Community Banking Month highlights contributions to Arizona’s local economy this April
FLAGSTAFF — April is known as Community Banking Month, an annual month-long celebration of community banks across the nation. Local First Arizona is celebrating by sharing stories of those who have moved their money to a local bank or credit union as well as helping Arizonans to learn more about their local banking options.
For example, Flagstaff Community Market recently moved their money to OneAZ Credit Union, and they could not be happier.
“The values of a member-owned credit union reflect and align with our personal values rather than big commercial banks whose sole mission is to maximize profits for shareholders as opposed to the community,” said Heather Babbot of Flagstaff Community Market. “Community banks and credit unions provide a friendly alternative with more responsive values associated with accessible small loans for consumers and businesses.”
According to OneAZ Credit Union’s website, they offer a variety of services catering to personal and business finance, including cash management, lending, deposits, and investment services.
“Community banks and credit unions play an important role by helping to ensure that the financial resources of the local community are used to support local businesses,” said Ruth Ellen Elinski, Northern Arizona Director of Local First Arizona. “Through our Community Banking Month efforts, we hope to educate Arizonans on all that community banks offer in terms of financial services as well as share their stories of community involvement.”
Currently, just 7% of all banking assets are held by community banks in Arizona. But in six counties in northeastern Arizona, large non-community banks account for 100% of deposits, and in the remaining counties, they account for 75% or more of deposits.
“Our overall goal with Community Banking Month is to inspire Arizonans to move their money and have it work for our communities,” said Elinski. “By moving our investments and savings to local banks or credit unions, we give these institutions more resources to in turn lend to local businesses, helping to realize dreams of business ownership and self-reliance as well as create jobs right here in our communities.”
Flagstaff community members and local business representatives are invited to attend the Flagstaff Community Banking Month event on Tuesday, April 17, from 5:00 p.m. – 7:00 p.m. at The State Bar. The event will include networking opportunities with fellow independent businesses, community banks and credit unions, and local leaders. More information and registration for this free event are available at https://localfirstaz.com/events/beer-and-banking-flg.
Arizonans can visit https://localfirstaz.com/banking/ to find local banks and credit unions near them and learn more about the services they offer and their involvement in the local community.
ABOUT LOCAL FIRST ARIZONA: Founded in 2003, Local First Arizona (LFA) is a community and economic development organization working to strengthen local economies. LFA educates consumers about the interconnectedness of the economy, trains small businesses to be more effective and more competitive, helps larger Arizona businesses and institutions tell their story as champions of Arizona, and creates programs and events that make it fun and easy to discover local businesses and buy local. Visit www.localfirstaz.com for more information and a directory of more than 3,000 locally owned businesses. More information is available at localfirstaz.com.