President & Directors
Serving as a director on the board of a federally insured financial institution requires a deep understanding of the issues associated with risk management principles and effective corporate governance. While the board is not involved in the day-to-day activities of the institution, it is responsible for making decisions crucial to the safe and sound operation as well as the direction of the institution.
Community Savings Bank, a mutually owned savings institution, is committed to providing quality financial services to the community while serving as a vital resource in community development. The bank has branches in Bethel and Greenfield, Ohio as well as convenient online services.
The directors of mutual institutions such as Community Savings Bank set policies and oversee management's operations. They also decide about corporate organization and the best means to serve the interests of the community. Because they are not subject to the pressures of stockholders interested in maximizing shareholder value, they can maintain their focus on preserving a healthy, viable mutual bank that serves the community. Our directors are elected by our own depositors at the Annual Members Meeting.
From left to right: Steve Pearce, Ruth Lung, Jim Smith, John Essen, Donna Gunn, Ragan McKinney, Jerry Mueller
Presidents Report at 2018 Annual Meeting
Welcome to the 2018 annual members' meeting of Community Savings Bank. In a recent planning session, our Board of Directors reaffirmed our mission to serve as a cornerstone for community development while providing superior financial services. We believe everyone can achieve financial independence. This is our mission and we work hard every day to fulfill that mission.
Our team of experienced and passionate bankers offer personalized financial advice utilizing the right best in class solution for your individual needs. Your support and loyalty over the years is much appreciated and highly valued. That is why we continue to invest our resources back into the organization and our communities.
Our partnership with Empower Youth has proven to be a very effective means of reaching out into the community to reverse generational poverty in our area. We continue to build partnerships with the local schools and civic organizations.
Although the loan portfolio balance decreased slightly during 2017, deposit balances increased $1.6 million. Credit quality continues to improve as nonaccrual loans drop to 0.24% of total loans. Capital increased $548,000 to $12.6 million during the year.
I thank you for the opportunity to lead your company and continue the community bank experience, where you can expect a difference.
John Essen, President/CEO
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