Marty Sutter, company president, (middle) speaks at the GenoaBank groundbreaking ceremony in Sylvania Township.
What sets locally-owned GenoaBank apart from banking-industry giants is its smaller size, which allowed for swift action when lenders were notified of the significant data breach a couple of weeks ago involving 40 million debit and credit cards used at Target stores, president Martin Sutter said.
Mr. Sutter touted the benefits of banking with the "community-minded" GenoaBank, headquartered in Genoa, Ohio at a celebration event that marked the commencement of the construction for the first Sylvania area branch at 5501 Monroe St. in Sylvania Township.
“We are small enough where we had communication with our people affected almost right away," Mr. Sutter said of the debit and credit card hacking problem this month. "We worked with them to close down their card and reissue new cards right away. So while the other banks were still trying to figure out what they were going to do, we already begun the process of issuing new cards.”
Mr. Sutter and Steve Delventhal of Delventhal Co., a general contractor in Millbury, Ohio, said the new branch to be built at the home of a former township fire station will be about 4,200 square feet. It will have three drive-through lanes and an automated teller system.
Michael Lieber, Sylvania's town crier, kicks off the groundbreaking ceremony for a GenoaBank branch.
The total cost for the project is $2.4 million, with approximately $700,000 going towards the purchase of 1.5 acres from ABC Warehouse store located next to the future bank. That acreage includes about 0.8 acres of former township property.
The branch is expected to be operational in July.
Trustee John Jennewine said the township property was originally sold to ABC Warehouse in November, 2010 for $325,000. The funds were placed in the fire fund and used toward operation costs, he said.
Founded in 1902, GenoaBank has six locations, including its headquarters, with branches in Elmore, Millbury, Oregon, Rossford, and Maumee. It has assets of $269 million.
The bank plans to hire 10 to 14 bank tellers and commercial and housing lender positions. Those Interested can email a résumé to HR@genoabank.com or apply in person at a local branch.