By Damian Phillips, The Exponent Telegram
CLARKSBURG, W.Va. — Although increased regulation challenges the industry, West Virginia banks are forging on, officials said.
Local banks continue to provide services to their communities, while the market share of unregulated and uninsured financial institutions grows.
“One of the differentiators of banks in the state of West Virginia is the personal services, and personal touch. These banks are built on a relationship model, they’re not just looking for one transaction, they are looking to build a relationship with their customers for the long haul, so they treat them well day-in and day-out,” said West Virginia Bankers Association CEO Marc Mangano.
Because local banks have been operated conservatively for decades, there is an inordinately low bank failure rate in West Virginia, Mangano said. This has contributed to banks being staples of the community for generations.
“The good news is: it’s not very exciting. Nothing catastrophic or exceptional has happened and this has been true of the industry in the state through a number of economic cycles or financial crises,” Mangano said.
