What was going on 150 years ago?
It was 1867. The bloodiest war in American History, the Civil War, had just ended two years before. Marysville and Union County were both approaching their 50th year of incorporation and trying to cope with post-war growth. And the Richwood Bank opened for business in a small town in the north end of the county.
This financial institution has weathered the storm in that century and a half, and is now celebrating a milestone anniversary. It still bears the same name and has avoided being gobbled up by a bigger bank, and has, in fact, experienced phenomenal growth. It remains an integral part of the local economy, and is one of the main supporters of various activities and endeavors in the community, county and area.
From that small beginning in Richwood, the bank now boasts five additional offices – Plain City, Marysville, LaRue, Huntsville and Delaware – and just this past week moved into a newly built building in Marysville. It is now corporately known as Richwood Bancshares, Inc. and is a member of the Community Bank system in Ohio.
The secret to its success has been the steady hand of operation by the Kyle family and the quality of employees who have worked there over the years. The late Kenny Kyle was the family patriarch who began working at the bank in the 1930s and eventually became its president. He was followed by his late son, Dan Kyle, his daughter, Nancy Hoffman, and now his grandson, Chad Hoffman.
A good example of the bank’s community support was witnessed in the construction of the new Marysville office, the grand opening of which is today. Many of the contractors and companies involved in the project are local businesses, which speaks volumes about the bank’s commitment to keep local dollars recirculating in the county.
To commemorate its sesquicentennial, the bank sponsored a speaker series, and is issuing a special coin set.
We hope the community realizes how difficult it is to stay in business for 150 years, let alone show steady growth during that time and solidify a position for the foreseeable future. We applaud the Richwood Bank, its officers, directors and staff for a job well done!