Saturday, January 10, 2009
After a hiatus during the fourth quarter of 2008, I am back to continue my thoughts on the role of community banks in the economic revitalization of rural America. Back to my prior post, about generational transfer, let's discuss item one: Population Retention. Remember that at the core, banks are in the business of buying and selling money. A thriving business community is essential to the success of any community bank. Businesses, in turn, must have both customers and a workforce available to them, to be successful. The key to population retention is primarily a quality of life issue. Reversing the trend of exodus from rural America is critical to the survival of small communities. Often, these communities waited too long (or never started) civic pride and quality of life marketing campaigns. Doing so pays big dividends, in rebuilding both the customer base and workforce that small businesses need. Next time, a deeper dive into quality of life campaigns.