The following criteria are necessary for community banks or credit unions joining Local First Anderson and constitute Local First Anderson’s definition of a local independent financial institution:
Because banks are typically regional in scope we accept banks under the following criteria.
- 1) Lending decisions are made locally with people that customers can build a relationship with.
- 2) Controlling interest of 50% or more is held within the state
- 3) The business can make independent decisions regarding the name and look of the business, business purchasing, practices and distribution; as well as pays all their own marketing, rent, and other business expenses.
- 4) Based locally and is headquartered within the state of South Carolina.