Banking local adds value to our community

Local banks help the Catawba River District prosper

Keep It Local, by Barbara Lawrence – March 7, 2012

Some of you may be familiar with the movie “It’s a Wonderful Life,” which is shown in reruns almost constantly around the Thanksgiving season. Considering the foreclosures throughout the country, I am surprised it isn’t running all the time. One of the heroes in the movie is a community banker. He didn’t think he had contributed in his life, but in fact, he eventually learns that he has made a difference in the whole community.

We are very fortunate to have a number of banks and credit unions available in our Catawba River District. Most, if not all, have roots right here in North Carolina. 

Local businesses benefit from local banks

Where you set up your bank account and deposit your funds is as important as any other activity in supporting local business and community development, says Todd Young, assistant vice president at Mount Holly’s BB&T branch.

He provided some facts for our consideration. The Catawba River District includes part of both Mount Holly and Belmont near the Catawba, as well as a similar amount of land in western Mecklenburg County and NW Charlotte. The comparison of Belmont, Mount Holly and Gaston banking helps us to understand the bigger picture as we grow within the region (data available at FDIC.gov).

• Mount Holly has about 2,000 more residents by census than Belmont
• Mount Holly has four banks vs. eight in Belmont
• Mount Holly has $146 million in deposits assets
• Belmont has $332 million in deposit assets
• Belmont decreased deposit dollars in 2011 from 2010 by $127,000
• Mount Holly decreased deposit dollars in 2011 from 2010 by $5.6 million
• Gaston County increased deposit assets in 2011 from 2010 by $113.3 million

Relocating businesses study local financial activity

Mr. Young states: “One of the main indicators when corporations are reviewing potential relocation sites is the financial well being of the area and is a moniker that plays heavily in the decision-making process. It can be safely surmised that our financial behavior means quite a bit when the financial wellness is considered for any district, county, or town. Our behaviors of where to house our assets are one great indicator of the stability, reputation, civic pride and personal well being within the borders of a given geographic area.”

There are communities that no longer have local financial institutions as a result of decades of mergers. When you have a chance, replay “It’s a Wonderful Life.” It is available in color now and although it wasn’t seen as an important movie when released, it has a lasting message about helping others and growing a community. Where you put your money means more than dollars and cents in decision-making.

About Barbara Lawrence - Barbara has a background in economic development and real-estate research. Her work has included revitalization of downtown Boone, downtown Gastonia and now Mount Holly.