Sioux City tops community banking list
Local Sioux City banks scores a win this week when the web site Nerd Wallet named the metro area the No. 1 Community in the nation for Community Banking.
The ranking is in part based on the banks’ support of small businesses, namely in how often they make loans to small companies. In other words, small businesses are likely to get due consideration, and good rates, when they seek to start or grow a business in Sioux City. For new and emerging companies, that’s an important part of the startup puzzle.
The site used the following criteria in choosing their winner:
- Are community bank branches prevalent compared to other institutions in the area?
- Are local community banks making small business loans?
- Do community banks offer depositors competitive interest rates?
The announcement reads: “The Sioux City metro area outperforms the average in all three categories. 74% of the region’s bank branches belong to a community bank. Community banks in the area are also active in the small business lending space, with a combined 290 small business loans per 10,000 residents (compared to an average of just 71). Finally, local depositors enjoy a relatively high average savings yield at their community banks. High rates at banks like First Dakota National Bank contribute to an overall average yield of 0.33% APY in the metro area.”
This chart shows the top 5 communities and how they rated.
