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New community bank in the works

YUMA, Ariz. (KYMA, KECY) - Community Palms Bank is in its final phase before being built to serve the Yuma community.

In 2017 there was only one operating community bank of the eight total banks operating in Yuma, according to the Federal Deposit Insurance Corporation.

By having a new community bank, Dennis Van, President/CEO of Community Palms Bank, says the local community will own this bank.

Meaning whatever money community members put into the bank would stay in Yuma. The bank will hire local directors, staff, and construction workers.

Van says the banking landscape in Yuma is dominated by larger non-community banks such as Chase or Wells Fargo, to name a few. He says all these non-community banks currently control 88-percent of Yuma's deposit market.

Something Van hopes to change as he opens this new bank.

Community Palms Bank is in the last phase of its process, which is raising money and collecting investors.

If you are interested in obtaining more information on becoming an investor of Community Palms Bank, contact Dennis Van at 928-486-0642 or email at dennisvanCPB@gmail.com.

Top Stories / Yuma County

Crystal Jimenez

Crystal Jimenez began at KYMA as a Digital Content Producer in June 2019, and is now a multimedia journalist for the morning show.

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