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Southern Bancorp: Banking In Rural America - Insight From A Community Development Financial Institution.pdf

SBCP_CDFIPaper_20141219.pdf
Preview of Southern Bancorp: Banking in Rural America - Insight From a Community Development Financial Institution
🔗 Source: southernpartners.org
📊 Size: 701 KB
👤 Author: Meredith Covington
⬇️ Downloads: 131

Summary

Over the last three decades, more than half of all banks in America have closed, with 96% of these closures being community banks, which are focused on traditional banking activities and relationship-based lending. The decline of community banks in rural areas is attributed to depopulation, technological advances, lack of succession planning, and increased regulations due to the Dodd-Frank Act. Community Development Financial Institutions (CDFIs) play a vital role in rural business lending, and Southern Bancorp, a U.S. Treasury certified CDFI, has invested tens of millions of dollars in social capital projects in rural communities. The decline of community banks in rural areas can lead to reduced relational lending, higher loan default rates, and increased use of alternative financial services such as payday loans. CDFIs like Southern are essential to making capitalism work in rural America, and their importance cannot be overstated. Key takeaways include the expected acceleration of bank disappearances in rural America, the correlation between proximity to a community bank and new business use of bank credit, and the role of CDFIs in guaranteeing small-business lending and reviving rural communities.

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Over the last three decades, more than half of all banks in America have closed, with 96% of these closures being community banks, which are focused on...

Technical Information

  • File Format: PDF
  • File Size: 701 KB
  • Pages: 8
  • Language: EN
  • Author: Meredith Covington
  • Total Downloads: 131
  • Last Updated: 2 months ago

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