The History of Fahey BankUpdated July 28, 2006 | |
| The Fahey Bank was founded in 1865, the year the Civil War ended, by Timothy Fahey. Originally known as “The Bank of Ireland,” the bank was in the rear of Tim Fahey’s general store at 127 North Main Street. The bank’s main office continues to be at the same location. In the early years of the bank, farmers generally paid for purchases by giving notes payable at harvest time to the merchants. Tim Fahey purchased these notes from the merchants. When the farmers came in at harvest time to pay off their notes, they often left their extra funds on deposit, and the bank grew rapidly. When all the banks were closed for the “bank holiday” during the Depression, Fahey did not receive its notice and remained open to serve its customers. While many area banks failed, Fahey grew and prospered. Over the years, the bank has expanded and opened four branches, including Marion’s first drive through facility. Fahey Bank is the largest bank in Marion County. Throughout its history Fahey has emphasized lending to individuals and local businesses, this tradition continues today. Emphasis on local lending is the reason Fahey continues to be one of the safest banks in the country. Its capital ratio is in the top 6% nationally, and it consistently receives top safety ratings from all the independent bank rating services. Timothy Fahey’s descendants continue to operate the bank today. The Bank’s current Chairman, President, Chief Executive Office - Carl F. Hughes, is his great-great grandson. Fahey has provided more than 137 years of continuous service to the Marion community. Carl F. Hughes was honored as one of America’s top 100 corporate leaders in 1997 by Irish America Magazine. |
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Carl F. Hughes The Fahey Banking Company 127 N. Main Street Marion, OH 43302 United States 740-382-8231 Fax: 740-382-2314 chughes@faheybank.com
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