The Osgood State Bank was organized and incorporated on Aug. 19, 1915, in Darke County, Ohio, with Henry Brandewie, Louis J. George, Bernard Bergman, Frank Danzig and Herman Brandewie signing the articles of incorporation.
The first stockholders’ meeting was held on Sept. 2, 1915 with 22 original stockholders investing capital of $25,000, equally 250 shares at $100 each. At this first meeting, seven Directors were elected. Henry Brandewie was named President, Herman Brandewie - Vice-President, Louis George - Chairman of the Board, August Reichert - Secretary/Treasurer and H.H. Straker, Andrew Alexander and Bernard Bergman, directors.
The Osgood State Bank was officially chartered on Dec. 31, 1915 and operated in 1916 at the northwest corner of the intersection of State Route 705 and State Route 716 in Osgood. Leo J. Wildenhaus served as the first Cashier.
A regulation was adopted in 1916 that all annual stockholders’ meetings be held the second Wednesday in January each year.
In 1933, as a result of bank failures nationwide, depositors became concerned about their funds, and runs on banks became a frequent occurrence. In order to establish some control, the President of the United States, Franklin D. Roosevelt declared all banks close and submit to examinations for soundness. This was known as the "bank holiday." After four days, Osgood State Bank applied for consent of the superintendent of banks in Columbus, to operate under withdrawal restrictions to customers of five-percent of the amount on deposit. The plan was approved and the bank reopened for business.
In 1934, the Federal Deposit Insurance Corporation (FDIC) began to guarantee deposits against loss up to $5,000. This resulted in more confidence in Banks. Today the FDIC insures account holders up to $250,000 in deposits.
In 1945, August Reichert retired and Alga Bruey was then appointed as Cashier/Secretary until his retirement in 1973.
1957, Osgood State Bank declared a stock split creating 1000 shares of stock with a par value of $25.00 instead of 250 shares with a par value of $1000 per share.
In 1960, Osgood Bank hired Roland Thobe as bookkeeper and teller.
In 1961, it was apparent that additional space and updated facilities were needed for the bank. At the monthly Board meeting in January, a discussion was held regarding a new bank site. In March, the directors traveled to Dayton to inspect a model bank. By the end of the month, the directors authorized Bruey to purchase one acre along Ohio 705 with a budget of $1,000. A special meeting was held on June 14, 1961, for the stockholders to vote for or against the new bank building. Construction began in early September of 1961. Basement work followed shortly after the ground breaking. Cyril Bernard, the masonry contractor, did the brick and block work, while Joseph Pohl performed the carpentry work. Through the winter months, the painting and counter work was completed. With the arrival of spring in 1962, the outside work was finished and the yard and gravel parking lot was made ready for use. The formal opening of the building was held June 24, 1962 from 1 to 4 p.m.
Along with the building of the new and modern bank, changes in automation were also taking place. An electric typewriter and a Bell and Horn check photograph machine were purchased. Additionally, Osgood State Bank subscribed to the Mercer and Auglaize Credit Bureau reports. Mortgage rates at this time were approximately 5.5% with interest rates on savings accounts at 2%.
In September, 1963, the old bank building and lot were sold. Osgood’s Post Office now sits at the site of the former bank.
In 1973, Alga Bruey retired as President of Osgood State Bank, after 45 years of service. Roland Thobe was named Cashier & Chief Executive Officer.
In 1976, as the Bank continued to grow, the bookkeeping system required upgrading. With service expensive on the existing NCR posting machine, which was becoming obsolete, the Cashier was directed by the Board to investigate a new system or off premise processing. It was decided that we would continue to process in house. Therefore, in June 1977, the first NCR computer system was purchased. This required a separate office to house the equipment, so Osgood State Bank underwent some internal remodeling. We began using the new computer system in October 1977.
1984, Roland Thobe is named President/CEO of Osgood State Bank.
In 1986, due to continuing growth and reporting requirements, the computer system needed additional upgrading. This required more working area for the computer and bookkeeping departments and their equipment. On February 19, 1987, the entire computer department and part of the bookkeeping department were moved into the newly renovated basement work area.
In 1990, as OSB’s customer base continued to grow, the lobby area became congested and the single lane drive through frequently backed up. After some planning, it was determined that the Osgood facility needed updated. A second drive through lane was added, as well as additional office space. The teller line was upgraded as well. In 1991, an open house is held in the newly renovated Osgood office, in order to present the building to the community and to celebrate the Bank’s 75th anniversary.
As Osgood State Bank’s business strengthened further, the Board of Directors elected to investigate other avenues to broaden its service area. In 1993, the Board chose to purchase a .774 acre lot located just west of Ft Loramie High School on State Route 705 in neighboring Shelby County. The architect firm of Garmann, Miller and Associates was hired to design the new building and Heyne Construction was hired as the general contractor to construct the new branch. The new bank was finished in the spring of 1994 and opened for business in May. A year later with the opening of the branch, Osgood State Bank unveiled its first automated teller machine (ATM).
