A few months ago, I had the opportunity to visit the First National Bank of Oxford, a community development financial institution based in Oxford, Mississippi. I met with the entire leadership team, and across the board, each of them exhibited an undeniable, exuberant passion for the work they do. What’s more, they have risen to the challenge of thinking creatively about their work and its role in growing the bank. The team simply seemed to operate in overdrive in a way that’s ingrained in the culture of the organization. Their mission lies in pressing forward and doing the next best thing for the communities they serve.
No matter the storms we face, we serve as a pillar of our communities.
I bring it up because it struck me that this steadfastness amid challenge and resilience amid strife is a touchstone of all community banks. No matter the storms we face, we serve as a pillar of our communities, strong amid turmoil and sure amid uncertainty. Whether difficulties arise from a legislative, regulatory, competitive, fraud or other issue, as community banks, we see the challenge and continue to hold steady for what matters in the long run: serving our communities.
Navigating uncertainty
Consider the success and impact that community bank CDFIs have demonstrated all over the U.S., and especially in rural America: Over a five-year period, CDFIs financed more than 252,000 small businesses to create or maintain over 2.2 million jobs, and they provided more than $28 billion in loans and investments in a single year. And despite the uncertainty that has surfaced around CDFI appropriations, these institutions don’t cease in their mission. They continue to lean into the amazing work they do to serve these populations, because they are the constant within their communities, and they intend to remain true to their missions, no matter the shifts in the landscape.
So much of what these institutions do is the core community banking story, and it’s our role to amplify all our stories to help not just lawmakers but the general public recognize the incredible impact we make and the value we have brought to the table. Together, we make a difference.
