In fact, rural banks are not private banks, but formal banks approved by the Insurance Regulatory Commission of the Bank of China, initiated and controlled by banking financial institutions, and supervised by the China Banking Regulatory Commission and the People's Bank of China. Rural banks mainly serve local farmers, agriculture and small and medium-sized enterprises, and mainly meet the needs of the development of agriculture, rural areas and farmers. Village banks are qualified for financial services such as deposit, loan and transaction settlement, and the deposit interest rate is higher than that of large commercial banks.

Tonghua Rongda Village Bank is a new rural joint-stock commercial bank invested by Tonghua Juxin Economic Development Zone, jointly funded by Yanbian Rural Commercial Bank and natural person shareholders, and approved by Jilin Banking Regulatory Bureau on July/Kloc-0, 2008.