Herald’s Editor wanted to know more about The Savings Bank and ask some questions about Pickaway County’s economy and banking sector for the annual Progress Edition.
None other than The Savings Bank CEO/President Jeff Farthing took time to answer these questions. Thanks for your time.
A bit about Farthing — he has been leading the bank since 2014. Farthing holds a bachelor of science in business administration from Bowling Green State University and a masters of business administration from Capital University.
Farthing’s name rang a bell — About a year ago in 2023, a group of Logan Elm industrial arts teacher Gary Mitchell’s students, known as the barn boys, built Jeff and Julie Farthing a pole bar on their property along Old Tarlton Road as part of their school day.
Farthing and Savings Bank have contributed much to the community over they years. For example, about a year ago in February, The Savings Bank presented a check for $25,000 to Larry Logan, Chair of the Friends of Ted Lewis Park for park renovations at Ted Lewis Park.
But the Herald digresses — published below is the newspaper’s interview with Farthing about the economy, buying a home and the Savings Banks secret to success.
What’s your advice for folks thinking about buying a home?
This is the most challenging environment for residential housing in recent history. The challenge is that we are in a higher rate environment coupled with the fact that home prices are still elevated with a low inventory of homes on the market. In addition, the costs of owning a home are at unprecedented levels. So, in consideration of these factors, making the commitment to buy a home will require the consumer to closely evaluate all aspects and costs that are involved in the home purchase, as well as all aspects of their personal financial situation.
Should they wait?
Great question. We entered 2024 with the market expecting six to seven rate cuts this year, but those expectations have quickly changed to maybe one cut this year. It is unclear what the Federal Reserve will do in the coming months or years. Whether a consumer should act or wait should be considered on a case-by-case basis. No two financial situations are the same, and again, consumers must consider every aspect of the purchasing process, not simply the cost of the home.
How long has the Savings Bank been in business?
The Savings Bank was founded in 1912 as the Circleville Savings and Banking Company. Since then, we have also expanded to Madison and Fairfield Counties, as well as acquiring a mortgage subsidiary, Helpbringer Mortgage Service Co.
What is the secret to your longevity?
The success of The Savings Bank is attributed to our customers, employees, and shareholders. With their support, the Bank has been able to build a foundation that allows us to provide the necessary financial products and services to current and potential customers.
What philosophy allows you to steer through economic storms?
As with the consumer buying a house, it is patience. It is making prudent business decisions in a time like no other.
Is Pickaway County a good place to do business?
Pickaway County is a great place to do business. Business continues to develop, as well as housing. The Savings Bank continues to be a committed business leader in all communities we serve.
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