Summary: Locally owned community banks remain a strong countervailing force to help small cities, small towns and rural areas navigate headwinds, economic development expert Aaron Renn says. Renn offers ideas for bankers to consider as they contribute to local economic development, including tips for “exporting lifestyle” to nearby commuter hubs, identifying key local assets, and finding the kinds of infrastructure investments that actually pay off. He also flags risky or ineffective development strategies.
