OSGOOD — 2020 was a year full of unique challenges for just about everyone. Through times of uncertainty, Osgood Bank remained steadfast in its commitment to its mission: “Providing a value to our customers; Caring for our people and their families; Serving our communities; and delivering a favorable return to our stockholders.” These commitments helped the bank officials navigate through the country’s economic uncertainties last year to accomplish big things.
“I know 2020 was especially challenging for everyone, however, it also highlighted many good things like stories of extreme kindness and support that was provided to businesses, families, and our communities. It was also a year of growth for Osgood Bank, both in terms of numbers and for our team. Hopefully when we reflect, these positive experiences are what we remember most” Tony Kaiser, CEO.
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Growth: A major milestone was accomplished, as the bank surpassed the $300 million mark in assets for the first time. In fact, the bank finished 2020 with $336 million in total assets, which represented a year-over-year growth rate of 25%. As a result, bank earnings were strong and a double-digit return on investment was provided to our shareholders.
Branding: The bank rebranded with new logos and colors to create a visual identity that represents our purpose, values, and plans for continued growth.
Pandemic Resilience. Like the rest of the nation, our team, customers, and communities were affected by sickness and unprecedented challenges. Through it all we worked together to solidify our commitments to each other. As an essential business, the bank remained fully operational throughout the pandemic. At times, our branch lobbies were closed but we found creative ways to service our customers through appointments, drive-ups, and new technology. Our customers and communities understood the need for these temporary modifications, for which we are thankful. One positive outcome of COVID-19 is that we accelerated our investment in digital services, including more online and mobile banking features, to meet customer needs in a variety of ways.
PPP. Early in the Pandemic, the Paycheck Protection Program was created by Congress through the Cares Act. The Osgood team worked nights and weekends to first develop a PPP system, then process customers PPP loan requests. The effort paid off. Over 325 loans were processed, providing relief to businesses that needed a helping hand. Often loans were funded within a week of application submission. Additionally, the bank is now accepting applications for another round of PPP loans, with the same level of dedication to processing speed and funding.
Lending. In addition to providing business loans, our lending team helped approximately 370 families buy, refinance, or build a home in 2020. It is worth noting that we almost exclusively originate mortgages in Shelby, Darke, Auglaize, Mercer and Logan counties and we service all our home loans locally.
Operations Center. The bank broke ground on a new Operations Center in Osgood in late 2019. Three months into the construction, the pandemic arrived with force. Despite restrictions and logistical challenges, the project’s General Contractor, Weigandt Development (Minster), kept the ball rolling and the project was completed on time. The facility opened in October and has helped to centralize back-office operations and allow our team to gain operational efficiencies. The building includes wellness facilities such as a workout space and a mother’s nursing and mindfulness room. Amenities like these demonstrate our commitment to our employees, and have allowed us to further strengthen our culture and become an employer of choice. The Operations Center is not yet open to the public given COVID-19 restrictions, but we look forward to welcoming guests once the pandemic is behind us.
Giving Back. Our charitable endeavors were not hindered by the pandemic. In 2020, the bank donated over $100,000 to non-profits, schools, families, and other worthy causes identified in the communities we serve. Philanthropic efforts will continue to be a core part of who we are, highlighted by the creation of the Osgood Foundation, a 501c3 private charity, which was established during 2020. More information will be distributed during 2021 regarding the Osgood Foundation and its purpose.