Reiteration: Local Banks and Local Currencies Need to Be Established

Editor's note: We have already suggested local banks and local currencies to remove ourselves from this financial and monetary morass we find ourselves confronted with not being owners of the financial system and not the creators of the currency we are forced at gun point to use. We need solutions and options that can be applied immediately and so here is how to find a local bank.

Decentralize: Local Banks, Local Currencies and Community Wealth One County at a Time Backed by the County Sheriff
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Source: Solari Report

How to Find a Local Bank

"Many small businesses rely on small financial institutions, like credit unions and community banks, to meet their capital requirements. Without them, these small businesses would have to close their doors." ~Sam Graves

[CAF Note: Originally published on July 4, 2004]

February 4, 2021 | By Catherine Austin Fitts

A. Identify Local Banks

1. Get the list of the banks and credit unions in your area from your local Yellow Pages. Delete names that you know to be large banks or banks involved in fraud and large derivatives trading.

 

2. Visit your local Chamber of Commerce and ask them for a list of all banks in your area — ask them to identify which only operate locally and/or regionally and which are owned locally or regionally, or, if credit unions, controlled locally.

A local bank is a bank that operates within your local area and is primarily owned or controlled by people who live within or near your local area.

A regional bank is one that operates in your state and a few other states and is owned and/or controlled by people based in those states.

B. Collect Information and Recommendations

1. Do Web searches to identify websites for the banks on your list and information they disclose. For banks that issue publicly traded stock or other securities, check their website or the EDGAR system to access the annual report, proxy and other filings they file with the US Securities and Exchange Commission (SEC).

2. For information not web available, call or visit the banks and ask for information regarding their area of operation, who owns and governs them, copies of their annual report (including financial statements) and information on and prices of products and services of interest to you. Also ask what % of their deposits they loan locally as opposed to reinvesting in national or international money markets and what their correspondent banking relationships are so you know whether or not they are channeling their funds to money center banks, particularly those with a record of settlements for financial fraud or harm to consumers. Use this % to compare to other banks in your area.

3. If they are reluctant to provide you with their financial statements or you find it difficult to persuade them to give you a copy, delete the bank from your list.

4. Tell you friends, family and trusted professionals and business people in your community that you would like to shift to a local bank and ask them for recommendations of which local and regional banks have provided them and their networks with the best service and support.

5. For the banks that emerge as the most likely candidates, you may want to check with the rating agencies or bank rating services to see what additional information is available about the bank. Another source of information on the banks history is to do Lexis-Nexis searches for both the bank and the owners, board members and top management.

6. Based on these steps, identify the 2-3 best potential banks for you and proceed to the next steps.

C. Evaluate The Banks' Leadership

1. Owners

Do they live in your community?

What is their reputation and experience?

2. Trustees/Governance

Do they live in your community?

What is their reputation and experience in banking, investments and the types of businesses, governments and other organizations that the bank serves?

Are they people of integrity and competence?

Do they represent a diversity of experience, knowledge and networks in the community?

Are they motivated and caring people?

Do they care about their business and are they proud of the principles operating in the bank?

Do they care about their customers and their colleagues?

Please go to Solari Report to learn more.
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Monetary Reform

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