NEW LEXINGTON — A local bank in New Lexington since Feb. 15, 1932 is making a major move without moving an inch. Peoples National Bank has held a National Charter since 1932, but that will change when it changes to a State Chartered Bank in 2019.
The approval for the switch arrived on Dec. 6, but Bank President/CEO Tony L. Davis said consideration for the switch has been over a year in the making. Stating that a State Charter “makes sense for our objective,” Davis describes the change coming after an extensive review of maintaining a National Charter as opposed to becoming a State Chartered Bank.
The 43 bank employees at five locations will remain the same but Peoples State Bank will have new hours to go with its new name. Currently the bank lobby opens at 8:30 a.m. and closes at 4 p.m. Monday through Thursday with the drive-thru staying open until 4:30 those days. The old Friday hours started at 8:30 and closed at 6 p.m. for both the main lobby and drive-thru window. Saturday hours were 8 a.m. to noon.
When the bank sign reads Peoples State Bank, the hours Monday through Friday will be 8:30 a.m. to 5 p.m. for both the lobby and drive-thru window. Saturday hours will become 8:30 to noon. They will also be adding a new position to their employee lineup. Davis stated the bank will soon be hiring a business development officer in 2019.
The bank will also see a change in regulatory governance. Previously the Office of the Comptroller of Currency (OCC) was in that role. With the change to the State Charter, the Ohio Division of Financial Institutions (ODFI) and the Federal Deposit Insurance Corporation (FDIC) will monitor the regulatory process.
“We will experience a substantial reduction in annual assessment fees moving from the OCC to the ODFI, the primary motive for a charter change,” stated Davis. He added that the opportunity to work with bank regulators in the State of Ohio (ODFI) instead of Chicago or Washington, D.C. (OCC) also played a part in this decision.
Davis has been the president/CEO since 2014, but his banking career that started in 1985 has allowed him working time at every position in the bank.
“I know what every employee goes through on a daily basis, and that’s a big help,” explained Davis.
He believes a community bank has the opportunity to make positive things happen for people. That must have been the mindset for the three founders of the Peoples National Bank when they began operations with $15,929.22 in its active fund during the Great Depression in 1932.
Today the bank has a total asset size of $129,286,749.71 and a new name. One thing that Tony Davis noted that will remain the same is “our opportunity to make a positive difference everyday” for our customers and community.