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Portage Community Bank has record financial year in 2016

Published: May 18, 2017 4:00 AM

Portage Community Bank recorded its seventh consecutive record financial year in 2016, CEO Richard J. Coe told shareholders.

The bank, which has branches in Ravenna and Kent, had net income of nearly $2.7 million, up 2.25 percent from $2.6 million in 2015, Coe said.

"Because of our strong capital position, the board of directors increased the cash dividend to $0.95 per share in 2016 from $0.85 per share in 2015 -- an 11.76 percent increase. Earnings per share were $5.62 for 2016 and total assets for the company surpassed the $300 million dollar level," Coe said. "We are extremely proud of these outstanding financial results."

The bank's financial services division grew its assets under management from $59.1 million in 2015 to $70.3 million in 2016, a 15.47 percent increase, Coe said. The bank's real estate lending division made 283 loans totaling $36.8 million in 2016 compared to 245 loans totaling $33.5 million in 2015, he added.

For the 19th consecutive quarter, Portage Community Bank received a Five-Star "Superior" rating from Bauer Financial, Inc., the nation's leading bank rating and research firm. Coe said the Five-Star "Superior" rating is the highest rating achievable and indicates the institution is one of the strongest banks in the nation.


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