In spite of the pandemic, Osgood Bank grew by 8% to end 2021 at $364 million in assets. For perspective, the bank's assets have more than doubled since 2015. During this period of expansion, the bank has not added any branches, but rather continues its strategy of organic growth in their exiting markets. Customer relationships continue to be enhanced through expanded personal outreach, creative products, and advances in technology. For example, the bank's website was upgraded during 2021 to enhance the bank's digital presence. New accounts were introduced with specialized features, including Identity Theft protection that is now complementary with all personal checking accounts.
Tony Kaiser, President/CEO, has submitted the following report:
The bank's growth can be attributed to a number of areas, including small business and home mortgage lending. Regarding business lending, the bank made 1,014 Paycheck Protection Program (PPP) loans totaling $66 million. While many banks are still working with the SBA on forgiveness applications, over 99% of Osgood's customers have had their PPP forgiveness applications processed and approved.
In addition, the bank continues to specialize in home lending and traditional community banking. While most banks sell the "servicing" of their home loan portfolio, Osgood still services all of its home loans locally. If customers have questions about their home mortgage (or any of their Osgood accounts) they will talk with a banker in the Osgood Operations Center as opposed to a call center that could be in another time zone or another country.
The bank also continues to give back. Last year, the Osgood Foundation, a 501(c)(3) nonprofit organization operated by Osgood Bank, helped provide financial and educational support to local communities. The Foundation provided funding for book programs, aid to food pantries and hospice agencies, support to at-risk pregnancy/infant centers, and assistance to domestic violence shelters.
Aside from the Foundation, the bank also has a charitable committee that provides direct assistance to local individuals and families. During 2021, help was provided to over 200 families in need, including medical issues, premature babies, funeral expenses, fire victims, unpaid school lunch balances and school supplies, Christmas gifts, backpacks for foster children, and fruit baskets for shut-ins during the holidays.
Osgood Bank's future is bright as it remains committed to helping others do well, be good, and give back.
