By Chad Koenen

Publisher

If there is an event or activity going on in New York Mills there is a good chance that an employee at Farmers and Merchants State Bank is in attendance. They are at sporting events, organization and non-profit meetings, local fundraisers and frequent many of the businesses that make up the greater NY Mills area. 

They are your neighbors, they are your friends and they are just there for the betterment of NY Mills. That level of community involvement is by design as Farmers and Merchants State Bank has become one of the cornerstones of the NY Mills area. 

Amy Wallgren, Vice President at Farmers and Merchants State Bank, said it is not uncommon for people to see employees at the grocery or bakery, for example and ask them a question about banking or to even run a quick errand for them at the bank. Wallgren said the employees are happy to answer any question whether that is at a football game, buying groceries or just filling up their vehicle with gas. 

“Knowing people and being accessible to people is an important thing,” she said.

Being a small community-centric bank allows for a more personal banking experience than banks that are much larger than the locally owned bank. For example, Wallgren said the employees know their customers, so when someone calls ahead and says they are in need of a loan, a lot of the legwork can be done before they even step foot in the bank, saving the customer time and displaying that level of trust between banker and customer.

“A lot of times people call us ahead of time and say can you get this ready and we know who they are,” she said. “You just try to accommodate people’s schedules as much as you can.”

Beyond their size, community banks are often defined by their focus on geographic area, which means your money stays locally via loans to neighborhood small businesses and sponsorships of community events. Banking with a community bank is essentially shopping locally for banking. 

Community banks also focus on relationship banking as the bank officers know their customers and may consider things like family history and discretionary spending in making loans, as opposed to taking a one-size fits all approach like other big institutions. 

Community banks are also popular for small businesses. According to the Federal Reserve’s Small Business Credit Survey: Report on Employer Firms, community banks are the small business lender of choice. A total of 79 percent of independent business that used community banks report they were satisfied with their overall experience, which is much higher than large banks or online lenders. 

However, being a community bank doesn’t mean customers still can’t have the opportunity for exciting new features and mobile apps. 

Late last year, Farmers and Merchants State Bank unveiled some exciting new features that can provide insight on an individuals credit score, as well as provide notifications should a mobile deposit be rejected for any reason.

Credit Sense, which allows individuals to check their credit score with just a click of a button.

Another new feature is called Notifi, which alerts individuals for things like if a balance on an account goes beneath a set dollar amount or if unusual charges are made to an account. The feature is great way for people who do not regularly check their online banking to keep tabs on their bank account.

They also continue to offer mobile deposit so people can deposit a check into their bank account in NY Mills, without having to actually come to town. The goal is to make banking more accessible and easier for residents of all ages. 

“Take your community bank with you. If you are a kid going to college or you are working somewhere that is not here and out of town. We can do a lot of the things that big banks do,” said Wallgren.

The bank also recently underwent an expansive remodeling project that features an updated look, as well as more places to sit when a person stops by the locally-owned institution. 

For more information about the new features at the bank stop by the bank located in the heart of downtown NY Mills visit them online at www.fmbanknym.com, or give them a call at (218) 385-2300.

As the saying goes at Farmers and Merchants State Bank “No matter where you’re at along your life’s journey, we’re there with you…every step of the way!”