community bank

  

Definition

Commercial bank that is owned and operated by the local working community. These financial institutions do not have a national presence and can only be found in certain areas. Community banks operate as independent institutions and do not affiliate with larger bank chains.

Use community bank in a sentence

  • You should try to have a good reputation with your community bank so that you can come to them when you need a loan.

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  • I stopped by the community bank and made a deposit, which made me proud, because it was my first one ever.

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  • There are benefits to banking at a community bank or credit union because interest rates are capped at 18 percent versus a federal bank where the sky is the limit.

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