The History of The Fahey Banking Company
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 located 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 Bank did not receive its notice and remained open to serve its customers. While many of the area banks failed, Fahey Bank grew and prospered.
Over the years, the bank has expanded and opened four branches, including Marion's first drive-up teller facility.
Throughout its history, Fahey has emphasized lending to individuals and local businesses. It continues this tradition today. This emphasis on local lending is the reason Fahey Bank 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 descendents continue to operate the bank today. The Bank's current Chairman, President, and Chief Executive Officer, Carl F. Hughes, is his great-great grandson. Carl F. Hughes was honored as one of America's top 100 corporate leaders in 1997 by Irish American magazine
Letter from the President
Welcome to the oldest bank in Marion. Fahey has provided more than 137 years of continuous service to the Marion community.
Timothy Fahey started the bank with the idea to provide excellent service at an affordable price, a philosophy that we continue today. We continue to develop a leadership team that has a personal interest in you, our customer. At the same time, we are trying to reach more small business customers and improve our services to our existing customers.
We began the new millennium by putting in place many of the things necessary to build Fahey into the Super Bank for the Marion Area for years to come. Upgrading of our operations center into a state of the art operations center of banking has enabled us to have available to our staff the latest in technology to process all phases of the bank operations. The gains will become more evident to our customers in the form of faster, more reliable service.
We are proud of our heritage in Marion and look forward to continuing to serve our customers.
Carl F. Hughes
Notify Administrator about this message?
|Home | Help | About Us | Site Index | Jobs | PRIVACY | Affiliate|
|© 2007 The Generations Network|