Executive Newsletter

S&P Global Market Intelligence recently released their list of Top 50 Midwest Community Banks and Citizens National Bank ranked 50^th overall and 2^nd for the State of Ohio! Overall, 1,848 banks and thrifts were eligible for ranking in the Midwest under $10B in assets category. We're proud to be part of this elite group of community banks that strive every day to provide the financial services our communities need.

The headlines in the media now state companies and consumers are considering moving their money to the big banks. Why? Haven’t we learned by now our community banks are strong, safe, conservative and here to stay?

At CNB, our capital is extremely strong, our assets are diverse and conservative, and we serve our local markets; markets we live in. We have all the technology, products and services of the Big Banks but with one thing they don’t have; Dedicated people. Here, you are not just a number. When you call you speak to a member of the CNB family not a robot. We can service you quickly and with a smile!

Before you put the first seed in the ground, you’ll want to be sure you have the financial resources to give you peace of mind that you have the cashflow you need to get through the year. One of the best ways to do that is by opening an operating line of credit.

Mike Todd is a self-made man. Over the last 30 years, he has grown Todd Farms & Excavating in Cecil, Ohio, from its start with just a couple pieces of equipment to today's business operation that handles excavation work for large housing and retail projects.

While there aren’t a lot of crop insurance changes this year, the updates are positive. Jason Williamson of Williamson Insurance Agency recently sat down with us to outline the 3 things farmers should be aware of this year.

When Ron Williams’ grandfather began “Fruit Distributors”, a business providing produce to the Lima area during the Great Depression, he created a legacy that has grown into a thriving company that now serves four states. Ron’s father expanded that business into a full-service food distributor in the 1960’s called RightWay Foods.  In 2000, that business merged with The Powell Company, a janitorial services company, under one umbrella.

As we begin to wrap up 2022, you’re probably considering where the economy is headed and what issues you should be concerned with. We recently hosted an event featuring Robert J. Morgan, an economist CNB works with, who presented his take on our biggest economic issues right now and what we might expect moving into 2023.

Recession… it’s a nasty word. Many believe one key indicator of a recession is two consecutive quarters of negative Gross Domestic Product (GDP) growth. If that is true, the U.S. has been in a recession since the second quarter of this year, as we saw two straight quarters of negative growth to begin 2022. Recently, the 2022 preliminary third quarter GDP data was released reflecting growth of 2.6%. So, did we experience a one quarter recession? Are we in a recession right now? Why is the data so confusing?

Citizens National Bank assists Grand Lake Family Dentistry with commercial financing and options for cash management to make running his business easier.

If you use payment apps such as Venmo or Cash App to make or accept payments as a business, be aware that anything more than $600 is now required to be reported to the IRS by those services. The new tax reporting requirement will impact 2022 tax returns filed in 2023.

Spring has arrived and the rollercoaster Ohio weather is beginning to tease us with a few warm sunny days. Unlike the weather here in Ohio, CNB is off to a strong and consistent start to the year. Loan demand from our Business and Agricultural clients has been steady and our team is working hard to ensure we are providing all the products and services our clients need to grow their businesses and farms.

Have you ever forgotten to pay an invoice until the day it’s due, need to quickly send a down payment for a purchase or even waited until the last minute to pay your business taxes? These are all scenarios that you could have solved with a Same Day ACH payment. Citizens National Bank has offered this service for a while now, but recent updates have increased the allowable limits making it an even more attractive and feasible option for large payments.

In furniture sales since the age of 18, Tony Rettig found his passion at an early age. From a small storefront in downtown Findlay to his current location on Rte 224, Rettig Furniture and Mattress has grown to be one of the largest furniture showrooms in Northwest Ohio.

Debbie Boisselle, VP Investments for Citizens National Bank recently presented an overview of the economy for the rest of 2021. While some obvious issues dog the economy, such as supply chain issues and staffing for companies, overall she feels the economy is starting to pick up steam.

As much as I would like to avoid the subject, COVID still dominates the headlines and our economy.  Rather than focusing on vaccination rates, infections and PPP loans I would like to discuss some additional impacts of the Pandemic. 

This year, markets have experienced an odd phenomenon.

There are many reasons for this change, but here are a few of the most impactful to keep in mind.

Twelve years ago when Greg and Joyce Feasel purchased a garden center, they had big dreams to expand it to much more. In addition to the nursery, they added a gorgeous gift shop, outdoor statuary and even a wine shop.

For the past 3 newsletters, I have discussed COVID-19 and its impact on the bank and on our local economies. While this pandemic still dominates the headlines, I am hopeful there is light at the end of the tunnel. Ohio residents are getting vaccinated, our daily case rates are declining and we’re able to remove our masks, should we choose to do so, and end occupancy restrictions. The question remains, what will the new normal be?

In planning for the 2021 crop season, there are many things to take into consideration regarding all the available options in crop insurance and your election of government program for your farm. Here is a brief overview of things to consider.