In order to give the customers more choices, in 1997, OSB opted to increase the ATM network. The bank bought and installed a second ATM at the One Stop Food Mart in the community of North Star. Since the installation, One Stop changed hands and is now known as Pak-A-Sak.
Additionally, in 1997, the Board of Directors of Osgood State Bank approved the restructuring of The Osgood State Bank, and formed a holding company, OSB Bancorp Inc. Osgood State Bank is a subsidiary of OSB Bancorp Inc.
To keep up with the continuous cycle of technology, Osgood State Bank established a website in 2000. Customers could use the website to research deposit rates or to find out general information about the bank.
In January 2002, OSB expanded its services to include an in-house financial services representative.
October 2002, launched the restructuring of the Main Office. An addition 12 feet wide was added to the east end of the bank to house a larger teller work area, a meeting room and two additional offices, one for alternate investments and the other for new accounts. On the outside, the new addition including a new three lane drive up systems, an ATM and a new night deposit drop box. OSB also added more parking spaces on the north and west sides of the Bank.
Then in November, 2002, the Bank enhanced its website by establishing Internet Banking. With this new feature, customers could go online to view their account balances, transfer funds between accounts, pay bills online and much more.
In the summer of 2003, Osgood State Bank purchased an established branch in Chickasaw from another bank. The acquisition of the new branch located at 79 W Franklin St, in neighboring Mercer County, came together rather quickly. The full-service branch opened in September 2003. Shortly after opening, OSB renovated the drive thru area, adding a second drive thru lane and also an ATM.
During 2004 and 2005, Osgood State Bank expanded the ATM network further by installing ATMs at Wagner’s Village Market in Ft Loramie, Chickasaw Qwik Stop in Chickasaw and Meyer’s Garage in Ft Loramie. The addition of those ATM brought to us to a total of 7 ATMs.
A year-long celebration of our 90th anniversary was held in 2005. Osgood State Bank held open houses at all three branches, offered time deposit specials and held customer appreciation events.
2006 was a year of change and a year of growth for Osgood State Bank. In October, 2006, Michael Monnier assumed the duties of President due to the retirement of Roland Thobe, who retired after 45 years with Osgood State Bank. Michael is committed to continuing the traditions set by his predecessor.
In December 2006, Osgood State Bank began offering health savings accounts. An innovative solution to rising health-care costs, health savings accounts offer triple tax savings to those who qualify. Health Savings Accounts (HSAs) are the answer that many have been waiting for.
Due to the success of the Chickasaw Branch and the strong growth in that community, the Board of Directors decided to completely remodel the Chickasaw Branch. The interior was renovated to meet operational needs, including the lobby area, loan office and restrooms. Two offices and a conference room were added. A public open house was held April 5, 2008 with refreshments being served and door prizes given.
Also, in 2008, Osgood State Bank was presented with an additional opportunity for growth. OSB entered into an agreement to lease an existing bank facility located in downtown Lakeview, in Logan County. OSB performed some minor renovations to the building in order to make the branch compatible and similar in function to all of our other offices. On June 26, 2008, the full-service branch was opened for business.
It was with pride that we announced the implementation of Branch item capture in 2008. This is the first step towards offering remote deposit capture to our existing business customers. This technology will give us a chance to reach out to prospective business customers as well. This technology will eliminate the need for business customers to make deposits at a brick and mortar branch. They can bank with us from anywhere!
In mid-2009, we added an ATM at the State Liquor Store/Floyd’s Drive Thru in Lakeview. Growth has been very strong in Lakeview and we celebrated our one year anniversary there by hosting a customer appreciation day.
In 2014, Tony Kaiser became the 5th President and CEO of Osgood State Bank. After 8 successful years as Osgood State Bank’s leader, Michael Monnier continues as President and CEO of the holding company, OSB Bancorp, Inc. During 2014 the Remote Deposit Capture Program was introduced to corporate customers who wanted to make deposits from their business locations. Currently, OSB serves 16 businesses on a daily basis with this product.
In February, 2015, after months of analysis, the Board authorized a significant upgrade of the Bank’s operating system, including its Internet Banking Program. This upgrade will provide the Bank the opportunity to remain competitive with all financial institutions, both large and small. The migration will be completed before the end of 2015.
Today, Osgood State Bank offers all types of checking products, including free checking, savings and club accounts, time deposits, all types of loans and alternative investments. We currently have the main Office in Osgood and branches in Ft. Loramie, Chickasaw and Lakeview. We also maintain a system of 9 convenient ATM’s and our customers have access to 24,000 surcharge free ATM’s as part of the Money Pass network.
Over the past 100 years, Osgood State Bank has grown and developed significantly, with assets of just over $40,000 in 1915 to $170 million today.
We vow to continue to serve the financial needs of our communities with a commitment to remain on the cutting edge of technology and to offer innovative financial opportunities.
We thank our customers for their support over the years and promise to give them the financial services which will help them best meet their banking needs during the 21st century.