Community Bank named state's best small bank

Sitting down with Community Bank Delaware Board Chair and CEO Alex Pires, and chief lending officer and President Jack Riddle, it’s apparent the two are on the same page when it comes to banking. They agree that the personal touch is paramount to a successful venture. “Between the two of us, we know every customer,” Pires said.

“And we have a great employee team,” added Riddle.

Those are the foundation blocks for Community Bank, which has been recognized nationally by Newsweek magazine as the best small bank in Delaware.

“We are very excited about this. It's a testament that people know who we are,” Riddle said.

The personable Riddle is always available to speak with the bank's customers. He's also deeply involved in the civic life of the Cape Region.

“We were looking at slow, steady growth,” Riddle said. Glancing at his computer, he noted the bank has issued $680 million in loans to local people since its founding 15 years ago.

“We are faster with answers and a lot more personal,” Pires said. “Our customers appreciate that.”

The selection process

Best small bank winners were selected by Newsweek from among more than 2,500 banks and credit unions based on the overall health of the institution, customer service performance and features, digital and branch presence, account and loan options, interest rate offerings and fees.

Data sources for the ranking included information published by the institutions, quarterly call reports filed with the Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau complaints and mobile app reviews.

Bank founded 15 years ago

Community Bank was founded 15 years ago by Pires, a well-known Dewey Beach businessman, after his own experience as president of the Department of Justice Credit Union in Washington, D.C. “I really liked it. It was small, local and we knew everybody,” he said.

The idea for a new bank was based on those ideals when he moved to this area full time. “We started with zero dollars. It was one client at a time. We called on our friends, and people and businesses started moving their business with us. They liked the personal touch,” Pires said.

Pires said since the beginning, a dedicated, supporting board of directors has helped guide the bank.

The idea also included branches in Lewes and Rehoboth Beach. Riddle, who lived in Seaford at the time, recalls that the Lewes branch grew out of the old UniMart gas station on land between Route 1 and Kings Highway. “We used the gas station at first and then built around it and finally tore it down,” Riddle said.

Community Bank opened a new Rehoboth Beach branch on Route 1 in February 2021, across the highway from its original Rehoboth branch. The bank completed a large expansion of its existing Lewes branch in January 2020.

Riddle said the bank now has clients throughout Sussex County, not just in the beach area.

The bank has 34 employees after starting with four. Riddle and Shannon McGinn, vice president and human resources director, have been with the bank since the beginning.

Pires said it's always been a goal to keep their employees happy, which has resulted in a very low turnover rate. “Customers want to walk into the bank and see people they know,” Pires said.

Bank weathers lockdown

Pires said the bank weathered the lockdown for several months during the 2020 COVID-19 pandemic. Community Bank was among the first to reopen its lobbies to its customers. In addition, when a coin shortage hit, the bank provided counting machines for use by the public to get more coins in circulation.

“Coronavirus scared a lot of people when the community shut down,” Pires. “Government programs helped get businesses back on their feet, and we have lent a lot of money to a lot of people to help make them healthy again.”

Giving back to community

Pires said 10 years ago, when the bank starting showing healthy profits, the board backed a plan to donate 4 percent of those earnings to worthwhile organizations. Today, it receives as many as 300 requests for donations each year. A committee meets two times a month to evaluate the requests.

“A lot of people depend on help from others,” Pires said.

“There is a lot of wealth here,” Riddle added. “But there are still a lot of needs behind the curtain. We give to groups that can help those people in need.”

Riddle said the FDIC publishes reports on the amount of money deposited in banks in cities and towns across America. In Rehoboth Beach, there is $1.2 billion on deposit, and in Lewes the number is $1 billion.

“This money is from average, everyday people,” Riddle said. “There are tremendous resources here, and we are benefiting from that.”