WHEELING - According to the United States Small Business Administration, Main Street Bank is the best lender in West Virginia.
SBA officials presented bank representatives with the "Lender of the Year" award on Thursday at the Main Street Bank 10th Annual Shareholders' Meeting.
"Main Street Bank is proud to be recognized by the SBA," said President and Chief Executive Officer Rich Lucas of Main Street Financial Services Corp., parent company of the local bank."We produced a record number of SBA loans in 2010 and were the first bank in the country to participate in the America Recovery Act loan program to save jobs during the downturn in the economy."
Photo by Zach Macormac
The United States Small Business Administration awarded Main Street Bank with the “Lender of the Year” award at the bank’s 10th Annual Shareholders’ Meeting, Thursday. From left, Main Street Bank President Rich Lucas, SBA District Director of West Virginia Judy McCauley, Bank Chairman Bruce Wilson and Bank Senior Vice President Cheri Deblasis.
Judy McCauley, district director of West Virginia for the U.S. SBA, said "the bank's commitment to their customers" earned bank officers the honor for the second consecutive year.
Main Street Bank is the third largest bank in the Upper Ohio Valley with a 10.69 percent market share in the Northern Panhandle. The firm trails WesBanco with a 43.34 percent share and United Bank with a 14.18 percent share.
Lucas said 2010 was the first year in bank history that deposit amounts outgrew loan amounts, though net interest income had clocked in at about $8.5 million in 2010 - up from about $6 million in 2009.
When one shareholder asked if the bank will expand beyond Ohio, Brooke and Hancock counties, Lucas said branches may be considered in Marshall County or a county west of the Ohio River, but he does not foresee movement beyond the Ohio Valley. He noted the bank has found a niche in the area and widespread expansion may not prove as successful.