The smallest bank in America.. has only two employees and does not charge transaction fees

Amman Today

publish date 1970-01-01 03:00:00

With just $3 million in assets, two employees, no ATMs, no website, and no transaction fees, the Kentland Federal Savings and Loan It is the youngest bank in America, and it has been around for more than 100 years.

The smallest bank

You’ve probably heard about the giants of banking in America – JPMorgan Chase, Morgan Stanley, Citigroup, Wells Fargo and Bank of America, but what about the smallest bank, according to odditycentral.


one branch

Bank Kentland Federal Savings and LoanIt is officially the smallest bank in the United States of America, founded in 1920, by the great-grandfather of its current CEO, this small financial institution has only one branch in Kentland, Indiana, and offers only 3 services, obtaining a home mortgage, and opening a savings account Opening a Certificate of Deposit account.

It was not closed in the stock market disaster of the 1920s

Chief Executive Officer James A. Sammons told Bloomberg, “We were the only institution that didn’t shut down during the stock market debacle in the late 1920s…People felt safe because their money wasn’t going anywhere.”

But the banking climate in America has changed in the last century Kentland Federal Savings and Loan It’s like looking back in time. Both the CEO and his part-time tellers hate technology and prefer to use mechanical devices like a traditional coding machine to write checks. It’s one reason the CEO thought his way of doing business might end with him.

“When it’s over whether it’s the regulators pressuring us to get caught up or I’m gone – we’ll have to take over,” said the 55-year-old chief executive.

Another reason for the imminent end of Kentland Federal Savings and Loan It is the small profit margins practiced by the smallest bank in America, as it has succeeded in beating out local competition with slightly better rates on savings accounts and mortgages, but this is the only source of income, because the bank has no ATM fees, no transfer fees and no transaction fees of any kind. Type.


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Source : اخبار الاردن

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