When the World Turned Upside Down: How Partnership Helped Whitestone Weather the Storm
Jay Batra, CEO of Whitestone Companies, began his relationship with Richwood Bank in 2015 when he reached out to Brian Gehres to refinance one of his properties in Dublin, Ohio. That first experience set the tone for what would become a lasting partnership — one built on open communication, understanding, and genuine trust.
A Storm No One Saw Coming
In 2016–2017, Whitestone Companies purchased the Sheraton Suites—a significant value-add property that needed a complete transformation. Renovations began in late 2018 and were expected to wrap up in 2019—but by March 2020, the world had other plans.
“Come 2020, our world was devastated when COVID hit,” Jay says.
“Occupancies went down to below 5%. It was unexplainable—what would you do with almost no revenue?”
As shutdowns spread and travel came to a halt, Whitestone found itself facing the unimaginable: a massive renovation project with almost zero guests, mounting costs, and uncertainty at every turn.
That’s when Jay reached out to Richwood Bank.
A Listening Ear When It Mattered Most
“We reached out to Richwood—specifically Brian—to ask for any assistance that could be provided,” Jay remembers. “We were lent a hand like no other. Richwood cooperated every step of the way, had a very good listening ear.”
“I still remember meeting at the Sheraton Suites—talking through the results, the story, the current affairs,” he says. “It was heard, comprehended, and dealt with beautifully well. Everything we asked for, we got—in terms of compromises, adjustments, and flexibility.”
Other institutions, Jay noted, didn’t offer the same support. “Bigger banks treated you in a very institutional way—scripted, cookie-cutter answers. There was no one on the other side really listening to your case.”
The Power of a True Partnership
Five years later, the Sheraton Suites stands as a beautifully renovated, fully recovered success story—one that could easily have been a casualty of the pandemic without the right financial partner.
“Where you bank matters,” Jay emphasized.
“Who you choose as your partner matters in a big way. It’s a big part of your success story. When you have a partner that’s alongside you every step of the way, you don’t have to worry as much. That matters big time.”
Lessons from the Journey
When asked what advice he’d give to others facing similar challenges, Jay’s answer was simple: communicate.
“It’s all about communication,” he said. “Make yourself be known. Be transparent and honest about your situation. Present your complete circumstance without holding things back.”
Beyond Business
While Brian remains the face of Richwood Bank to Jay, he’s quick to note that the relationship extends far beyond one person.
“Other supporting members of the Richwood team have become part of this extended family,” he said.
“It’s a great feeling when you can participate above and beyond business — to really know each other on a personal level. This isn’t just a checkbox relationship. It’s a true heart-to-heart connection.”
Whitestone’s experience highlights what sets community banking apart. When markets shift or challenges arise, a relationship-based partner like Richwood Bank can make real-time decisions, offer creative solutions, and stand by your business instead of hiding behind policy.
