Ohio Valley Bank announced the closing of a deal to purchase vacant property on Second Avenue in Gallipolis along the park front. The property appears to be one, but is actually two lots that were owned by the Gallia County Community Improvement Corporation (CIC) and sold in an effort to further develop the downtown. As part of its Community First mission, Ohio Valley Bank plans to incorporate the vacant property into its current renovation project for the historic corner of Second Avenue and State Street.
“We are pumped about the Ohio Valley Bank purchase of our two Second Avenue lots and the bank’s multi-million dollar future investment into our community. They are an enormous asset to not only this county but this entire region. OVB is truly a community first bank and organization and our group, CIC, is proud and honored to have been a part of this development,” said Josh Bodimer, president of the Gallia County CIC. “The initial purchase of the two lots by the CIC from part City of Gallipolis and part private ownership was a complicated deal that took us nearly three quarters of the year 2016 to get it put together and done. It makes it all worth it seeing the positive impact potential this will create with a sustainable, high foot traffic anchor in the heart of our downtown area. I personally feel we are blessed as a community to have so many people who have a true yearning to invest time, money, and resources into this community. I’d like to thank the City of Gallipolis and the private owner for working with us on the initial purchase of the two lots back in 2016.”
Ohio Valley Bank’s plans for the project include renovation of the building on the corner of Second Avenue and State Street. OVB originally built the building in 1896. At the time, it was the tallest building in Gallia County. In recent years, the bank was able to buy the building back and has since worked toward stabilizing the structure and stopping further damage with the ultimate goal of bringing this piece of history back to life. The project will include an expansion to the existing building. The finished property will not be a working branch, but will house administrative offices for the growing financial institution as well as a large community event space overlooking the Gallipolis City Park.
Ohio Valley Bank President and CEO Tom Wiseman announced that due to an incredible outpouring of community interest in the project, OVB has created an email list for news and updates. To receive email updates on the downtown Gallipolis project, sign up at http://bit.ly/projectovb. Updates will also be posted at the project site, OVB’s Facebook page and website, and provided to local media.
Ohio Valley Bank, established in 1872, operates 19 offices in Ohio and West Virginia. The Bank’s parent company, Ohio Valley Banc Corp., also owns Loan Central, a consumer finance company specializing in expert tax preparation and loans. Common stock for Ohio Valley Banc Corp. is traded on The NASDAQ Global Market under the symbol OVBC. More information can be found at Ohio Valley Bank’s Web site at www.ovbc.com, or on Facebook at www.facebook.com/OhioValleyBank.