By Rebecca K. Worthington, Vice President of Marketing, Benchmark Federal Credit Union

Look around the region, and you’ll notice something is missing. It used to be a touchstone of every community, and it’s getting harder and harder to find.

I’m referring to your community banks. In the past few years, we have seen them close one by one as some merge with other financial institutions that maintain they will still preserve the “local feel” of the community bank you once trusted.

So if sustaining the “local feel” is important, then why don’t banks remain local?

A variety of factors are contributing to this trend. Some banks are facing bankruptcy, and even when investors try to come to the rescue, regulators are reluctant to work with a buyer that is not already an established bank. Other banks are merging and shutting numerous retail branches in the process. In addition, increasing regulatory and cybersecurity costs have put pressure on many banks to reduce their spending.

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That’s why I’m prouder than ever when I see truly local financial institutions still at work in our community. As the Vice President of Marketing at one of them, Benchmark Federal Credit Union, I can attest to our commitment to supporting and growing our local economy. While our branches have changed to accommodate the habits and tastes of the modern member, we hire local tellers and branch managers to provide personal service to you in an increasingly “self-service” world. Our focus is on opening branches closer to the center of where you live and work, with new branches in Downtown West Chester and Phoenixville. And because of our collaboration with more than 5,000 credit unions around the country, members can still transact business from just about anywhere via the Shared Branching Network.

In addition, it’s our priority to support the community we serve, and we do so with upwards of 20 sponsorships of local events every year, including a five-year commitment as title sponsor of the Benchmark Twilight Cycling Classic. Every year we also provide $15,000 in college scholarships to local students. And in more than 50 schools, we make available a free, award-winning financial literacy curriculum.

During our 77 years of providing financial products and services, we have found that much of the appeal of a credit union is that members are part owners of their financial institution. Credit unions are not-for-profit financial cooperatives that are governed by a board of owners — not stockholders — so profits go back to the members through higher savings dividends and lower loan rates. The credit union approach to providing financial services is based on a philosophy of “People Helping People.” The concept dates back to the mid-1800s, when townspeople pooled their savings to provide loans to farmers hurt by a poor growing season.

Whether it’s a farmers’ market or neighborhood business, people are realizing that when they turn to services that are local, they get superior value and dedicated service. The same is true for your local financial institutions, and we thank you for making us a part of your community.

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Rebecca Worthington is Vice President of Marketing with Benchmark Federal Credit Union, which has new branches in Phoenixville and downtown West Chester. Celebrating more than 75 years of service, Benchmark FCU is the only federal credit union that exclusively serves Chester County. Its mission-first focus is supported by a combination of getting to know members’ unique needs and customizing banking accordingly, as well as delivering the state-of-the-art offerings that optimize their banking experience. 610-429-1600; BenchmarkFCU.org.