A Year to Remember at Home Savings
YOUNGSTOWN, Ohio — It was a year of financial growth in 2019 for Home Savings Bank – and one to remember.
The bank achieved net income of $39.5 million and improved its efficiency ratio to 55.8% compared to 57.7% in 2018. Noninterest income was $26.6 million, up 13.7% from the previous year and noninterest expenses were $65.4 million.
Home Savings significantly expanded its number of commercial banking relationships and originated a record number of mortgage loans in the Mahoning Valley, more than any other area bank, according to Gary M. Small, president and CEO.
Auto lending was up significantly as the bank financed more than 1,500 loans through local auto dealers, and private bankers increased the amount of loans originated with customized solutions.
In September, Home Savings took a giant step forward when it announced it would merge with First Federal Bank of the Midwest, based in Defiance. The legal closing took place Jan. 31, making Home Savings the largest bank headquartered in Mahoning County.
Customers will notice little change in February, Small says. The systems conversion is planned for this summer and will coincide with the announcement of the new bank name.
“Customers will have all the same branches and friendly employees to handle their banking,” he says.
“Frank Hierro, commercial lending head, and his team will continue to support commercial banking customers and the bank will continue to support local organizations.”
Moreover, the merger of two like- sized community banks will create an even stronger local community bank ready to serve the Mahoning Valley, he says.
“We are pleased to partner with a company that has a shared community-minded vision, culture and focus on performance,” he says. “I truly believe that this merger is a win-win for all stakeholders: customers, associates, shareholders as well as the communities we serve.”
Last year also brought promotions, new hires and a branch renovation.
To kick off the first quarter, Home Savings announced the promotion of Tammy Jorgensen to senior vice president and director of private banking.
April brought a newly hired key associate and promotion with the addition of Tony Lucarelli as vice president of residential lending, and the promotion of Joni Comport to vice president of human resources.
In May, Jason Gendics joined as executive vice president of consumer and small business banking. He is responsible for management, planning and oversight of the consumer bank and small business sales.
Also in May, Home Savings celebrated the completion of a major renovation at its office in Poland.
Copyright 2024 The Business Journal, Youngstown, Ohio.
