Citizens National Bank Named Bank of the Year by Ohio Statewide Development Corporation (OSDC)

OSDC_2016The OSDC recently held their annual awards luncheon in which they honor projects, lenders and banks for their commitment to growing and creating/retaining jobs throughout Ohio through the use of their small business loan programs.

Citizens National Bank was named Bank of the Year at the luncheon, citing the bank’s use of the SBA 504 loan program and the Ohio 166 program to extend long-term fixed rate financing for business real estate. OSDC is a Certified Development Company with the Small Business Administration. By partnering with banks such as CNB, they were able provide over $4 billion in 504 loans to 5,600 businesses nationwide in 2015. CNB has worked with OSDC for 15 years, the largest project being a Springhill Suites Hotel that is currently under construction in Beavercreek, OH. CNB also has a signed Lender Service Provider Agreement with the OSDC to submit SBA 7a loans on behalf of CNB. By working with the OSDC, clients in our Columbus, Springfield and Van Wert markets have all benefited by receiving long-term fixed rate financing on large projects that are contributing to the economic development of those communities.

Accepting the award on behalf of the bank were President/CEO Mike Romey, SVP City President of the Springfield office, Brock Burcham, and VP Business Banking Officer, Eric Faulkner. “We’re very proud of our involvement with the OSDC and the financing opportunities it provides our clients who otherwise may not have been able to move forward with these important projects. We’re honored to have been named Bank of the Year and look forward to continuing our involvement with the OSDC in 2016,” states Faulkner.

For more information about the awards luncheon and a full listing of all the winners, read the media release provided by the OSDC.

Prevent Check Fraud Before It Happens with Positive Pay

positive-payIt only takes one time for check fraud to make a big financial impact on your business. Unfortunately, it’s still a rising threat. As a away to combat check fraud and even keep it from happening in the first place, Citizens National Bank is introducing Positive Pay. This product works within Online for Business to automate check fraud detection.

How does it work?

The business creates a file of all the checks it’s issued and uploads it to the Positive Pay system. As checks are presented for payment, they are compared to the information in that file to be sure the information matches. Fields include: payee, account number, check number and dollar amount. If any do not match, it is flagged and the business has the opportunity to pay or reject that check before any money ever leaves their account.

Positive Pay is available to any Online for Business customer. The monthly fee includes access to the system and support from our Online for Business specialists in setting up the templates. The business owner may review all exceptions up to the daily cutoff time and make the decision whether or not to pay them. If your business writes a large amount of checks, consider the peace of mind this product can offer in ensuring check fraud is detected and losses are prevented.

To see how it works, view the demo.

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Are You Mobile? We Are!

business-mobileThe days of being in the office from 9 am – 5 pm are few and far between in our mobile world. We know you’re not always able to be at your desk when you need to transfer money or approve transactions. That’s why we now offer Mobile Banking for Business. One of the first community banks to offer an app specific for business banking, we’re excited to provide this service FREE of charge to all of our Online for Business customers. If you’re already an Online for Business customer, all you need to do is go to your app store and search for “cnbohio”. Download the Citizens National Bank Business App and start banking. It uses the same login credentials and token as your regular Online for Business access and you’ll have access to all the accounts you currently do through Online for Business. If you’d like to take advantage of depositing checks through your phone, contact our Online for Business specialist to get set up.

Mobile Banking delivers the highest level of security available and it provides a great way for you to monitor your accounts wherever you are.

To learn more, view our online demo.

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The Ease of Expansion

A combination of thorough preparation of information and a long-term relationship with their banker, Rod Stover, allowed Ron & Deb Wilker to get approval for a loan to expand their egg-laying farm in less than two weeks. Life-time farmers, the Wilkers have worked with Rod and Citizens National Bank for years and relied on that relationship as they built a new barn to house 252,000 birds and expand their family business.

Check out our entire video series at

Leasing – A Great Alternative

farm-equipmentEarlier this year, Citizens National Bank introduced an improved leasing program which we offer to commercial and agricultural customers. Leasing offers the opportunity to acquire equipment and machinery in a cost-effective manner with often-times a smaller payment amount than purchasing. Here’s what you should know:

Why should I lease equipment instead of buy?

