New York’s community banks provide most of the loans for the state’s small businesses and farms, according to a new report from the Department of Financial Services.
Community banks grew during the financial crisis by continuing to lend to small companies and homeowners as their larger peers pulled back, according to the department. The banks hold 22 percent of assets at Federal Deposit Insurance Corp. institutions in the state, but provide nearly 55 percent of all small business loans and 90 percent of small farm loans.
Community banks grew their small business lending market share from 43 percent to 55 percent between 2001 and 2011, according to the report. And the banks increased aggregate deposits from $116.3 billion to $130.4 billion in the same time period.
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“Community banks focus on the unique needs of their communities,” Superintendent of Financial Services Benjamin Lawsky said in a news release. “They build strong customer relationships which help attract local retail deposits. These banks take deposits from their communities and then typically recycle them back into their communities in the form of loans.”
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