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 Timothy Fahey's general store at 127 North Main Street in Marion, Ohio. 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 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 Great 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 additional branches, including Marion's first drive-up teller facility and a loan production office in Worthington. The bank has maintained its cutting edge with new technology, products and services including Internet banking, e-statements and mobile banking.
Throughout its history, Fahey has emphasized lending to individuals and local businesses to help our families and businesses reach their goals. It continues this tradition today along with maintaining a strong capital base. Its capital ratio is in the top 4% nationally and is in the top 1% of its peer group.
The bank continues to be operated by the descendants of Timothy Fahey. The current Chief Executive Officer, Carl F. Hughes, and President, Martin J. Hughes, III are his great-great grandsons. Fahey Bank is Marion, Ohio's oldest family business. Carl F. Hughes was honored as one of America's top 100 corporate leaders in 1997 by Irish American magazine.