“I’m sure many of you are thinking ‘great, another bank in town,’ I realize that banks don’t have the best reputations,” Hoffman said at a ceremony marking the name change. “Our vision is to inspire, protect and celebrate this community.”
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Richwood Bancshares, Inc., the holding company for the Richwood Banking Company, acquired all of Home City’s assets in an all-cash transaction announced last summer.
Home City had nearly $167.5 million in assets, $145.2 million in loans and about $118.6 million in deposits as of March 31, 2018, according to Richwood. The transaction was valued at $31.7 million, according to Richwood.
Springfield City Commissioner Rob Rue said he and the Chamber were excited about the addition of Richwood to the Springfield area.
“We believe that you are key to our community. We thank you for being here,” Rue said.
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The 27 employees of both bank locations were given the option to remain employed at the bank, however they were required to go through Richwood training courses.
Prior to the completion of the deal, the bank, which is based in Richwood had about 130 employees and operated six branches, mostly in Central Ohio cities like Marysville, Plain City and Delaware.
Richwood officials previously said the merger would allow the bank to provide services like assistance with online sales and advertising and provide educational programs like customer service for its business clients. Richwood also provides payroll services for more than 130 businesses.
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