OSGOOD — Whereas approximately 250 community banks sold or closed in 2019, Osgood State Bank (OSB) continues to buck the trend of small bank consolidation plaguing the financial services industry.
“In 2019, OSB surpassed $265 million in assets, and since the financial crisis, the bank has grown by about 250% from $110 million in 2008, to almost $270 million today,” said Keith Burghardt, chef operations officer.
His report continues:
How has OSB become an outlier in an industry where players continue to contract? First and foremost, by modeling behaviors that align with the four core tenets of the bank’s Mission Statement. Here are some recent highlights, which exemplify results as compared to the bank’s organizational mission:
Caring for our people and their families:
• OSB broke ground on a new operations building in Osgood last August. The new building will help centralize back office operations, by bringing together staff currently working in three different locations; including two basements in Osgood and Fort Loramie. The building will allow all departments to work cohesively together and include wellness facilities such as a workout space and a mother’s nursing and mindfulness room (about 80 percent of OSB employees are female). The new facility will also add jobs to Osgood and will provide adequate space for OSB to open a call center in the future.
• OSB has developed a wholistic approach in offering comprehensive compensation packages to all employees, including ensuring work life balance, providing paid volunteer opportunities and multiple paths for career advancement.
• Delivering a favorable return to our stockholders:
• OSB continues to deliver returns to the bank’s ownership in the 9% range, while at the same time expanding dividends and asset growth.
• Given our stellar performance, our stock is not traded very often. However, in the event a shareholder wants to sell their stock, the process is easy, as there is a waitlist of buyers willing to purchase additional shares as they become available.
Providing a gratifying experience for our customers:
• Expanded mobile banking capabilities, grew core deposits, and introduced new commercial checking accounts for business customers.
• Helped over 150 families buy, refinance or build a home in 2019 and introduced (3) new mortgage products specifically designed to help local families purchase homes in Darke, Shelby, Logan, Auglaize and Mercer counties – including first time home buyers with limited down payments.
• In addition to lending locally to families, farms and businesses, OSB has developed a nationwide niche lending division to diversify the bank’s loan portfolio and strengthen our business. Our new operations building is a part of the support system to service our customer base in all markets – currently in 26 states and growing.
• Offering compassionate service to our communities:
OSB offered a Tornado Relief program in the wake of the devastation this spring, providing interest free loans to victims in our communities, including Celina, that needed a spring board to re-build.
In 2019, OSB donated over $100,000 to non-profits, schools and worthy causes that are located in the communities we serve. This giving is administered by the bank’s charitable committee which is comprised of bank employees at all levels.
Later in 2020, OSB will release plans on the creation of a charitable foundation, which will allow the bank to expand philanthropic efforts throughout our footprint.
Osgood State Bank’s future continues to shine brightly as it helps employees, customers, shareholders and communities grow and thrive.