photo by: Emma Delk
WHEELING — Main Street Bank President and CEO Rich Lucas had good news during the company’s annual shareholders meeting regarding profits earned and a merger that would further expand the company’s reach.
The bank posted record net earnings of $5.68 million in 2023, which represented $1.66 in earnings per share for its shareholders. In addition to record numbers, Lucas shared during the event held at Undo’s Event Center that the bank will add 15 more branches through its merger with Wayne Savings Community Bank.
Before the shareholders’ meeting, the Boards of Directors for both banks voted to approve the merger at their respective meetings. Customers of Main Street Bank will receive a mailing this week highlighting the expanded products, services and new branch locations related to the merger.
The merger will be finalized this month and result in a combined banking entity of over $1.3 billion in total assets and 19 locations across West Virginia and Ohio. Main Street Bank will employ over 150 people, and the core system conversion will occur in June.
Lucas described the decision to merge the banks as based on their similar “goals of community service.”
Wayne Savings also matches Main Street Bank’s objective of being “all-in on technology,” added Lucas, while also never losing their “hands-on” approach to customers to provide a “personal touch.”
“Wayne Savings has spectacular technology offering on top of the same hands-on philosophy,” said Lucas. “Their folks are right there helping the customers at their locations. The technology works, and the philosophy works, so we’ve found a wonderful partner.
In addition to the merger, Main Street Bank had other gains to report during the shareholders meeting. In 2023, Main Street Bank added more than 2,900 new accounts, more than 1,000 new customers, and more than 12,000 new mobile bank customers. In addition, it netted more than 1,000 new loans.
Main Street Bank’s record numbers for 2023 continue the company’s streak of outearning its prior year’s net earnings since its founding 23 years ago.
Main Street Bank Board of Directors Chairman Nick Sparachane pointed out that these record-breaking numbers are impressive for a bank that began in 2001 with the goal of becoming a $35 million bank. Now, 23 years later as a $1.3 billion bank, he attributed the company’s growth to its “great employee group.”
Sparachane added he is excited to soon see 15 more Main Street Bank signs in West Virginia and Ohio following the Wayne Savings merger beyond the bank’s original branches in Wheeling, Elm Grove, Moundsville, Wellsburg in West Virginia and in Toronto, Ohio.
“We started as a local little valley company with local shareholders,” explained Sparachane. “We’re now regional, which gives us more capability to service our customers. It’s especially exciting to see what can happen when a group of local businesspeople can get together and start a bank that can grow that fast.”
With four months under their belt for 2024, Lucas added Main Street Bank is off to a “wonderful start” this year.
“We have never stopped striving to improve ourselves,” added Lucas. “We are always looking to expand and enhance the customer experience.”