Ohio Legacy Corp (OLCB), which operates for the holding company of Premier Bank & Trust, recently expanded into Fairlawn, an affluent suburb of Akron, Ohio. CEO Rick Hull says continued expansion into similar markets would make sense for the company at this stage.
“We would certainly look at additional expansion further north into Summit County, almost into southern Cuyahoga County,” Hull says.
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But, he says the company doesn’t need a huge distribution network in order to serve its clientele, which is primarily wealthy doctors, lawyers, accountants and business owners. Technology like remote deposit capture and online banking enables Premier Bank & Trust to serve most customers with its existing footprint, Hull says.
“But we are always looking, as some of the larger institutions are closing branches. If we find there’s the appropriate opportunity to go into a market where we want to be, then we would be interested in exploring that,” Hull says. “I don’t think entering a market through a de novo banking office is a method we would prefer. I think there will be enough opportunity whether it will come by just the larger institutions getting out of a particular market, or one piece of a particular market, or consolidation of other community banks.”
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