Leasing is flexible. Whether you have irregular cash flow or simply want to keep your line of credit free for other uses, a lease can be designed to fit your payment needs. A lease provides the use of equipment for specific periods of time at fixed rental payments. Leasing is also practical. By leasing you transfer the uncertainties and risks of equipment ownership to the lessor, which allows you to concentrate on using that equipment as a productive part of your business. Your equipment needs can change over time and leasing allows you to stay on the cutting edge of technology by not getting caught with obsolete equipment. Leasing also has possible tax advantages – check with your tax advisor. Rather than deal with depreciation schedules and Alternative Minimum Tax (AMT) problems, you, the lessee, may be able to simply make the lease payment and deduct it as a business expense.

Who leases?

Lessees vary from small, one-person operations to Fortune 100 corporations. And the kinds of equipment being leased are just as diverse. Transactions range from a few thousand dollars’ worth of equipment to farm buildings and silos to medical equipment. 85% of companies in the US lease equipment.

How does it work?

You determine what you would like to purchase and work directly with the bank for financing. Terms can be set in a variety of ways, but typically equipment leases are made for up to five years and grain bins/barns may be made for up to ten years. For municipal and agricultural purposes, there are no taxes required on leases. They are typically set up on either annual or monthly payments. For annual payments the lease may be made for up to 80% of the value of the equipment. So for a five year lease, 20 % of the cost of the equipment would be due up front as the first payment and then four subsequent payments would be made annually over the course of the lease. Monthly payments typically require two payments up front.

If you are interested in learning more about leasing, contact a business banking officer or visit our website.

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Message from the President


J. Michael Romey, President/CEO

Wishing You a Prosperous New Year!

2015 has been a good year for Citizens National Bank and we look forward to an even better 2016! Like you, we’re already looking forward to next year and the new opportunities that it brings. Economists are predicting positive growth in the economy and that translates to growth opportunities for your business. As you consider potential expansion, please contact us to discuss loan programs, lines of credit or cash management options that we can offer to help you succeed.

We’re always looking at new products to offer to make running your business easier. The newest include Mobile Banking for Business and Positive Pay. We know you’re on the go all the time and our mobile products will allow you to review your accounts, transfer funds and even deposit checks right through your phone. This is a FREE service for all our Online for Business customers. Simply download the app by searching for “cnbohio” to get started. Positive Pay is our newest product which offers peace of mind in preventing checking fraud. Your security is our top concern and by taking advantage of products such as this, you can stop potential loss before it happens. For questions about these products, contact our Treasury Management team.

Thanks for making Citizens National Bank part of your 2015! We wish you and your family Happy Holidays and look forward to working with you in the New Year!

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2016 Economic Forecast

Bob Morgan

Robert J. Morgan, Senior Consultant, Austin Associates, LLC

Robert Morgan, an economist with Austin Associates in Toledo, OH, recently shared his Economic Forecast for 2016 with some of Citizens National Bank’s business customers. Overall, his outlook is a positive one and businesses should be optimistic regarding opportunities for growth in the upcoming year. Here are a few highlights from his presentation.

  • Unemployment will drop to less than 5%. Wage and income growth has been fairly stagnant over the last few years. Companies will have to start paying more to retain and attract qualified workers. This will boost consumer confidence and hopefully increase personal consumer expenditures which accounts for 68% of our economy. The downside is that increased labor costs will result in higher prices and ultimately some inflation.
  • Job growth will average more than 200,000 per month. This is dependent upon there being enough people to fill the created jobs.
  • The housing industry will remain strong. As people begin to consider purchasing homes again, existing home sales’ biggest barrier will be a lack of inventory. This will result in more housing starts, hindered only by the lack of skilled labor available to meet the demand. Average home values have increased by 8% over the last 12 months making them a good investment again.
  • The auto industry will continue to have strong sales. The average age of the fleet of cars in the US is currently 10.1 years old leaving plenty of opportunity for new car sales over the next few years.
  • Interest rates will begin to rise. The Fed has already indicated their intent to raise short term interest rates over a period of time. This is to avert risk-taking by investors looking for more lucrative investments than can be had in traditional savings vehicles.
  • Real GDP will grow 3-3.5% over the next year.

To hear more from Bob, visit CNB’s YouTube page.

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