The Wealth Creation Clinic at MIT's Department of Urban Studies and Planning (DUSP) released a comprehensive study titled "Enhancing the Local Impact of Community Banks", utilizing a San Francisco Bay Area business bank, Presidio Bank, as a model. Conducted by the Wealth Creation Clinic, which is sponsored by the Ford Foundation, the study traces the ways in which local community banks can have positive economic impact in their local communities.
"In the wake of bad press about banks, this research shows how community banks can be a positive force in their local communities. Community banks, specifically, are an integral part of society's infrastructure and fundamental to fueling our local economies." said Dr. Amy Glasmeier, head of the Wealth Creation Clinic and DUSP Professor. The Clinic often works with organizations operating in low-income and rural areas, many of which are trying to establish pro-community financial institutions that enhance local wealth creation potential. Surprisingly, there are few model case studies to inform others of the value of these institutions. "In Presidio Bank, which received a rare 'Outstanding' Community Reinvestment Act rating, we saw an opportunity to model how community banking can be done, and hope to apply the lessons learned in other types of regions, including low-income and rural areas."