May 21 - The Federal Reserve Bank of Cleveland has approved an application by Ohio Valley Bank, Gallipolis, Ohio, to become a member of the Federal Reserve System.
Ohio Valley Bank President and CEO Tom Wiseman commented, "I congratulate the employees of Ohio Valley Bank for achieving this milestone in the bank's history. This membership opens up the opportunity for Ohio Valley Bank to have a more active role in our nation's banking system."
Banks that are state-chartered, like Ohio Valley Bank, are divided into those that are members of the Federal Reserve System (state member banks) and those that are not (state nonmember banks). State banks are not required to join the Federal Reserve System, but they may apply to become members if they meet the standards set by the Board of Governors.
Ohio Valley Bank, established in 1872, is a FDIC-insured community bank operating 15 offices in southern Ohio and western West Virginia. Shares of Ohio Valley Banc Corp. stock are available on The Nasdaq Global Market under the symbol "OVBC." Learn more about Ohio Valley Bank at the company's newly redesigned website: www.ovbc.com.