Kevin Lewis, chief executive officer of Portage Community Bank had good news to announce at the recent shareholders’ annual meeting at the Kent State University Hotel and Conference Center in Kent.

Lewis announced record earnings of $3.2 million for the recently concluded fiscal year and earnings per share at $6.26 for the period. He said total assets now exceed $475 million and announced the Board of Directors of Portage Bancshares, Inc,. had voted to pay a $1.25 per share dividend to be distributed in June. (I should disclose I am a small shareholder myself.)

It was a nice way to celebrate the 25^th year of Portage Community Bank’s founding by a small group of talented banking officers that included Lewis, who left the bureaucracy of bigger banks to get back to banking with a more neighborly touch.  Capital to fund the bank was raised by selling stock locally, especially to depositors, making the bank a truly locally owned financial institution in which members of the community feel a sense of ownership.

The game plan has been successful. The value of Portage Community Bank’s stock keeps rising.  Noting Portage Community Bank’s continuing growth despite the COVID pandemic, Lewis said the bank had opened two new offices, one in Cuyahoga Falls, the other in Rootstown near NEOMED. The bank in 2021 also opened a stand-alone Portage Community Financial Services office in historic downtown Ravenna. He attributed part of the bank’s continued growth to the success of its new branches that have helped increase deposits.

For the 41^st consecutive quarter, the bank also received a Five-Star “Superior” rating from Bauer Financial Services, the nation’s leading bank rating and research firm.

Lewis said the bank had committed substantial resources to upgrade operations and technology and noted the improvements had occurred during the prolonged COVID pandemic, complimenting staff members for their hard work and persistence in the face of COVID, market volatility and soaring inflation, all challenges to the banking industry.

Connie Bennett, the bank’s president, told shareholders that the growth of the organization saw 25 new employees. Because of COVID, employees did not have the opportunity to interact in the same way as in the past. She said that as the pandemic lifted, a “Fun Committee” was formed to create opportunities for interacting and team building. “Neighbors Serving Neighbors” has always been the Bank’s slogan and during the past year, with the pandemic lifting, bank employees gave more than 1,500 hours of their time volunteering in the community.

Donald Herman, chief financial officer, Robert Standardi, chief risk officer and controller, Eric Decker, chief lending officer, Adam Rubin, vice president of the real estate division, Dennis Juvan, manager of Portage Community Financial Services, Adriana Rucci-Kobus, chief operations officer, and Ann Durr, market rresident and chief retail officer all discussed their divisions and introduced members of their teams.

David E. Dix is a retired publisher of the Record-Courier.

This article originally appeared on Record-Courier: Portage Community Bank details growth, record earnings in 25th year