We’re proud to have GRB President and CEO Philip Pecora interviewed in the Rochester Beacon about the competitiveness of community banks.
Of particular note, the article points out that smaller banks are actually outpacing the growth of larger institutions:
“Despite the size differential, the smaller banks—which make up 92 percent of FDIC-insured institutions—continue to do well as a group. As of Sept. 30, community banks nationwide reported a total net income of $6.9 billion, a 7.2 percent increase from the same point in the previous year. By contrast, all FDIC-insured institutions reported a 7.3 percent decline in income during that period.”
“Our competitive advantage is that we’re local, and that we have a keen interest and knowledge of our local markets,” says Philip Pecora, president and CEO of Genesee Regional Bank. “Within that, we just feel that we can provide a higher level of service, both on the commercial banking side and on the residential mortgage side, and also retail banking.”