Independent Banker - March 2021 - 19

holding company and a charitable
foundation, but also merging with
a smaller mutual savings bank,
Gibraltar Bank, and closing on the
purchase of a former Wells Fargo
branch in Hasbrouck Heights, N.J.
The new purchase is a
15,500-square-foot, two-story branch
and office that allows Bogota Savings
Bank to move retail operations and
accounting departments from a
leased facility, while generating rental
income from four tenants that lease
space. Hasbrouck Heights is a market
that the bank had been trying to enter
for more than a decade, and Coccaro
feels it is well positioned to achieve
significant growth because its primary
competitors are national banks.
" All have strong deposits and
loan customers, but none of them
are born-and-bred true community
banks, " he says. " The addition of this
new location and Gibraltar's branches
will allow us to expand our market
area greatly in an efficient manner.
One of the locations is in Newark,
N.J., and [that branch] will allow us
to gain a presence in a large minority
metro market. "
Serving the community
Farmers & Merchants Bank in
Miamisburg, Ohio, was established
" The younger generation, when applying
for a mortgage, have questions and like
to look someone in the eye, not via Zoom
or Skype, and know they are receiving an
honest answer. "
-JOSEPH COCCARO, BOGOTA SAVINGS BANK
in 1923 to serve residents and small
businesses often ignored by larger
banks, and that mission is still going
strong. The $225 million-asset
community bank plans to open a fifth
branch this September in nearby
Springboro, Ohio.
" Once the account is open, there
is very little need to visit a physical
branch, but it is a huge billboard
or reminder that we are a part of
the community, " says Shon Myers,
Farmers & Merchants Bank's president
and CEO. " We decided to open a
branch in a nearby community
that we have been able to generate
business in, which also puts us into
another county. "
It may seem foolish, he admits,
to open in a market that already
has nearly a dozen banks and credit
unions, but the area's other community
bank was acquired several years ago.
" We really feel we can make a
big impact in the community as
the only community bank, " Myers
says. " Clearly, with 11 other options,
we want to do something different
that will also show how we support
the community with this space,
combined with our service and
our actions. "
The new branch will focus on small
business, as well as growing core
deposits to fund loan growth. It has
a large room with a stone fireplace,
comfortable sitting areas and a good
Wi-Fi connection that the community
bank will make available to small
groups and students to use during the
Bank of Vernon
innovates in and out
of its branches, from
biometric self-entry
boxes to online and
mobile banking.
independentbanker.org Q 19

http://www.independentbanker.org

Independent Banker - March 2021

Table of Contents for the Digital Edition of Independent Banker - March 2021

Table of Contents
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Independent Banker - March 2021 - Cover2
Independent Banker - March 2021 - Table of Contents
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Independent Banker - March 2021 - Cover3
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