What is the Best Bank?

Choosing the best bank can be a complex decision. With numerous options available, including local community banks, digital banks, regional banks, and megabanks, how do you determine which bank is the best fit for your personal or business financial needs and growth?

Types of Banks and Their Prevalence

When exploring the banking landscape, it’s essential to understand the types of banks available and what makes them different from one another.

• Local community banks are community-focused institutions that prioritize personalized service and local investments, fostering intimate customer relationships and community development. There are approximately 4,800 community banks in the U.S. today.
• Digital banks, or neobanks, operate exclusively online, offering streamlined, tech-driven services often with lower fees and competitive interest rates. They appeal to tech-savvy users who value convenience but unfortunately lack personal touch. As of 2023, there are around 250 digital banks globally.
• Regional banks cover a broader area than community banks, with branches in several states, but often do a balancing act between personalized service and offering a wider range of financial products for individuals and businesses. In the U.S., there are roughly 350 regional banks.
• Megabanks are large global institutions with extensive branch networks, providing a vast array of financial services from retail banking to wealth management, leveraging significant resources for advanced technology, though often perceived as less personal due to their scale. There are about 10 megabanks that dominate the global financial landscape.

What Makes a Bank the “Best”?

Determining the best bank often comes down to customer satisfaction and how well the bank meets the needs of its customers. Local community banks often times emerge as the winners among these options, thanks to their small, community-focused nature that prioritizes personalized service and local investments, fostering intimate customer relationships and community development.

The Community Bank Difference: Bigger Banking Is Not Better Banking

 

Consumer Banking via Community Banks

Community banks offer a range of consumer banking services tailored to meet the needs of their customers, emphasizing personalized service and long-term relationships. As your local community bank in Bucks County, here are some key advantages to consumer banking with The First (FNBN):

• One-Stop Shop for All Your Banking Needs: The First offers comprehensive banking services, including wealth management. Expect expert advice, prompt service, competitive rates, 24/7 digital banking, and personal service/attention should you need it.
• Wealth Management Services: The First offers a wealth management team to help customers meet long-term financial goals, administer trusts and estates, and provide personalized financial planning. Unlike large brokerages, as a community bank, The First focuses on the best interests of our customers without pushing unnecessary products or incurring large fees and expenses.
• Personalized Service: With personal bankers at local branch offices (The First has 12 branches in Bucks County), digital banking tools, and an after-hours call center. The First offers personal, convenient, and timely service and resolution to any issues. Customers are valued individuals, not just numbers.
• Unique Financing Options: Community banks understand their local market and customers, allowing them to offer unique solutions based on individual circumstances. At The First, because we know you and the local market, we go the extra mile to help our community succeed and that is sometimes a unique solution based on unique circumstances.
• Consistent Lending Practices: Unlike other financial institutions that may stop lending based on non-local interests, The First has a long-term focus on the community and continues to lend consistently.
• Decentralized Lending Structure: Loan officers at The First are also underwriters. They have the authority to approve and deny loans, allowing for quicker turnaround times and more personalized underwriting processes.
• Locally Serviced Loans: Community banks like The First service their loans locally. The First ensures continuous and stable support before, during, and after loan closing. This local servicing means loans are funded by local deposits, creating a true local impact, and bettering the economic stability of the community.

Business Banking via Community Banks

Community banks are also a great choice for business banking due to their comprehensive services and local expertise. Business banking with The First (FNBN) includes:

• Comprehensive Business Services: The First offers a range of services to help local businesses grow and operate efficiently, including savings, checking, cash management, and merchant services. Unlike big banks that may pick and choose their offerings, The First is committed to the long-term success of their business customers.
• Accessible and Responsive Team: The team at The First is accessible in-person, over the phone, and after hours, providing fast assistance for any needs that may arise and resolution for any issues. We take the time to understand our customers’ needs and challenges, ensuring personalized service.
• Trusted and Dependable: Community banks have a long history of being trusted financial partners. At The First, we’ve been here since the civil war and have remained open and supportive during economic ups and downs, including the recent COVID-19 pandemic.
• Local Expertise: Community banks have a deep understanding of the local business community, offering guidance that is relevant and tailored to local business needs. Unlike big banks in the area, The First provides a level of local expertise that is unmatched in Bucks County.

The People Factor: A Look at The First

One of the standout features of community banks is the dedication and experience of their staff. At The First (FNBN), our team’s longevity and commitment enable us to provide exceptional service and build lasting relationships with our customers. Here’s how our experienced staff makes a difference:

• Experienced Staff: The First has a well-trained and dedicated staff, with 27 employees (21% of the workforce) having been with the bank for 25 years or longer, 27 employees (21% of the workforce) for more than 15 years, and 17 employees (13% of the workforce) having been with the institution for more than 10 years. This longevity results in a team that possesses a deep understanding of our products and services, given their extensive years of experience in the industry and at the bank. This expertise translates into better, more personalized service for our customers, as our staff can provide informed advice and solutions tailored to individual needs.
• Greater Advocacy: Longer tenure means greater experience and better advocacy for customers’ financial needs. Employees at The First often provide fresh and well-thought-out financial solutions and support, as seen with some wealth management customers who have been with The First for six generations.
• Ongoing Relationships: Tenured employees at The First are able to form long-term relationships with customers. Experienced staff are there to support customers’ financial needs before, during, and after partnering with the bank.
• Focus on Solutions and Technology: The First employees continually focus on finding better solutions and refining their technological products and systems to best serve their customers.
• Knowledgeable and Available Employees: The First has knowledgeable employees answering after-hours calls, ensuring that every branch has an experienced team that can help with both consumer and business financial solutions.

The Best Bank is the Bank That Knows You

Ultimately, the best bank is one that knows you, your business, and your community. At The First we pride ourselves on:

• Personalized Understanding: The First takes the time to understand your personal goals, needs, and circumstances, offering customized solutions.
• Business Expertise: The First understands the unique goals and challenges of your business, providing tailored support to help you succeed.
• Community Focus: The First has a deep understanding of the unique economic challenges and opportunities within the local community, helping it thrive.

Community banks know their customers in a way that regional banks, megabanks, or digital banks simply cannot match. At The First, the personalized service, local expertise, and commitment to our community make us a standout choice for both personal and business banking needs.

Bank locally in Bucks County, bank with The First today!

If you’re looking for the best independent banks in Bucks County, look no further than The First (FNBN). We have been meeting the personal, business, and non-profit banking needs of Bucks County for 160 years and we look forward to the next 160 years. Visit any one of our locations in Newtown Borough, Newtown Township, Doylestown, Warminster, Richboro, Jamison, Langhorne, Levittown, Fairless Hills, Solebury, Washington Crossing, or Wrightstown.