COMMUNITY BANKING
Local Financial Institutions Committed
to Strengthening their Communities
A
ccording to Independent
Community Bankers of America
(ICBA), community banks and credit
unions are different from large, national
financial institutions because they
can often be more accessible, more
transparent and more committed to
their communities – by supporting their
local customers and businesses.
Banks and credit unions offer many
of the same services; the difference is
credit unions are not-for-profit financial
cooperatives, whose earnings are paid
back to members in the form of higher
savings rates and lower loan rates.
Banks are for-profit corporations, with
declared earnings paid to stockholders
only.
Northeast Metro area residents and
businesses in Vadnais Heights, White
Bear Lake and North Oaks can choose
from several community banks and
two credit unions when faced with
decisions such as: where to open
checking and savings accounts; where
to apply for loans, including business
loans and home mortgages; and how
and where to invest their money. Many
banks and credit unions offer similar
services, including: ATM machines,
online banking, safe-deposit boxes,
debit and credit cards, phone apps,
notary and medallion stamps, and cash
management and bill paying services.
Community financial institutions also
create jobs, and they play a huge role
in funding small businesses, which
employ more than half of the private
U.S. workforce. They invest in their
communities and give back locally.
Whether it’s monetary donations to a
local non-profit, a day of employee-
volunteering at a local shelter, or a
special campaign to raise money for
30
Northeast Metro Business
schools and scholarships, local financial
institutions often have a strong sense of
commitment to their communities.
Cities Credit Union, Vadnais Heights
Member NCUA / Equal Housing Opportunity
3625 Talmage Circle, Ste. 102; 651-426-3773
citiescu.org
Cities Credit Union, an 80-year-old
financial cooperative (not-for-profit)
institution, has been in Vadnais Heights
for 20 years. Voluntarily owned and
operated by its members, Cities
promotes financial thrift by encouraging
members to save, secure good rates
on savings and loans, and many other
services. Cities performs the same
services of the big banks but more
personalized, as its eight employees
know their members by name and treat
them like family.
Photo courtesy of Cities Credit Union.
Cities says, “Our success is your
success; we are proud to be making a
difference in the lives of our members
and their communities.” Cities has
supported its communities via the
following organizations: Vadnais Heights
and White Bear Lake (WBL) Lions Clubs;
VHEDC goals/events; WBL Relay for
Life; Second Chance Animal Shelter;
WBL Area Educational Foundation;
and Century College’s student loan
program.
F&M Bank, Vadnais Heights
Member FDIC / Equal Housing Lender
845 E. County Rd. E; 651-429-8000
fmbankia.com
F&M Bank (Farmers & Merchants
Savings Bank) has been a part of the
Vadnais Heights community since 2010
and has a proven history since opening
its doors in 1925 in Iowa. Its second
Minnesota branch is in Lino Lakes.
Photo courtesy of F&M Bank.