SIDNEY — The 2016 year was an outstanding one for U.S. Bank in the Northern Ohio Region.
“I am proud of the effort and dedication of our region’s employees in 2016,” said Andrew D. Counts, Northern Ohio regional president. “Their commitment to client satisfaction and service helped us achieve tremendous growth during the year. The Federal Reserve, the main central bank for the country, raised the Fed funds rate for the first time in almost a decade in December 2015. The rising rates signal that our economy is headed in a positive direction, which is great news for businesses and consumers.”
His report continues:
The momentum we achieved in the last half of 2015 in our commercial and commercial real estate business continued into 2016 as we saw over a 20% increase in our total loans outstanding as our clients continued investing in expansion and the growth of their businesses. We also experienced consumer loan growth during 2016 due to low interest rates in home mortgage, home improvement and auto loans.
Deposits grew in 2016 albeit at a slower pace than the prior years. Total deposits grew to $1.3 billion at year end with a significant amount of this growth coming from our savings accounts. We continue to see clients use our industry leading mobile banking applications to transact business, open accounts and to pay bills. This is a trend we see continuing for some time and has a significant role in our ability to increase our customers’ satisfaction and deposit growth.
Our employees are very involved in the communities where we work and live. Our employees are involved in over 80 local boards in the communities in and around the Northern Ohio Region and in 2016, our employees conducted 25 training seminars such as Teach Children To Save and Basic Banking and Budgeting. Our employees continue to take advantage of U.S. Bank’s paid volunteer time, to support qualifying organizations in our communities.
U.S. Bank invests in programs that provide stable employment, a safe place to call home and a community connected through culture, recreation and play. Philanthropic support through the U.S. Bank Foundation and corporate giving program was awarded to over 30 agencies in the amount of $159,000 that supported our Work, Home and Play pillars in the communities we serve.
I want to thank our local Advisory Board consisting of Timothy Geise, president – Dickman Supply Inc.; Martin Given, president – Ferguson Construction Company; Mark Hamler, president – Hamler Gingrich Insurance; Diane Meyer – motivational speaker; Charles Rhyan, assistant director – Western Ohio Computer Organization; Bradley Smith, assistant treasurer – Crown Equipment Corporation; Steven Staley, vice president – Koverman Staley Dickerson Insurance; Jerrold Stammen, retired president – North Star Hardware & Implement Company; and Timothy Weaver, president – Weaver Brothers Inc. for their continued support and leadership throughout the year.
Finally, I would also like to pay tribute to Charlie Rhyan and Tim Weaver who have announced their retirement after 23 and 26 years of service to our bank advisory board respectively. We appreciate their dedication, support and leadership and they will be missed.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $454 billion in assets as of September 30, 2016, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,114 banking offices in 25 states and 4,875 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com