Community Bank Ownership
Community banks have always held a special place in the hearts of local communities, and their multi-generational family ownership adds an extra layer of significance.
Being a community banker goes beyond banking services—it entails active participation and support within the local community. Multi-generational ownership means future leaders were raised with the understanding that their banks' success is intertwined with the community's well-being. They have carried on this tradition by volunteering, coaching, mentoring and actively participating in various community organizations. Their banks have also been generous sponsors of local charities and events, showcasing the dedication of community banks to the communities they serve.
Multi-generational community banks understand the importance of succession planning and passing the torch to the next generation. Owners recognize the need to involve and educate the next generation about the family business and the significance of community banks. Teaching the next generation about the value community banks bring to their communities becomes a crucial part of succession planning.
Beyond ownership and management, it’s a shared philosophy that every member of their families understands the impact community banks make on the communities they serve. They believe in supporting the community, helping local businesses thrive and making a difference in the lives of their customers. This conviction ensures the perpetuation of the community banking difference and strengthens the bond between the banks and the communities they serve.
The multi-generational family ownership of community banks brings unique benefits to both the banks and the communities they serve. From cultivating a strong work ethic to active community involvement and planning for the future, these community banks remain pillars of support for their local communities. As community banks in Minnesota continue to embrace multi-generational family ownership, their legacy reinforces the bond between banks, families, friends and neighbors. Member FDIC
Written by: BankIn Minnesota