Akron’s economy is reason for optimism, Hendricks says

The area has largely bounced back from the recession, said Steve Hendricks, recently named northeast Ohio market president for S&T Bank.

Steve Hendricks

After hitting a rough patch during the country’s most recent recession, Akron’s outlook is looking up, according to Steve Hendricks, northeast Ohio market president for S&T Bank.

“The current state of the economy throughout northeast Ohio has us feeling very excited and optimistic. After taking a hard hit during the Great Recession, Akron’s downtown area has noticeably begun its revitalization,” he said. “Currently, we’re seeing a relatively low unemployment rate, housing values on the rise, and an increasingly diverse mix of business that make up the heart of Akron’s economy. As new and established businesses continue to prosper, our goal is to serve as their strategic partner to help navigate decisions that impact today and years to come.”

The bank also continues to help build up the non-profits in the area with volunteerism and access to financial products. “S&T Bank culture as a community and relationship bank has deep roots in all communities it serves, and Akron is no exception,” he said as he cited the bank’s involvement in non-profits in the area.

“Beyond taking an active role in community events, S&T Bank shares in the responsibility of fostering a stronger community by providing loans to municipalities and nonprofit organizations, donations to qualified charities, and assistance to local authorities that offer affordable housing for low-income families and senior citizens.”

Hendricks was recently named market president for the northeast Ohio region for S&T Bank, Indiana, Pa. Hendricks played a vital role in the bank’s expansion into that area of Ohio, including the opening of the bank’s first full-service Akron branch last year. The move solidified the bank’s expansion in northeast Ohio by “strategically layering retail offerings” with individual, commercial and industrial products, Hendricks said.

“The location is also equipped with treasury management and platinum banking services, which provide qualified individuals, executives, and business owners throughout the region with exclusive banking services to satisfy their unique financial needs,” he said.

S&T entered the Akron market in 2012 with a loan production office which grew to employ 15 people, before operations transferred to the new branch that opened in 2016.

Hendricks joined S&T in 2012 with more than three decades of experience in the banking and finance industry throughout the Akron and Cleveland area.