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February 16, 2023

What Are The Main Types of Banking?

Partners Bank has set out to answer some of the bigger questions you may have about banking and the different styles. Understanding the different types of banks can help you make an informed decision about where to open an account and manage your finances. Partners Bank wants to help find banking solutions that work for you. Here, we’ll take a closer look at the main types of banks and answer some of the regular questions we hear, including; What are Big Banks? What is a Credit Union? And how are Community Banks different from Big Banks? All so you can make an informed decision on finding a bank that works for your needs and lifestyle.

What Are Big Banks:

Big Banks, also known as commercial banks, are for-profit institutions that offer a wide range of financial services, including checking and savings accounts, loans, and credit cards. They also offer more specialized services such as investment and trust services. Big Banks are typically run by large boards with shareholders interests at the forefront of decision-making. Big Banks are beneficial for those looking for international banking solutions, accessibility, and larger features.

What Is A Credit Union:

Where Big Banks are controlled by shareholders & boards, Credit Unions are controlled by their members. Credit Unions serve as non-profit financial cooperatives that offer similar services to banks with a focus on serving specific groups of people such as certain communities or members of a specific group or organization. Those looking for credit unions should look for ones that are in their community or that serve a specific group.

How Is A Community Bank Different From A Big Bank?:

Merging the gap between Credit Unions and Big Banks, Community Banks, like Partners Bank, focus on offering big bank services with an emphasis on the communities they serve. While community banks typically serve a more defined geographical network, their services still span a full range of financial solutions; from checking and savings to home equity, mortgages, and business banking solutions. Instead of having a board of shareholders, Community Banks pursuits are typically decided by the community members wants & needs.

What Type Of Bank Is Partners Bank?

Partners Bank is proud to be a local Community Bank serving Southern Maine and the Seacoast of New Hampshire. Our success is measured by our communities success, when the community does well, so do we.

Always keeping the community needs top of mind, offering premier products and services, and donating back to the communities we serve has allowed us to succeed. Listing to the needs of our customers for items such as online and mobile banking solutions, no ATM fees, and always having a “live” person answer the phone are just some of the ways Partners Bank is listening to our customers.

With all this in mind, we hope that we’ve helped you make an informed decision about the banking styles available to you. If you’re interested in choosing a community bank in the Southern Maine or Seacoast New Hampshire areas, talk to a member of our Partners Bank community to see what we can do for you!