Sherwood State Bank representative, Vice President Brian Miller announced that they are committed to Fayette at the March 5, Farmer’s Forum and Dinner.
“It’s an opportunity for us here,” said Miller. “This our footprint. This is where we want to be…There’s been other communities that don’t have banks that we’ve looked at. But this is one [Fayette] that the board made a commitment. We think that this is the one. We think this is where we want to be.”
However, Miller said that their biggest challenge is finding a location, but that they hired PW Campbell, a firm that is dedicated to finding locations for banks, whom they’ve worked with previously. He said that they hoped to have a suitable location identified for the branch within 60 days.
“This isn’t all about money. This is about relationships. This is about growing the Sherwood State Bank and growing your community…We need your relationships here in Fayette, Ohio to be able to survive,” he said. Miller said that they will not be profitable the first, second or even third years in Fayette, but feel that by the fourth or fifth year that they will turn a profit and are prepared for that.
“Hopefully we’ll do a good enough job in those two or three years to attract your business to be able to gain that clientele and grow the operation,” he said. Miller said that they plan to have local decision-makers on site at the Fayette branch. He said that the initially plan to hire three and a half employees at startup. Miller also said at some point they plan to have a stock offering at some point as they want people to be owners in their bank.
When asked about interest rates, Miller said, “I’ll tell you this. We are not going to be the cheapest. I’ll promise you that, but we’re not going to be the highest. I’m not going to compete with the big banks…I’m not going to play that game.”
On September 25 Huntington Banks announced the closing of both Fayette branches leaving the community without a local bank until now. Sherwood State Bank has branches in Sherwood, Ridgeville Corners and Defiance, Ohio.
The Community Development Corp. of Fayette sponsored the Farmer’s Forum and Dinner.
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