Why is Consumers a “National Bank?” People sometimes ask us why Consumers, which is a local community bank, uses the term “National Bank” in our name. We obviously don’t have offices nationally; in fact, we don’t have any offices outside of Ohio. So here’s why “National Bank” is part of our name. Banks are required to have a charter, kind of like a license, to operate. Most banks—regardless of their size—receive their charter from the Office of the Comptroller of the Currency (OCC), an agency in the U.S. Treasury Department, hence the term “National Bank.” Banks with a national charter are required to put the words “National Bank” in their name. Therefore, we are Consumers National Bank. One more point: even though Consumers National Bank is chartered and supervised by federal agencies, we are not owned by the federal government. Consumers is a publicly-traded corporation owned by its shareholders. Our stock is traded over-the-counter under the symbol CBKM.
Posted on: Thu, 10 Apr 2014 20:58:06 +0000
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