Ohio bank enters WV energy market - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Ohio bank enters WV energy market

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    Monday, August 25 2014 4:00 PM EDT2014-08-25 20:00:48 GMT
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.

Peoples Bank of Marietta, Ohio, has formed a new department to provide financial resources to upstream and midstream energy companies, including those in West Virginia.

Bank officials say serving needs in the energy industry is not new to the company. In 1902, a group of oilmen needed loans for expansion. Because they couldn't come up with necessary capital with established banks, they group created their own bank — The Peoples Banking and Trust Company

Milton Haynes, Peoples Bank vice president of energy, heads the new department. Haynes focuses on reserve-based lending, commercial and equipment finance, working capital, treasury management and investment and insurance services for oil and gas companies.

Haynes joined Peoples Bank in 2011 as vice president of special assets. He has more than 20 years of banking and industry experience. In addition to his banking career, Haynes spent five years with an oil and gas production company, and two years as a private industry consultant.

Peoples Banks is a subsidiary of Peoples Bancorp, which has $1.9 billion in assets, 47 locations and 44 ATMs in Ohio, West Virginia and Kentucky.