WMB got its start in a rural community. Rural and farming communities are part of our history. In fact, it’s part of many community bank’s history. Community banks have always had a strong presence in rural markets, even throughout the last two decades when consolidation means that bank headquarters have closed in many of these rural markets, Federal Reserve Vice Chairman for Supervision Randal Quarles said at a recent industry event in St. Louis.

Rural markets have averaged around four community banks (those with under $10 billion in assets) consistently since 1997. In these markets, the average number of larger banks grew from one to 1.4 during this period. Urban markets have seen more consolidation and a shift to larger banks. The average urban area had 18 community banks and 8 large banks in 2017, compared with 21 community banks and 6 large banks in 1997.

At WMB, we are proud to serve the people, farms, and businesses across many counties in Kentucky. If you’d like to read more about community banks making a lasting impact across the nation, click here to read the full article from ABA.