Aaron Bieszczad, VP, Treasury Management
In today’s rapidly evolving financial landscape, community banks continue to play a vital role in supporting local businesses.
Community banks, like Waterford, are deeply embedded in the communities they serve, offering personalized financial services and local decision-making that foster economic growth and resilience.
So, what does that really look like? Let’s explore the role a community bank plays in supporting local economies and small businesses, while reflecting on some of these practices in action at Waterford.
Personalized Financial Services Tailored to Local Businesses
By understanding the unique needs and challenges of local businesses, community banks can offer tailored solutions that larger banks may overlook. Whether it’s a small business loan, customized treasury management services, or financial guidance, community banks are well-positioned to help local businesses thrive, just like Waterford did for Walt Churchill’s Markets.
“Waterford Bank has a great relationship with our team. They are business partners who are focused on helping us grow our business and their attention to customer service is unparalleled.” – Kunal Dawar, President & CEO, Walt Churchill’s Market, (pictured left) with past President and CEO, Walt Churchill Jr.
Built on a legacy of exceptional customer service and quality products, Walt Churchill’s Markets are an illustrious landmark in Northwest Ohio. As past President and CEO, Walt Churchill Jr., approached retirement, he and his executive team wanted the Churchill family’s tradition of excellence to live on through their many loyal employees.
To do so, they needed a financial partner that could help transition Churchill’s to an employee-owned business through an Employee Stock Ownership Program (ESOP). This was a feat many local financial institutions were inexperienced with.
Drawn to the speed, service, and industry expertise at Waterford, the Churchill’s team connected with our Commercial Lending and Treasury Management teams, to successfully complete the ESOP transition, as well as finance the purchase of new equipment and assist in their day-to-day banking needs.
No matter the challenge and no matter the tool, Waterford is and was invested in the success of Walt Churchill’s Marketplaces. Alongside their new President and CEO, Kunal Dawar, we will be here to help keep shelves stocked and customers happy for many years to come.
The Power of Local Decision-Making in Community Banks
Community banks excel in local decision-making, which allows for quicker and more flexible responses to the needs of small businesses.
This local focus enables community banks to build strong relationships with their clients, understanding their goals and challenges on a deeper level. The result is a more supportive and responsive banking experience that can adapt to the dynamic needs of the local economy.
As the perfect depiction of what can happen when two local organizations blend their talents for the betterment of the community, Waterford Bank was proud to play a part in fostering a new relationship between two of our own customers.
“I think it’s a personal touch that separates Waterford. The bankers we work with invest in our business. They’re customers of our business. They follow up with our needs and help us achieve the growth we’re looking for.” – Chris Morris, Co-Owner and CFO, Inside the Five, (pictured left) with Matt DeWood, Developer, 3rd Street Market
While working with local developer Matt DeWood, our bankers recognized the opportunity to connect him with another customer: Inside the Five Brewing. As Matt was developing 25,000 sq. ft. of underutilized real estate in Downtown Perrysburg into a retail and office complex known as the 3rd Street Market, Waterford knew that the team at Inside the Five was looking to grow.
Seeing how successful the brewery had become in Sylvania, the Bank felt it would be a perfect addition to 3rd Street Market. From this initial connection grew a relationship that has not only benefited both customers, but the Perrysburg community as well with new businesses and jobs.
Economic Growth Initiatives Led by Community Banks
Community banks are also known for their proactive initiatives that promote local economic growth. These initiatives can range from small business workshops to community development projects and partnerships with local organizations. By investing in the community, these banks help create a thriving economic environment that benefits everyone. And we put that into action for the community of Lyon in Southeast Michigan.
“The banks that used to exist have gone to big corporations and there’s not a niche for people like us. Waterford is rebuilding that process so a small business has somewhere to go.” – Anthony Randazzo, Founder and CEO, Devonshire of Lyon, (pictured left) with A.W. Randazzo, COO
With a boom in population and continued growth projected, Lyon Township was rapidly becoming a hot spot in Southeast Michigan. This was a fact that did not escape the eye of real estate developer Anthony Randazzo. Thrilled to see the area thrive, Anthony wanted to develop a new residential mecca. But in order to carry Lyon towards the future, he needed a financial partner that could keep up.
From day one, Waterford provided the responsive relationship he was looking for. Through his connection with our team, the solutions Anthony needed were always one call away. Working together, Waterford funded the multimillion-dollar project. This resulted in the development of 54 residential lots, known today as the Devonshire of Lyon, the area’s premier neighborhood.
The Future Role of Community Banks in Local Economies
At the heart of community banking is relationship banking. Success stories abound of small businesses that have flourished with the support of their community bank. These relationships are built on trust, mutual respect, and a shared commitment to the community’s success.
As we look to the future, the role of community banks in supporting local economies and small businesses remains as vital as ever. Through personalized services, local decision-making, and dedicated community initiatives, community banks are uniquely equipped to foster economic growth and resilience.
By continuing to prioritize the needs of our local communities, Waterford Bank, and the other 4,200 community banks across the United States, will ensure that small businesses and our local economies will thrive.
Ready to make your own move towards success with your business? Contact our team to start working with a professional who will have your back – or explore more of our business banking services. We’ll be here to help, when you’re ready.
About the Author
Aaron Bieszczad is a Vice President of Treasury Management at Waterford Bank, N.A. in Toledo, Ohio. Aaron consults businesses of all sizes to optimize cash flow, maintain liquidity, manage risk and operate more efficiently.
If you’d like to connect with Aaron to discuss strategies for your small business or any other banking matter, please contact him at 419-720-3908 or explore more treasury management services.
