Cortland Bank Capitalizes on Organic Growth Plan
Editor’s Note: The following story is from Growth Report 2017, published by The Business Journal.
By James Gasior, President and CEO
CORTLAND, Ohio — Cortland Bank ended a very successful 2016 having capitalized on our strategy of organic growth by offering innovative products, hiring talented bankers and expanding northward.
The bank reported one of its best performances of the last 13 years, with average loan growth nearly 9% higher than in 2015. Assets grew 32%, our loan portfolio 69% and deposits 39%.
We launched a new logo and new look last year, transforming our brand. This came amid the growth of our business lines and entering new markets.
The Kasasa free checking program attracted 2,500 new accounts with $8.3 million deposited in those accounts. And customers appreciated the ease and convenience of using their personal computers, smartphones and tablets to access their accounts.
With the opening in Hudson of our 14th branch, we now operate throughout Trumbull County and have offices in Mahoning Portage, Ashtabula and Summit counties. Cortland has a financial-services center in Fairlawn outside Akron and another in Beachwood in Cuyahoga County.
Our 13th office, at the corner of Boardman-Canfield and Tippecanoe roads in Canfield, celebrated its first anniversary last fall.
Our mortgage bankers saw originations rise 31% and secondary market sales rise 38%. The financial services center in Fairlawn added staff.
With the creation of Cortland Private Bank, Amy Manolio, vice president and private banking officer for the Mahoning Valley, and Nate Marshall, vice president and private banking officer for Greater Cleveland, joined our bank. The number of staff who offer private banking products and services doubled, helping Cortland enjoy growth in commercial lending and treasury management.
We continued to invest in technology by introducing enhanced online reporting for bank transactions for both business and public entities that use our treasury management services. Later this year, we will introduce enhanced payment platforms with iPay, iPay Biz and an onboard suite of deposit products.
Cortland Bank and our employees are committed to giving back to the communities we serve. One focus is financial literacy and, in cooperation with Junior Achievement, we visit schools to teach this topic. Collectively, Cortland Bank increased its support by 70% of Habitat for Humanity, Second Harvest Food Bank, the American Heart Association, Salvation Army, United Way and Ohio Corp. for Housing.
Copyright 2024 The Business Journal, Youngstown, Ohio.