On March 31, 2010, Rbancshares, Inc. finalized closing arrangements on The Ohio State Bank headquartered in Marion, Ohio. With the finalized closing, Rbancshares, Inc. (“RBS”) is providing $7 million in new capital to The Ohio State Bank.
The new capital is to be used to restore The Ohio State Bank’s regulatory capital ratios which now exceed the regulatory definition of a well-capitalized bank.
According to bank officials, The Ohio State Bank, with offices in Marion, Richwood, Green Camp and Lewis Center, Ohio, is now in a stronger financial position. There will be no changes to existing client account numbers, client records or current Ohio State Bank products as a result of this alliance with RBS.
Shawn Keller, the new president and chief executive officer of The Ohio State Bank, said this alliance with RBS will allow The Ohio State Bank to continue to service existing clients with current Ohio State Bank personnel and provide a greater level of client service in the future.
“The Ohio State Bank has been a cornerstone in our community for over 20 years. The Marion market provides a strong base for us, while our Lewis Center facility will allow future expansion in the Delaware and Westerville, Ohio markets” said Keller.
Keller will also continue to serve as president of RBS. A new board of directors and management team comprised of local business leaders will oversee The Ohio State Bank and maintain a commitment to serving clients in Central Ohio.
The new board of directors consists of:
- Ted McKinniss – Marion attorney
- Thurman Mathews – Marion auto dealer
- Jon Sisler – Marion business owner
- Roger Vanover – Marion business owner
- Marc Tortora – Certified public accountant
- Rick Rano – Commercial real estate broker
- Judi DeVillers – former Commerce National Bank board member
- Dr. Doug Fosselman – Member of the Central Ohio Primary Care Corporation
- Jim Deer – The Ohio State Bank’s chief financial officer
- Shawn Keller – President and chief executive officer of The Ohio State Bank
- Bill Daily of Marion, Ohio will serve as The Ohio State Bank’s chief credit officer
- Dean Lucas of Dublin, Ohio will serve as senior development officer.
According to Keller, “The improved financial condition of The Ohio State Bank allows us to focus on our mission to deliver excellence to all we serve. It’s also vital that we maintain local ownership and are managed by people with a shared commitment to our local communities. While our ‘big bank’ competitors from New York and Pittsburgh, among others, restrict lending in our area, we intend to be part of the local economic solution through support of small businesses, home owners, agriculture and the citizens in our area.”
On March 31, 2010, a letter announcing and explaining this new alliance between RBS and The Ohio State Bank was sent to all existing Ohio State Bank clients.
RBS is a bank holding company headquartered in the Lewis Center office of The Ohio State Bank. RBS was formed for the purpose of raising the capital necessary to bring financial stability to The Ohio State Bank. With no individual owning more than eight percent of the company, RBS is owned by just under 100 shareholders from Marion and the surrounding Central Ohio area.
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