(Columbus)--Donna Owens, director of the Ohio Department of Commerce, announced today the opening of Ohio’s newest state-chartered bank. Spring Valley Bank opened for business yesterday at 9 a.m. at 1311 E. Main St. in Ravenna.

Portage Community Bank is the seventh state-chartered bank to open since 1995. “I am always pleased to see the creation of community banks such as Portage Community Bank,” said Director Owens. “The creation of new banks demonstrates the strength of Ohio's banking industry and increases the number of banking options open to Ohio's citizens.”

Ohio Superintendent of Financial Institutions W. Curtis Stitt issued the Certificate of Authority to Commence Business yesterday. The chief executive officer of the community bank is President Richard J. Coe.

# # #

The Ohio Department of Commerce’s Division of Financial Institutions regulates Ohio's state-chartered financial institutions. The superintendent serves as chief executive officer of the division and three deputy superintendents oversee the sections of Banks, Savings and Loans/Savings Banks, and Credit Unions. These sections are responsible for all examination, supervision and regulation activities of each specific industry. In addition to financial institutions, Commerce also regulates securities, industrial compliance, fire codes, unclaimed funds, liquor, and real estate, among other industries. The department's internet address is www.com.state.oh.us.