click here.

In this episode, Christopher Mitchell, the director of ILSR’s Community Broadband Networks initiative and Stacy Mitchell, the co-director of ILSR and director of ILSR’s Community-Scaled Economies initiative interview Building Local Power’s first guest outside of ILSR. Our guest this week is Justin Dahlheimer, the President of the First National Bank of Osakis in west-central Minnesota. The trio discuss the benefits of community banking and how banks that have a vested stake in their community lend in ways that increase the vitality of communities like Osakis.

“We’ve got a stake in every customer’s personal financial livelihood. It should be that way. It’s embedded transparency. It’s accountability,” says Justin Dahlheimer of the relationship community banks have with the people that they serve. “We want to weather the community risk and be able to charge off loans, not come back after customers and ruin financial lives and move on to the next thing… [We want to] work together and leverage dollars to bring more wealth into the community versus just recirculating or poaching wealth from other banks. We want to create that wealth.”

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Featured Article filed under Banking | Written by Olivia LaVecchia | 1 Comment | Updated on Oct 8, 2015

A Tool to Find Banks that Invest in the Local Economy

The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/a-tool-to-find-banks-that-invest-in-the-local-economy/

A new tool called Bank Local, which was developed with input from ILSR and other experts, makes it easier to assess the impact that banks have on their communities. Continue reading

Photo: Community Bank Borrowers
Featured Article filed under Banking, Independent Business | Written by Stacy Mitchell | No Comments | Updated on May 5, 2015

One in Four Local Banks Has Vanished since 2008. Here’s What’s Causing the Decline and Why We Should Treat It as a National Crisis.

The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/vanishing-community-banks-national-crisis/

The precipitous decline in the number of community banks in recent years is a national crisis, and there’s a fierce debate underway right now about what’s to blame. Continue reading

Map: Number of banks by state.
Featured Article filed under Banking | Written by Stacy Mitchell | No Comments | Updated on Sep 1, 2015

How One State Escaped Wall Street’s Rule and Created a Banking System That’s 83% Locally Owned

The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/map-shows-how-well-the-bank-of-north-dakota-works/

In North Dakota, the banking sector bears little resemblance to that of the rest of the country. North Dakotans do not depend on Wall Street banks to decide the fate of their livelihoods and the future of their communities, and rely instead on locally owned banks and credit unions. With 89 small and mid-sized community banks and 38 credit unions, North Dakota has six times as many locally owned financial institutions per person as the rest of the nation, and these institutions control a resounding 83 percent of the market. Much of the difference is owed to the Bank of North Dakota. Continue reading

Chart: Share of Loans Made to Small Businesses, 2014.
Featured Article, Resource filed under Banking, Independent Business | Written by Olivia LaVecchia | No Comments | Updated on Apr 20, 2015

Small Business Lending by Size of Institution, 2014

The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/small-business-lending-by-size-of-institution-2014/

In 2014, community-based financial institutions made 60 percent of all small business loans, even though they control only 24 percent of banking assets. Continue reading