Smaller,locally focused commercial and savings banks that offer narrower but more personalized menu of financial services are known as:
A)money-center banks.
B)community banks.
C)mutual funds.
D)state banks.
E)fringe banks.

Question

Quizplus · Accepted Answer

Community banks are smaller, locally focused banks that offer a narrower but more personalized menu of financial services to their customers. They are often more familiar with the local market and can provide customized solutions to meet their customers' needs. Money-center banks, on the other hand, are large banks that offer a wide range of financial services to corporations and institutions. Mutual funds are investment vehicles that pool money from investors to buy a diversified portfolio of stocks, bonds, and other securities. State banks are banks that are chartered by a state government, rather than a federal regulator. Fringe banks are financial institutions that cater to underserved populations, such as payday lenders and check-cashing services.

Smaller,locally Focused Commercial and Savings Banks That Offer Narrower but More