Main Street Bank celebrates ‘record’ business in 2022 | News, sports, jobs

Lucas told shareholders at Undo’s Event Center in Elm Grove on Thursday afternoon that the bank expects net income of $5.56 million in 2022, representing $1.63 per share for investors.

That’s good for a bank that started 22 years ago in the Ohio Valley with zero deposits and zero customers. Fast forward to 2022, where Main Street acquired 2,160 new accounts and 1,272 new customers and originated 1,083 new loans.

Lucas attributes that success to the bank’s long-term plan.

“What we need to be there is long-term thinking, consistency, delivery and awareness,” he said following the meeting. “And you have to work day in and day out, you have to be there to deliver the product to the customer.”

Photo by: Photo by Derek Redd

Nick Sparachan, chairman of Main Street Bank’s board of directors, spoke to shareholders at its annual meeting.

Lucas attributed those record net revenues in part to the market. A rising tide will lift all boats, he said. It also recognized dozens of Main Street Bank employees in Wheeling, Elm Grove, Moundsville, Wellsburg, West Virginia and Toronto, Ohio.

“I think the commitment of our employees is very good,” he said. “I think we have employees across the board who come to work and want to help. They want us all to succeed. Whether it’s work or stock or family or whatever, they have a piece of the game.”

Lucas said those employees help maintain Main Street Bank’s trademark relationship-based banking practices. While other banks are pulling out of physical locations, Lucas said Main Street prioritizes maintaining a personal relationship with customers.

That’s not to say Main Street isn’t thinking about the future. In the year By 2022, Lucas said the bank had made advances in online banking and increased its reach with Apple Pay, Google Pay and Samsung Pay. It now issues debit cards to customers as soon as an account is opened and contactless debit cards are available.

The bank also made advances to business customers by offering ACH direct deposit payments and remote deposit scanners.

Main Street builds relationships through community engagement, said Nick Sparchan, chairman of the board of directors. It has sponsored everything from youth baseball to the Mountain East Conference basketball tournament. Sparchane recounted a recent visit to Trinity Medical Center when a nurse on Main Street spoke of support for the local soccer team.

“She said we were just a bank jumping to help them,” he said. “And then someone else said, ‘Yeah, that bank in Toronto, they help everyone there.’ This is an issue that we have been dealing with for the past 22 years.

In the year As successful as 2022 was, Lucas is hoping for a more dynamic 2023. Main Street announced in February that it would merge with Wayne Community Savings Bank in Wooster, Ohio. Main Street officials hope the merger will be completed by the end of this year, further expanding the bank’s reach into the Buckeye State.

“I think we’re off to a good start for the first quarter,” Lucas said. I think the key is to simply and 100% focus on our continuous delivery and our products and not deviate from what gets us to 2022.