It is the smallest bank in America

This is a real find for anyone who doesn’t know what to do with online banking. At the smallest bank in America, everything still works perfectly.

What this bank lacks in financial strength and modernity, it easily makes up for in tradition and customer focus. “Kentland Federal Savings and Loan” is the smallest bank in America and has no website or online banking. Customers cannot find even an ATM there. But this bank has been in the small town of Kentland, Indiana for over a hundred years. And it offers its customers another special feature: no account fees.

News page “Bloomberg” The bank manages only $3 million in total assets, making it the smallest official banking institution in the United States. “Kentland Federal Savings and Loan” is part of the “Independent Community Bankers of America” ​​(ICBA), which includes many small American banks.

Offline banking as a principle

Because the small company is not listed online, there is little information on the Internet. Much like old times is still going on. The bank was founded in 1920 and has been in the hands of the same family ever since. CEO James A. Summons is the fourth generation to lead the financial institution. The 55-year-old admits he’s not a techie. “Computers are great – when they work,” he revealed to “Bloomberg” in an interview. Apart from him, only one other employee is working in the bank.

“It’s About Each Other”

Your customers still get personal attention and can fill out all the paperwork by hand and paper. Checks are not processed digitally, but by an ancient coding machine. Loan application, transfer or account opening – no extra charges. Someone always answers the phone personally to advise callers. “It’s about the human relationships made possible by a financial institution that prioritizes working offline as much as possible without being too emotional,” Sammons believes.

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The end of the small bank is in sight

With this strategy, the bank has weathered many of the storms that toppled much larger firms. “Kentland Federal Savings and Loan” survived the Great Depression of the late 1920s.

But the small bank won’t last long. None of Summons’ four sons wanted to take over the family business. And many of the old customers who valued personal interactions with their bank are dying. Younger generations are increasingly turning to online banking in Indiana. “Once I’m done – regardless of whether the regulators put pressure on us or I give up – we will be accepted,” the banker believes.