Northwest Savings Bank finalized its acquisition of Lorain National Bank last August, adding LNB’s 21 Ohio-based branch locations to its portfolio. Serving 30,000 new households means expanded services for a region that Northwest officials believe is on the upswing.
The $8.95 billion-asset company, with 181 branches and 284 ATMs in four states, can now offer bigger loans than before. A benefit of the merger for Northwest’s Ohio Region is access to larger loans to new and existing clients, as well a full range of products and services, including personal and business banking, loans, investment management and trust, employee benefits and insurance services, says Ohio region President Kevin Nelson.
Growth requires a continuous evolution of customer care. “Whether it’s our people, branches or technology, it’s important to invest in all the ways customers access their accounts and our experienced, local teams of advisors," Nelson says. For example, later this year the company will launch an online banking system designed to streamline the transaction process for individual and business clients.
The Pennsylvania-headquartered bank, now with locations in Lake, Ashtabula, Lorain, Cuyahoga and Summit counties, aims to make a wider impact on its new community with Northwest Charitable Foundation Inc.
Through the foundation, Northwest plans to donate to youth programs, health services and groups that improve quality of life. Among the local nonprofits the company supports are United Way, Lorain Community College Foundation and Second Harvest Food Bank. Northwest employees are encouraged to give back by volunteering and participating on local boards.
Helping the local economy recover, meanwhile, can be a method of creating future customers, adds the region president. Nelson points to the bank’s First Front Door housing program, which provides grant assistance for first-time homebuyers at or below 80 percent of area median income.
“The industry as a whole has moved toward guiding people down the right path,” Nelson says. “Improving the lives of those in the market can come back to us over the long term.”
Seminars on financial literacy and information security can build a bank-client relationship. “We want people to come to us when they need help and advice,” says Nelson. “That trust is inherent in who we are and what we're doing out there.”
As a community-focused entity, Northwest is embracing its role as a reliable adviser for a market slowly emerging from its economic doldrums. Though the area faces challenges left by the recession, bank officials view Northeast Ohio as a hard-working, competitive region that continues to attract robust business from larger companies.
