Local Portage County Investment
PORTAGE COUNTY KEEPING TAXPAYER DOLLARS WORKING AT HOME
Investment of county funds in Portage Community Bank and Hometown Bank designed to fuel business growth, local jobs, and economic opportunity
RAVENNA, Ohio (June 1, 2026) – Portage County Treasurer Joseph Bica announced today that the county has designated Hometown Bank and Portage Community Bank as approved public depositories and has directed a portion of the county’s investable public funds to the locally headquartered banks. The investment is designed to ensure that a share of taxpayer dollars remains in the community, funding small business loans, mortgages, and economic development projects with guaranteed return to Portage County.
The deposit relationship, established under the Ohio Revised Code for public fund placement, is placed in CDARS (Certificate of Deposit Account Registry Service) which is a program that provides full FDIC insurance.
“Every dollar in this fund belongs to the people of Portage County. I believe those dollars should work as hard as possible for our residents, not just sit in an account that sends capital somewhere else,” Bica said. “Depositing a portion of these funds with Hometown Bank and Portage Community Bank means those funds become loans to local businesses to expand, help families buy homes, and support the kind of economic activity that creates real, lasting results right here.”
Unlike larger banks that pool deposits into national capital markets, local community banks deploy the majority of their deposits back into the communities they serve. That means every public dollar deposited at the two institutions has a direct pathway back into Portage County’s economy and projects.
For residents of Portage County, the practical impact of this deposit relationship includes:
- Increasing local businesses’ access to the credit they need to grow, hire, and invest in their operations;
- Making local homeownership achievable to more residents;
- Growing investment in local construction, renovation, and development projects; and
- Expanding the local tax base generating revenue that funds schools, infrastructure, and public services.
“This is what economic development looks like. When dollars stay local, they don’t just sit in an account, they become capital for the small business owner who needs to add a shift, the family that’s ready to buy their first home, and the local contractor who gets the call because a development project just got funded,” Michael Lewis, Hometown Bank President and CEO. “Hometown Bank is honored to be part of that chain of public investment.”
“We are honored that Portage County has placed its confidence in our shared fundamental mission to strengthen the communities we serve. When public funds are placed with a community bank, they don’t just stay safe—they go to work, generating multiple layers of local economic impact through lending, investment, and job creation.” stated Portage Community Bank CEO Connie Bennett. “Keeping local funds close to home is always the right investment.”
The county’s deposit relationship with the two local banks is structured to meet all legal requirements under the Ohio Revised Code. Treasurer Bica emphasized that taxpayer fund safety and rate of return was the first and foremost consideration in establishing the relationship, and that the county conducted a thorough review of the institutions’ financial condition, capital ratios, and regulatory standing before proceeding.
“I have long believed that economic development starts with prudent intentional decisions about where public dollars go. Today’s announcement is exactly the kind of positioning our community needs. When government puts taxpayer money to work locally, it sends a signal to businesses, residents, and investors that we are committed to our own future,” Bica said.
About Hometown Bank
Hometown Bank, founded in 1898, is a full-service community bank headquartered in Portage County; delivering relationship-based consumer and business banking. The Bank offers diverse deposit products, mortgages, small business lending, SBA Lending and digital banking services tailored to its community. More information about Hometown Bank can be found on PCB’s website at Hometown Bank.
About Portage Community Bank
Portage Community Bank is dedicated to providing commercial and personal banking solutions and fostering growth within our communities, embodying the philosophy of “Neighbors Serving Neighbors.” With a focus on customer service and community engagement, we strive to meet the financial needs of our customers while contributing to the economic vitality of our community. Portage Community Bank is an equal housing lender and member FDIC. More information about Portage Community Bank can be found on PCB’s website at Portage Community Bank.
About the Portage County Treasurer’s Office
The Portage County Treasurer’s Office is responsible for the collection, management, and safeguarding of all Portage County, Ohio, public funds. The Treasurer is an elected official accountable to the residents of Portage County and is the Chief Investment Officer for the Portage County and is required by law to invest public funds prudently, safely, and in the public interest. For more information, visit Portage County Treasurer’s Website.
Release Date: 6/5/2026