By Matt Clevenger
For the Miami Valley Sunday News
TIPP CITY — Monroe Federal Savings and Loan has announced plans to add a second branch location in Tipp City, building on the site of the former Taco Bell on Main Street.
“It’s still in the design phase now,” Monroe Federal Savings and Loan president and CEO Lewis Renollet said. “We anticipate it opening in 2020, probably in early fall; we’re going through several different designs.”
“We looked at other properties,” he said. “We just liked the location, and the high visibility.”
The new branch will offer all of the services currently available at the downtown office, which will also stay open with a few minor changes. “We’re not going to leave downtown,” Renollet said. “We are growing, and we actually just ran out of room for our operations department.”
“We’ll probably modify it a little bit, but we’ll still carry on transactions downtown as well,” he said.
The new branch will create four-full time positions and two part-time positions. “Some of those will be transferred from our current locations,” Renollet said. “We actually hired a couple of people already.”
One of the county’s oldest banks, Monroe Federal Savings and Loan is also one of downtown Tipp City’s oldest businesses. “We’ve been downtown Tipp City since 1875,” Renollet said. “We are the oldest bank in Miami County with their home office in Miami County.”
“There are actually only two banks in Miami County that have their home offices here,” he said. “It’s Monroe Federal and Covington Savings and Loan in Covington; everybody else just has branches in the county.”
Monroe Federal offers a full line of savings and loan services and also specializes in mortgage lending. “The process is very quick,” Renollet said. “Tipp City is our headquarters. If there’s ever an issue or a question, you get to talk to the people who actually make the decisions. We don’t have to send it off to Columbus or Cincinnati; it’s right here.”
Monroe Federal currently has three different locations, in Tipp City, Vandalia and Butler Township. “We’re just growing,” Renollet said. “It’s just natural growth. We’ve been around for a long time, but we’re having a little growth here.”
“A lot of people are getting tired of the big-bank mentality,” he said. “We definitely do not have the big-bank mentality.”