What Community Banking Means for Local Businesses: Lessons from Jim Vaccaro

Greater Ocean Township Chamber of Commerce | Breakfast & Business Recap

What does it mean to have a bank that’s owned by the people who bank there?

That was one of the central questions behind Jim Vaccaro’s presentation at the Greater Ocean Township Chamber of Commerce’s August Breakfast & Business event. As Chair, President and CEO of Manasquan Bank, Vaccaro offered members a candid look at the changing banking industry, the role community banks play in local economies and why relationships still matter in an increasingly digital world.

Vaccaro also took a moment to recognize Caroline Glynn, Vice President and Retail Branch Manager at Manasquan Bank, who was in attendance and is also a member of the Greater Ocean Township Chamber of Commerce Board. The shoutout was a fitting reminder of the connections that make community banking and a local business community work hand in hand.

His message was particularly relevant for local business owners: community banking isn’t simply about where you deposit money. It’s about access to capital, local decision-making and relationships that can help businesses grow.

An industry undergoing major change

Vaccaro opened with a striking look at the consolidation of the American banking industry.

In 1985, there were approximately 18,000 independent bank charters in the United States. Today, he said, there are 4,241. He noted that roughly 85 mergers took place during the first six months of 2026 alone.

For business owners, that consolidation represents more than a change in the names above bank branches. Fewer independent institutions can mean fewer locally based decision-makers who understand the businesses, communities and economic conditions in their markets.

That’s where community banks can offer a different model.

Manasquan Bank dates back to 1874, giving it more than 150 years of history in the communities it serves. Vaccaro emphasized the institution’s continuing role in providing capital to consumers and businesses; from mortgages and home equity to commercial real estate, working capital and equipment financing.

For local businesses, that capital can be the difference between an idea remaining or becoming a new storefront, expansion, equipment purchase or additional jobs.

What makes a mutual bank different?

One of the most important distinctions Vaccaro explained was Manasquan Bank’s ownership structure.

Unlike publicly traded banks, Manasquan Bank is a mutual bank, meaning its depositors are the owners.

As Vaccaro explained, the bank doesn’t have shareholders demanding the same type of return that publicly traded institutions must deliver. Instead, its stakeholders include depositors, borrowers, employees and the communities it serves.

That structure can shape how a community bank approaches relationships with its customers.

For business owners, understanding how a financial institution operates can be just as important as understanding its interest rates or loan products. When you’re seeking financing, you’re not simply choosing a product; you’re choosing a financial partner.

Investing in the communities it serves

Community involvement was another major theme of Vaccaro’s presentation.

In 2014, Manasquan Bank established the Manasquan Bank Charitable Foundation to formalize its philanthropic efforts. Vaccaro explained that the Foundation supports local nonprofit organizations in areas including education, social and civic services, health and wellness, recreation, and arts and culture.

The Foundation has distributed millions of dollars in grants to local 501(c)(3) organizations.

But Vaccaro emphasized that the relationship doesn’t end when a grant check is delivered.

Grant recipients are invited to quarterly breakfasts with the bank’s senior management team. For Vaccaro, those gatherings provide an opportunity to hear directly from organizations working to improve people’s lives and to understand the impact of the bank’s investment in the community.

It’s a model that reflects a broader point he made throughout the morning: businesses are part of their communities, and strong communities depend on businesses willing to invest in them.

Removing the barriers between businesses and their customers

Perhaps the most memorable part of Vaccaro’s presentation involved something most people don’t think much about: the teller counter.

Traditional bank branches were designed around a physical barrier between employees and customers. Vaccaro described those barriers as representative of a larger challenge; businesses can unintentionally create distance between themselves and the people they serve.

Manasquan Bank began removing teller counters from its branches roughly 12 years ago, replacing them with what it calls universal banker pods.

The goal isn’t simply a different branch design. It’s creating a more personal experience while still maintaining privacy and security.

Vaccaro described the broader philosophy as removing barriers that can be intellectual, emotional or physical.

That’s a lesson that extends well beyond banking.

Every business has barriers. They might be complicated forms, confusing websites, difficult-to-reach employees, unnecessary steps in a sales process or simply a lack of communication.

The question is whether those barriers are helping customers or simply reflecting the way the business has always operated.

Sometimes customer service means answering the phone

Vaccaro also shared a refreshingly simple example of removing friction: Manasquan Bank employees have direct phone numbers that ring at their desks.

There’s no elaborate phone tree standing between customers and the people they need to reach.

For a business owner who has ever spent several minutes pressing buttons just to reach the wrong department, the value is obvious.

Technology can make businesses more efficient; it can also make them more difficult to navigate. The best technology should simplify the customer experience rather than add another layer between people.

That’s especially important for local businesses, where personal relationships can be one of the biggest competitive advantages.

Banking is still about relationships

The morning’s discussion ultimately returned to a simple idea: relationships matter.

Digital banking has transformed how customers manage money, transfer funds and conduct everyday transactions. But when a business needs financing, advice or help navigating a major financial decision, a relationship with a knowledgeable banker can still make a meaningful difference.

For members of the Greater Ocean Township Chamber of Commerce, that’s an important takeaway.

Your banking relationship should be more than a place to deposit checks. It can be a resource for understanding financing options, managing cash flow, planning for growth and navigating the challenges that come with running a business.

And just as businesses benefit from strong banking relationships, the broader community benefits when local financial institutions understand and invest in the people and businesses around them.

A conversation worth having

Jim Vaccaro’s Breakfast & Business presentation offered GOTCC members more than an overview of banking. It provided a look at how one longstanding community institution is adapting to a rapidly changing industry while holding onto the values that have defined community banking for generations.

For local business owners, the takeaway is worth remembering: the right financial relationship can be an important part of building a stronger, more resilient business.

 

The Greater Ocean Township Chamber of Commerce thanks Jim Vaccaro and the Manasquan Bank team for joining us, and thanks all of our members who continue to make Breakfast & Business programs an opportunity to learn, connect and strengthen the local business community.

Want to be part of the next conversation? Keep an eye on the Greater Ocean Township Chamber of Commerce events calendar for upcoming networking, educational and business-development opportunities.