At the start of the New Year, we here at Somerville National Bank acquired a State Charter. We are now pleased to announce that we are now Somerville Bank.
Essentially, this means that we are authorized for the state, by the state and we are capable of engaging in most of the same functions as a national-based bank. The only difference is that we have received our charter from our state’s government rather than our federal government. This is outstanding news for you – our valued client.
Not only will we continue to offer our same great products and services, but, we now offer more!
In this brief guide, you will learn about the advantages of choosing a state charter bank. They are as follows:
- State chartered banks have the unique ability to obtain a local perspective and provide a local perspective on relevant financial issues. Federal banks often find themselves with limitations when it comes to the individual needs of the state in which they practice. Unfortunately, the federal government is often in a position where these needs are not placed as a priority. Community banks and small credit unions with the state charter are able to fill in this gap and enhance the economy of the state and the communities, thereof.
- As a result of the priority placed on the state’s needs, state chartered banks are now able to play a large role in strengthening the local communities where they operate. State regulators are able to obtain an equal voice to that of the federal regulators when it comes to the development of policies and decisions that pertain directly to small community banks.
- State charter banks are able to provide higher levels of consumer protection and consumer assistance to those that reside within the state of their operations.
- All lobbying efforts made by the bank that is state chartered is made to state legislators – not national legislators, which results in higher levels of success.
- We here at Somerville Bank still offer FDIC insurance to our clients. While we feel that state legislation should govern our establishment, we know and understand the immense benefits that FDIC insurance provides to individuals that have a desire to protect their financial assets.
When working with us here at Somerville Bank, you will be find that the fact that decisions are made locally and by local employees works in your best interests. As a result of this, your experience will be more personalized.
Now, you are more than just a number or a monetary figure; you are the single most important aspect to our operations. We are now able to provide more customized services, more comprehensive products, and provide you with a more thorough banking experience.
While it is true that we have always attempted to succeed in these endeavors in the past, our affiliation on a national level often prevented providing our locals with that which they need and wanted most.
To find out more about our newly-acquired charter, contact us at one of our many locations today: https://somervillebank.net/locations/