After Hearing “No” From the Big Banks, Keep It Cut Adds 3 New Locations With Support From Commerce Bank of Arizona

When the big banks said no, locally owned Commerce Bank said yes to helping Keep It Cut double their locations and create more jobs in Arizona. #MoveYourMoney to see more stories like this one:

Jacob Meltzer and Josh Thorsvik, Co-Owners of Keep It Cut, were looking to add new locations for their unlimited haircut membership concept. They attempted to get the financing they needed from commonly known large banks, but they declined to approve their loan applications.

Meltzer then attended a Community Banking Month event hosted by Local First Arizona in April of 2017, where he connected with Jeremy Hodgson from Commerce Bank of Arizona. From there, they worked out an agreement that has helped them plan to open three new locations of Keep It Cut across the Valley this year.

After hearing ‘No’ from the big national banks, we heard ‘Yes’ from Jeremy at local Commerce Bank of Arizona. Thank you to Local First of Arizona for connecting us during Community Banking Month. Now we are doubling in size and adding more than jobs to the local economy.
— Jacob Meltzer, Keep It Cut

According to the Federal Deposits Insurance Corporation, as of 2011, community banks held 14% of banking industry assets nationally, but accounted for 46% of the small loans to farms and businesses. Community banks tend to be more open to basing credit decisions on nonstandard data obtained through long-term relationships, as opposed to formula-based underwriting criteria used by larger banks.

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Jacob and Josh were looking to open new stores which some banks would consider as a new start-up situation. We spent a lot of time getting to know them and saw the Keep It Cut concept is very well done and is supported by a loyal customer base and dedicated staff. Commerce Bank of Arizona saw this as a business expansion opportunity for Keep It Cut and were excited to assist.
— Jeremy Hodgson, Commerce Bank

April is known as Community Banking Month, an annual month-long celebration of community banks across the nation. Local First Arizona is celebrating by sharing stories like Jacob, Josh and Jeremy’s as well as helping Arizonans to move their money to community banks and local credit unions. Arizonans can visit to find local banks and credit unions near them and learn more about the services they offer and their involvement in the local community.

Business owners and representatives are invited to attend the Phoenix Community Banking Month event on Wednesday, April 18, from 6:00 p.m. - 7:30 p.m. at The Newton (300 West Camelback Road Phoenix, AZ, 85013). Local banking representatives from a dozen local banks and credit unions will be on hand to offer information and resources on their products and services. Information and registration can be found at

Community banks play an important role by helping to ensure that the financial resources of the local community are used to support local businesses. Through our Community Banking Month efforts, we hope to educate Arizonans on all that community banks offer in terms of financial services as well as share their stories of community involvement.
— Thomas Barr, Executive Director of Local First Arizona.

Currently, just 7% of all banking assets are held by community banks in Arizona. “Our overall goal is to inspire Arizonans to move their money and have it work for our communities,” said Barr. “By moving our investments and savings to local banks or credit unions, we give these institutions more resources to in turn lend to local businesses, helping to realize dreams of business ownership and self-reliance as well as create jobs right here in our communities.”

More information about community banking in Arizona can be found at