Community Banking: Transforming Communities with Coffee, Tech and Trust

What makes your bank more than just a place to store money? For Richwood Bank CEO and President Chad Hoffman, it's about being deeply woven into the fabric of community life.

Banking doesn't usually make headlines unless something goes wrong. Yet community banks like Richwood are quietly revolutionizing how local financial institutions serve their communities while competing against national giants. Their guiding vision—"to inspire, protect, and celebrate anything that helps our communities thrive"—shapes everything from their innovative in-branch coffee shops to their emphasis on cybersecurity and stopping fraud.

Founded in 1867 and community-owned by farmers and local residents rather than institutional investors, Richwood Bank embraces technology without losing human connection. While customers can now check accounts instantly from their phones and make contactless payments, the bank has simultaneously made its physical spaces more inviting. Their unique donation-based coffee shop concept has generated nearly $1 million for local charities while increasing branch traffic.

The true value of community banking shines during difficult times. When hotels struggled during the pandemic, Richwood offered flexible payment options rather than selling their loans. During agricultural droughts and trucking industry downturns, they partnered with customers instead of pressuring them. Hoffman emphasizes, "Where you bank matters."

Beyond traditional banking, Richwood now offers marketing, payroll, financial planning, and HR consulting services to help local businesses thrive. This community-focused approach has made them the ninth fastest-growing financial institution in Ohio for seven consecutive years.

Join Host Michelle Gatchell and Richwood Bank CEO and President Chad Hoffman for this episode of Central Ohio Matters. 

View the Richwood Bank website here.

Support the show