Press Releases

Here you’ll find recent and historical news, announcements, and statements about Consumers National Bank released through the media.

Consumers National Bank Grows Deposit Share According To 2022 FDIC Deposit Report

According to the Federal Deposit Insurance Corporation’s (FDIC) annual deposit survey, Consumers National Bank experienced substantial deposit growth during the twelve-month period ended June 30, 2022. Within the bank’s five county market area of Carroll, Columbiana, Jefferson, Stark, and Summit counties, Consumers deposit market share increased 0.47% to 2.93%, moving the bank from eight to seventh position among 31 financial institutions. In each of the five counties, the bank’s deposit balances grew at a faster rate than the market.

Total deposits in the five-county region increased to $30.2 billion, a 2.4% increase over the 2021 report. Consumers National Bank’s total deposits increased 21.9% over the same period. Excluding deposits acquired in the purchase of two branches in Columbiana County, the bank’s deposit growth was approximately 8.2% or 3.4 times the market’s growth rate. The bank’s total deposits were $886.5 million as of its fiscal year end on June 30, 2022.

“The bank’s strategic plan and business development efforts resulted in faster growth than that experienced in each of the counties in which we operate. Our growth and increased market share are a result of our success in building new retail and commercial relationships and of each community’s acceptance of the community bank business model and message. More individuals and businesses understand the impact community banks can have on the local economy,” commented Ralph J. Lober II, President and CEO of Consumers National Bank.

  • Consumers Bank’s Carroll County deposits increased by 18.5% making it the second largest of the five depository institutions while total deposits in the county grew 8.7% to $454 million. Operating two branches in the county, Consumers market share increased from 22.88% to 24.93%.
  • Consumers Bank’s Columbiana County deposits increased by 64%, making it the fourth largest of the ten deposit institutions while total deposits in the county grew 8.5% to $2.0 billion. With five branches in the County, Consumers market share increase from 8.18% to 12.36% of insured deposits in the county.
  • Consumers Bank’s Jefferson County deposits increased 10.9% making it the sixth largest of the nine deposit institutions while total deposits in the county grew 4.9%. With four Jefferson County branches, Consumers has 8.47% of the $1.2 billion deposit market. The bank’s market share in June 2021 was 8.01%.
  • Consumers Bank’s Stark County deposits increased 7.2% while total deposits in the county decreased by 0.8% to $9.3 billion. With eight locations and 4.25% of the county’s deposits, Consumers remains the seventh largest of 16 institutions. The bank’s market share increased 0.32% since June 2021.
  • Consumers Bank’s Summit County deposits increased 39.2% making it the 21st largest of the 24 deposit institutions while total deposits in the county grew 4.9%. Consumers’ two branch locations hold 0.14% of the $17.2 billion on deposit in Summit County.

“We expect to continue to gain market share as the bankers in our 21 offices continue to make a difference in each community,” said Lober.

Since its creation by the Congress in 1933, the FDIC has been an essential part of the American financial system. No depositor has lost a single penny of insured funds due to bank failure since FDIC insurance began.