Q&A: What Should I Consider When Selecting a Bank?

Personal Finances 3 min read

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When looking for the perfect bank, ask yourself, “Does this bank complement my lifestyle and financial goals?” At First Bank, we believe it should. You may also want to consider the following 4 criteria:

Community Involvement
Longevity & Stability
Personalized Customer Service
Breadth of Financial Service

1. Community Involvement

When comparing your banking options, consider how your prospective bank is involved in your community. If local economic growth is important to you, prioritize a community-focused bank that is committed to reinvesting in local economic development. An actively involved bank can provide your neighbors with increased access to small business loans, mortgages, charitable donations, and overall financial wellness.

For example, First Bank has invested over $1.2 billion in community development loans to revitalize low- and moderate-income areas. Additionally, in 2022, we donated $500,000 to support education-focused initiatives across the Carolinas. As First Bank grows, so do the communities we serve.

2. Longevity & Stability

Do your research – find a bank with a track record of success and the ability to remain steadfast during uncertain economic times. Consider how long the bank has been established and how they plan for growth into the future. First Bank began in 1935 during the height of the Great Depression in order to safeguard the hard-earned funds of local farmers, community members, and business people.

Throughout our organization’s 87-year history, we have seen recessions, depressions, and many banks come and go. While we stay current with modern banking trends, we will continue to operate our company with an intense focus on safety and soundness, so our customers, clients, partners, investors, and associates know that we will provide safe and stable long-term success.

3. Personalized Customer Service

It’s important to think about what your perfect banking relationship would look like. Do you value a tailored in-person experience or do you prefer online banking services with less one-on-one interaction? Regional banks, like First Bank, have the ability to offer the best of both worlds. The personal relationships that we develop within our communities help us advocate for our customers’ best interests. We can offer competitive rates and recommend the best financial tools to the right businesses, municipalities, and families at the right time.

When you’re traveling or if you prefer a more hands-off banking relationship, our all-in-one digital banking platform lets you transfer or deposit money, check your accounts, pay bills, and more. You’ll have full in-branch service, from the comfort of… anywhere!

4. Breadth of Financial Services

While you may not operate a business today, in 5-years’ time you might be able to open the bicycle shop you’ve always dreamed of owning. The ability to grow with your bank is a factor to consider. Does your bank offer a comprehensive suite of business services? What kinds of personal loan and credit products are available? Are there different kinds of checking accounts designed to fit different stages of your life and different members of your family?

At First Bank, we offer a wide range of personal and business financial services. Our specialty is providing holistic solutions that fit your needs now and will grow with you into the future – no matter what life or the economy throws at us.

We hope that after considering these factors, First Bank will be a good fit for you. We’re eager to meet you and learn about your financial goals. Click here to find your local First Bank branch.

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