Jacob Firestone was a hard working, enterprising young man who borrowed $3,200.00 from his mother, and together with his brother, Simon, bought a farm and some cattle. The farm (now known as Black River Farm) did well. In 1900 Jacob opened a combination general store and bank in the center of the Village of Spencer, Ohio. His children, Milan and Adah, operated the store while John and Asa managed the bank and farm. Jacob later built a new bank building with the general store alongside. The bank was privately operated until 1925, when it was incorporated. John (J.B. Firestone) became our first president and Asa, a vice-president. John served for over 40 years until his death in 1966 at the age of 85.
In 1946 John Firestone hired a young man, Howard E. West, who had just returned from World War II, serving in the Army’s Financial Section. Howard would become the next long-term president of The Farmers Savings Bank, greeting and serving the community for 60 years until his retirement in December of 2006. During those years, the bank experienced excellent growth and became a large, independent bank with assets of $285 million going into 2020. In 1997 the bank became the first subchapter S bank in the State of Ohio. This was probably one of the wisest decisions the bank has made, helping it become one of the safest and most secure independent banks in the county. (A good, solid bank should earn a Return on Asset of at least 1% annually in income. The Farmers Savings Bank has enjoyed Return on Assets usually more than twice this mark.) In recent years, it has received high ratings by national rating companies, including currently a high rating of ‘A-‘ or ‘Excellent’ by The Street. This is especially noteworthy in that less than one percent of the nation’s banks and thrifts meet The Street Ratings criteria for exceptional financial strength.
Maybe just as important as the safety and soundness of our bank is the fact that if you need a loan or financial advice, you may still talk to the president! Our current president and CEO, Thomas W. Lee, has been with the bank since 1977 and continues the tradition of personal service. He was instrumental in the opening of our one and only branch office in Wellington, Ohio in 1999. (There’s only one branch because we believe that bigger isn’t always better!)
You’ll find that the management and employees of The Farmers Savings Bank are people who care about their customers, and their communities.
We’re a small town independent bank with the personal touch. And now that we’re online, we’re even more convenient for your busy lifestyle. Please explore our website or check us out in person to learn more about The Farmers Savings Bank of Spencer, Ohio.
The Farmers Savings Bank welcomes your comments. We strive to give our customers the best service possible. If you have any questions or comments, please call us at 330-648-2441 or email us. We are, “The Bank with the Personal Touch.”