Author
Brent Farley is Texas and Idaho attorney with expertise in banking and business law, tax incentives, and non-profit association matters, and, yes, the three fit together nicely, especially when it comes to community development activities. He enjoys rock climbing (think fun and risk management), soccer (free flowing tactics and strategy), and playing guitar and other instruments.
He is also the managing member of Farley Law, PLLC. You can visit the firm website at farleylawpllc.com.
Banking
Banks function to connect dollars with sensible investment opportunities, usually in the form of loans and deposits. Given their long tradition of financial expertise, banks also provide related financial services and support. These concepts seem simple enough, but opportunities are often found digging deep into the details.
Banks are amazing organizations. Here, we will focus on the useful, interesting, transformational, and amazing things that banks can do for their customers and community.
Here are some great things your bank probably does that you don’t normally think about. Banks process over $55 trillion in ACH transactions in the United States per year. Your local bank leadership likely spends many lunches, evenings, and weekends working with the local chamber of commerce and economic development group finding ways to bring jobs, businesses, and dollars to your community. The bonds that financed the construction of your local elementary school were underwritten and supported by a bank, sometimes a local or regional bank. Local nonprofit boards frequently have bankers as voting or advisory directors for their financial and business expertise. Banks often provide strong support to economic and cultural development in your city. Take a look at the list of sponsors for your city’s opera or college athletics. Chances are some of them will be local or regional banks.
Disclaimer
The posts in this blog are for information, fun, humor, or other reasons I might come up with later. None of the posts in this blog offer any legal advice. There is no way a blog post can tell you everything you need to know about starting a bank, buying a bank, or starting a new banking activity. Please consult a lawyer before taking on a new banking activity.