What is a community bank and what benefits do they offer?

Many conversations are taking place in the financial industry discussing the merits of banking at large or small banks. These conversations often raise more questions including, “Are small banks as stable as large banks? Do they insure my deposits? What is a community bank and what are the benefits of having a financial relationship with one?” We take a look at these questions below.

What is a community bank?

Located in Northeast Ohio, Westfield Bank is a strong and healthy community bank offering a full range of financial products for consumer and business customers.

Investing in the communities where we are located is a top priority for us. When you deposit funds at Westfield Bank, we work with area business owners and consumers to provide lending options to help them meet their financial goals. Our team of banking professionals, who often live in the community, are committed to learning about you and providing solutions that fit your needs. You will work directly with a banker who has decisioning authority and will be with you each step of the way.

Are my deposits at Westfield Bank insured?

Like large regional and national banks, Westfield Bank is an FDIC member bank. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 at member banks. If you have questions about how FDIC insurance works, click here to learn more or to speak with one of our bankers.

We recognize that there may be instances when you need to keep more than $250,000 on deposit with our Bank. As a result, we have solutions that will insure your deposits that are above the FDIC limit. Click here to learn more and to speak to one of our bankers.

How stable is Westfield Bank?

With assets over $2.1 billion, we are one of the largest community banks in the state of Ohio. For 13 ½ years we have received the highest rating possible, a 5-star rating, from Bauer Financial, an independent bank rating agency. As a privately owned bank, we are not subject to the stock price fluctuations commonly reported in the media. We have a long history of safe lending and management of our balance sheet. We have significant sources of liquidity to ensure that we are ready to serve our clients today and in the future. To learn more about the health of Westfield Bank, review our 2023 annual report.

Our financial health, stability, and commitment to our community make us more resolute than ever to be there for you during these times of confusion and volatility. You can reach out to any member of our bank team with any questions you have.