LOSB to be featured on Fox Business Network
BALDWIN — Community bank Lake Osceola State Bank will be featured in a news segment on Fox Business Network's "In View" program due to the bank's success at working and thriving in small communities.
The bank now has nine branches, all of which are located in the West Michigan area. "In View" will explore how crucial institutions such as Lake Osceola State Bank can be in more rural areas and how they were a key part in helping those communities survive the economic downturn of 2008.
"It's an honor, especially since we're being recognized for doing what we've been doing for 100 years," explained Chief Executive Officer Deborah Smith-Olson. "We got a call from the producer last year. They were going to feature a few community banks and they asked if we would like to participate. They want to show how important community banks were during the recession and how having a strong relationship with the people they serve is a big part of that."
The segment will air at 4:30 p.m. on Saturday, Feb. 13, on the Fox Business Network. The segment will feature Smith Olson, as well as bank president Bob Fisher and assistant vice-president Lori Braginton.
"I talked to them about the commitment all of our employees make to the people we serve," said Braginton. "I mention how we support the Baldwin Promise, how our employees volunteer on several nonprofit boards and at local festivals as well as with groups such as Habitat for Humanity, Communities Overcoming Violent Encounters, and Women's Information Service, Inc."
Other interviews in the segment will be Jim Faiella, the owner of Peacock, Ltd. who discussed how after another bank closed off his line of credit, Lake Osceola State Bank worked with him to extend his credit with them, most likely saving the business.
Smith-Olson said it is the bank's involvement in the community and its personal connection with individuals which has allowed Lake Osceola State Bank to last so long and survive both good times and bad.
"We're not going to be successful if our communities are not successful," said Smith-Olson. "We received an 'outstanding' rating from the Community Reinvestment Act, since we reinvest everything we get deposited back into the area we serve. Most banks only receive a 'satisfactory' rating at best, and I think that's one of the things that got the network's attention."