Huntington-based First Sentry Bank Recognized as Top Small Business Bank in West Virginia
Based on their record of continually meeting the banking needs of closely-held businesses in the Tri-State, First Sentry was chosen ahead of other banks all over the state. First Sentry, chartered in 1996, currently has two locations and has amassed roughly $250 million in total assets in the relatively short time since they have opened. The bank’s main office, located at 823 – 8th Street, had total deposits of $182.2 million, as of June 20, 2006, making it the second largest banking office (in terms of deposits), in Cabell and Wayne counties.
“Our position as a locally-owned and community-minded bank has always been to provide our small business customers with the same encouragement and access to the banking tools, including loans, that will allow them to be successful,” said Geoff Sheils, President & CEO. “We have an experienced, well-trained staff that understands the needs of the business community, and it has been most satisfying to monitor a number of local businesses grow and prosper over the years. We owe this recognition to our business customers, and we are most grateful that they have allowed us to be a part of their success.”
The ranking is based on information from the SBA's most current study on small-business lending activities, Small Business and Micro Business Lending in the United States. The ranking lists, by state, the banks that were ranked the top business-friendly lenders. (In the case of a tie, the banks are listed alphabetically.) Microbusiness loans are defined as business loans of less than $100,000. In cases where the banks were acquired after this listing was compiled, we list both the old and new names of the bank. The study uses four criteria to identify and rank the banks identified as microbusiness-friendly: 1) the ratio of microbusiness loans to total assets; 2) the ratio of microbusiness loans to total business loans; 3) the dollar value of microbusiness loans; and 4) the total number of microbusiness loans.
First Sentry Bank, a West Virginia State Chartered Bank, commenced operations on October 23, 1996 after raising $6 million in capital from a private stock offering, and spent its first 19-20 months operating from a small, renovated restaurant building at its current downtown Huntington location. The bank is widely held by local investors with no one investor owning more than 5% of the stock.
The Bank operates two locations: Downtown at 823 - 8th Street, Huntington, WV and its Barboursville office located off Merritt’s Creek Road. The bank utilizes technology to provide its customers 24/7 banking access with its website and telephone banking, 399-6400. More information can be obtained at www.firstsentry.com
