Richwood Bank is expanding and remodeling its operations campus located in Richwood. In the past two years, Richwood Bank has increased new customers by 26% and welcomed 813 additional community businesses for financial, marketing, payroll, investment, and treasury management services.
When the Richwood Operations headquarters were first built in 2013, the architectural planning included a second phase of expansion capability based on predicted growth. That time has arrived. In the 10 years since the building was completed, Richwood Bank has grown from 87 employees to 217, and we anticipate adding several more in 2023 as an investment to support the infrastructure required to service the increased base of customers across central Ohio.
The main operations building will build out both levels towards the east, adding more than 8,000 additional square footage to increase offices, workspaces, restrooms, and a simulation classroom for training.
To replace the parking areas eliminated by the expansion, the structure to the south which faces Ottawa Street, currently home to Richwood Marketing, will be taken down. In its place will be an expanded parking lot and a maintenance garage with storage and a lean-to for sheltered outdoor break space. The headquarter expansion will allow the marketing division to move its services next door as part of the expansion.
The original tax abatement agreement made with Union County in the 2013 build required 14 new positions to be created within the ten-year time frame to receive the benefit. By the end of 2022, Richwood Bank had created 54 new positions and continues to grow. Richwood Bank is the number one payroll tax contributor for the village of Richwood.
All nine Richwood Bank communities across six counties in central and northeast Ohio are adding additional employees to accommodate customer service values. The operational departments that will require additional talented and skilled employees include compliance, fraud, business solutions, payroll, human resources, finance, contact center, loan maintenance, education training, IT system administration, and customer experience. Loan officers, loan servicing, customer specialists, and business banking roles are also increasing across all bank branch locations.
Our growth in the past few years has been remarkable and we owe it all to the trust and support of the communities we serve. Thank you for continuing to choose Richwood as your financial partner!