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Community Banking Month: Relationships Count

When asked to identify the quintessential ingredient that makes community banking special, I do not hesitate to answer “relationships.” And it has never been more apparent then over the past few months when Franklin Savings Bank reached out to the community during the coronavirus pandemic to provide assistance to our customers in a time of need.

At Franklin Savings Bank, our focus has always been and continues to be on delivering the products and services our customers want, while our local roots and accountability ensure our interests remain tied to our neighbors here in the central Lakes Region and beyond.

We work with our customers to help them realize their financial dreams, whether opening a business, purchasing a home, or planning for retirement. And, we nurture our community by donating time and money to important causes, as well as contributing tax dollars to assist local municipalities—all of which helps keep local neighborhoods viable and vibrant.

Franklin Savings Bank works hard to stay attuned to the needs of the communities we have proudly served for 152 years. This dedication to creating healthy, strong communities has helped the community banking industry flourish and maintained our well-earned reputation as true relationship lenders.

When it comes to community banking, the facts speak for themselves!

  • Community banks are economic first responders, processing more than 57% or 2.8 million loans as part of the Small Business Administration’s Paycheck Protection Program, saving an estimated 33.7 million jobs.
  • Community banks outpace large banks in their average number of banks operating in both rural and urban markets by a 3:1 ratio.
  • Community banks are preferred small business lenders, with a 73% net satisfaction score, compared to 58% for large banks and 37% for online lenders.
  • Community banks have consistently demonstrated their safety and soundness with higher capital ratios and better loan quality than the largest financial institutions.
  • Community banks operate in areas abandoned by others—serving as the only physical banking presence in nearly one in three U.S. counties.
  • Community banks focus a relatively large share of their resources on low- and moderate-income tracts.

However, it is not just about stats. When customers walk into a Franklin Savings Bank office, they are greeted by name from a talented team member who is attuned to their needs and empowered to act on their behalf. That’s the community banking difference!

And, when our employees invest volunteer hours in support of countless local organizations, or when Franklin Savings Bank contributes to such projects as Mill City Park located in downtown Franklin, we are working toward our goal to ensure economic prosperity for the community we proudly call home.

In an era where bigger is not always better, high-tech does not necessarily equate to high-touch, and what we think of as “normal” is influx, we at Franklin Savings Bank pledge to never lose sight of the all-important “relationship” and the personalized service our customers expect. It has been integral to our success for 152 years and is how we will continue to build a legacy that endures.

Respectfully yours,

Ron Magoon, President & CEO


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