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Confidence In Banks Grows

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Americans' confidence in U.S. banks has increased to the highest point since the financial crisis of 2008.

Recently Gallup reported that Americans' confidence in U.S. banks increased to the highest point since June 2008. According to Gallup's poll, 26% of Americans now say they have "a great deal" or "quite a lot" of confidence in U.S. banks, up from the record low of 21% a year ago. Based on these survey results, it appears that Americans' confidence in banks may finally be starting to recover from the recession and financial crisis of 2008-2009.

I found this news to be encouraging, since a strong banking system, including strong public confidence, is essential if the U.S. economy is going to achieve strong, sustainable economic growth. Unfortunately, this survey fails to recognize the fundamental differences Americans have in their relationships with large national banks compared to the relationships they have with community banks like ours.

This year I have the privilege of serving as Chairman of the Virginia Bankers Association and in that capacity I meet with bankers from across the Commonwealth. I know from my many conversations that while the community banks across our state didn't engage in the questionable practices of some large banks, we are all still working hard to recover from the impact of those actions.

For community banks like Middleburg Bank, our strength lies in our relationships with our clients and in our ability to help those clients achieve their financial goals. I believe that when you partner with a community bank like ours, you will enjoy a level of personal service that you just won't find at the big banks.

One way we measure the service we deliver to you is through monthly client surveys. Each month we ask a random sample of clients to complete a short survey to let us know how we are doing and if we are meeting their expectations. The results of these surveys help us stay in touch with how you feel about our service and they serve as an early warning system to let us know if we need to address an issue.

While our survey doesn't specifically ask about your level of confidence in Middleburg Bank, I'm pleased to report that our clients tell us we are doing a good job and that they are happy with their relationship with the Bank. Based on the latest survey results, 93% of clients are satisfied with their relationship with Middleburg Bank and 94% would recommend us to a friend or business associate.

I'm gratified to see that the hard work of our employees is delivering this level of satisfaction. We all know that your continued satisfaction and relationship with the Bank is the cornerstone of all we do.

Each of us at Middleburg Bank is committed to delivering the optimal client experience and it's important that we know how we are doing. If you receive an email invitation to participate in our survey, please take a minute to complete it. If you have an idea for ways that we can better meet your needs, please talk to one of our employees in the Financial Service Center or send me an email at garyshook@middleburgbank.com

With your continued feedback, we will keep getting better.

I hope you have a great October.

Gary

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