2020 certainly had its challenges for businesses, but that doesn't mean there won't be any opportunity in 2021. Whether you're starting a business, or just looking for ways to strengthen the one you have, there are 7 building blocks that will help cut problems off before they occur according to business.com.

2020 has been a year of many changes and the economy certainly reflects our unusual circumstances. Recently, Robert J. Morgan, an economist with ProBank Austin, shared with us the current state of the economy and what he thinks may impact it in the coming months.

The holiday season is upon us and it will no doubt look different for the majority of us. While a vaccine for COVID-19 will soon be available, large gatherings and traditional holiday celebrations are being discouraged by state and federal officials to ensure the safety of all. Like many of you, here at CNB, we have changed our typical holiday celebrations while looking forward to a more normal routine in 2021.

As you read this Executive Newsletter you will notice a theme - COVID-19. It has consumed us and forced us to change the way we go about our daily lives and run our businesses. Social distancing, masks, sanitation, and personal safety have become a new normal for Citizens National Bank and many of our business clients. The question remains, how long will these new preventative health measures last? For many businesses, this may be the new normal.

If you took advantage of the Paycheck Protection Program (PPP) through the Small Business Administration (SBA), you're probably wondering at this point about the forgiveness process. There have already been two versions released of the original loan forgiveness application, and recently they introduced a separate EZ application form which requires less calculation and documentation for borrowers.

As businesses continue to deal with the financial implications of COVID-19, there are still lending options to aid them. The Small Business Administration (SBA) recently re-opened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.

Jenna Dailey realized her dream and is now helping future brides make their dreams come true when visiting her store, Sisters Bridal Boutique in Van Wert.

Citizens National Bank is one of the largest ag lenders in the state of Ohio.

According to Barry Ward, Leader, Production Business Management for OSU Extension programs, farm production costs for Ohio should remain about level or even a little below 2019.

"There's a broad-based slowdown of the global economy attributed to lower industrial production, a decrease in international trade and of course, the trade war," states Dr. Ian Sheldon of The Ohio State University Department of Agricultural, Environmental and Development Economics.

"2019 was a unique year," states Jason Williamson of Williamson Insurance. "It was a record-breaking year for prevent plant, while still providing some good yields in those fields that did get planted."

One of the biggest stresses we hear from our business customers is the time it takes to manage their employees' payroll and their concerns about making sure taxes are paid correctly and on time. In fact, according to the IRS, 40% of medium and small-sized businesses are fined for failing to deposit withholdings, miscalculating taxes or submitting incorrect filings annually.

While Check Positive Pay is something Citizens National Bank has offered for a few years now, customers who make a lot of electronic payments were also concerned about the potential for fraud. Enter ACH Positive Pay.

Economically speaking 2019 was a remarkable year, with almost all indexes showing a double digit return. Even the bond market did better than expected due to the Fed's rate cuts. So as we turn our focus to 2020, many of us are wondering if the strength of the economy can be sustained.

At the end of 2019, some economic pundits were forecasting a recession as early as this year, but at this point that seems like a stretch as the U.S. economy continues to fire on all cylinders.

For more than 25 years, the Henson family has relied on CNB's services for various business endeavors.

As a small business, one of the most inexpensive ways you can market to your customers and potential customers is through Facebook Ads. According to a survey by Kleiner Perkins, 78% of American consumers say they've discovered products on Facebook and 58% of consumers say that social media influences their shopping.

According to the National Federation of Independent Businesses (NFIB) there are many benefits to you as the employer to paying your employees via direct deposit including: cost savings, reduced risk of check fraud or stolen checks, greater control over payroll, timely payment of salary checks, even when employees are away, and reduced bookkeeping because of immediate payments into employee accounts (no delays in cashing). Direct deposit is easy to set up through Citizens National Bank's Online for Business product and makes paying your employees much simpler from an operations standpoint.

If you're tired of the hassle of processing payroll every week for your employees and stressed out about staying on top of all the tax rules, consider letting Citizens National Bank do your payroll for you.

If you haven't downloaded our business mobile app yet, now's the time. We've recently made some updates that make it even easier to bank on the go through your phone.

Fact: 97% of US farms are still family-owned and 88% of those make less than $350,000 in gross cash income. What the government chooses to roll into a new Farm Bill will impact many Americans whose livelihood depends on agriculture. The current Farm Bill is set to expire in September of this year.

Whether you receive one check every couple months or 100 checks every week, we have a solution for you that doesn't require you coming to the bank!

Tax-related identity theft occurs when an identity thief has used your social security number to get a tax refund or a job. Unfortunately, it may be several months later that you realize it has happened when you are notified by the IRS that you were paid by an employer you don't know or that more than one tax return was filed using your social security number.

If you are an Online for Business customer you're automatically enrolled in our easy-to-use mobile app. Simply download it from the App Store or Google Play and log in with the same credentials and token you currently use for online banking. The App is free.