Richwood Bank Announces Acquisition Agreement with Home City Federal Savings Bank of Springfield
Richwood, Ohio — Richwood Bank, a community based bank with six locations across four counties in central Ohio announced today the signing of a definitive agreement to acquire Home City Federal Savings Bank, which serves the Springfield, Ohio area with two locations. The all cash purchase, which has been unanimously approved by each institution’s board of directors, is expected to close before the end of fourth quarter, 2018.
This alliance reinforces a socially aware mindset to create lasting, tangible connections within communities that go beyond typical financial transactions. Richwood Bank has more than tripled their customer asset size since 2008 through upgrading digital banking solutions, simplified reward accounts and new service lines paired with more than 150 years of banking experience. Once finalized, Richwood Bank will serve five counties in central and southwestern Ohio with continued excellence.
Chad Hoffman, CEO and President of Richwood Bank explained the company’s intentional branch out to Clark County. “We are dedicated to inspire, protect and celebrate anything that makes communities thrive. The positive surge of success within our current markets has validated that customers bank with us to experience a memorable interaction versus an automated transaction. It’s exciting to introduce our unique banking outreach model to those who call Springfield home.”
Developing new ways to connect business partners, customers and non-profit organizations with one another to build relationships motivated Home City Federal Savings Bank CEO J. William Stapleton to find a partner that would propel their customers forward.
“We wanted to ensure that our employees as well as the Springfield community would gain from this purchase and see it as favorable change. After meeting and seeing their impact, Richwood Bank was the clear choice for us.” Home City Federal Savings Bank CEO J. William Stapleton stated.
This is the first acquisition for Richwood Bank, who is accustomed to expanding their community outreach by creating new branch locations organically.
“We’ve always considered new locations that complement our goal to reintroduce the benefits community banking can provide to local businesses, individuals, agriculture and team members. After meeting the leaders of Home City Federal and learning more about their history, values, success and principles – the foundation to build upon their story was already solidified. This may be called an acquisition, but we view it as a partnership that allows us to expand our reach to more Ohioans like us.” Chad Hoffman, CEO and President of Richwood Bank stated.
The Springfield purchase of Home City Federal Savings Bank marks the first geographical expansion since Richwood’s newly constructed branch launched seven years ago in Delaware. Since then, internal infrastructure and remodeling continued with additional services added such as a corporate headquarters facility in 2014, donation based coffee shops in their three largest lobbies beginning in 2015. Also in 2015, Richwood Marketing and RichwoodU launched respectively expanding their corporate campus square in Richwood. Their full service marketing agency represents 135 business clients who partner for banking services. New service lines under the Richwood umbrella continue to evolve with the sole purpose of supporting our customer’s freedom to focus in their business rather than on it.
“We want Springfield to experience the benefits of Richwood Bank that they won’t find anywhere else.”
About Richwood Bank’s Service
Richwood Bank is a community bank that serves more than 160 non-profit organizations within their current four county footprint. In addition to 58 board and committee positions represented by team members, more than 2,600 individual volunteer hours were donated for 110+ events supporting community involvement in 2017. Richwood Coffee, a full service coffee bar that awards high end drinks for non-profit donations has raised more than $129K in funds that directly benefit non-profit partners.
No gimmicks or long asterisk offers, Richwood Bank products and services are designed to be simple, transparent and rewarding for customers who choose to partner for the long term. More information is available at www.RichwoodBank.com
Media Inquiries may be directed to Team@RichwoodMarketing.com or call 740-943-4182.