Richwood News

Richwood Bank–Unwavering Values Reap Rewards in Long Run

By September 12, 2014January 14th, 2015No Comments

In a recent internal newsletter addressing Richwood Bank’s plans for the future, President and CEO Chad Hoffman stated “I believe we must hold lightly to goals and firmly to values”. As Richwood Bank continues growing, it is important that our customers understand what our values are just as much as our employees do. Sometimes, it is hard to see the forest for the trees. At Richwood Bank, our goal is to make sure the forest is in plain sight. Richwood Bank values: Do the right thing, Innovate, Always celebrate success, Make a difference in the community, Over-communicate, No excuses, and Drive positive energy.

How do these values affect our customers and why would Richwood Bank share this information with the public? Well, these values were established by the Bank and its employees back in 2006. The financial crisis that started in 2007 took a toll on many financial institutions. A lot of banks were hit hard, especially some of the bigger banks. While Richwood Bank did feel the heat from the crisis, we were able to stay strong and come out on the other side better than ever. One of the reasons that was possible was because Richwood Bank stuck by its values, and was led through the rough waters by a leader who wasn’t willing to compromise on those values. Today, we reap the benefits and rewards.

In April of this year, Seifried & Brew LLC, a community bank risk management firm, named Richwood Bank in its 2013 Top 15th Percentile of Community Banks. To gain entry into this distinguished ranking, the Bank demonstrated exemplary performance of balancing risk and reward based on the Bank’s S&B Total Risk/Return Composite Ranking. This is no small feat considering that the Bank not only survived the Financial Crisis but actually thrived. This supports Seifried & Brew’s belief that conservative, traditional community banking is the strength of our financial system.