History
On January 3, 1940, an application was made for permission to organize First State Bank with a capital stock of $50,000, a surplus of $5,000, and a reserve account of $5,000 for a duration of 99 years, to be located at 706 Washington Street. The application was filed by C.O. Harris, M.D., Harry Fahler, J.P. Gallagher, H.D. Stamberger, Fred J. Welsch, Fred P. Feik, and Fred J. Herr, in the office of the Auditor of Public Accounts in Springfield, Illinois. The permit was approved and issued two days later on January 5, 1940.
On May 20, 1940, the stock was fully subscribed and stockholders were notified of a special meeting to be held June 12, 1940, for the purpose of electing a board of directors. At a special stockholders meeting the same seven people that filed the application were elected directors in addition to, Clarence E. Hoffman, Frank G. Prescott, Frank J. Schwarz, and Earl W. Truckenbrod. An organizational meeting soon followed and the following officers were appointed: C.O. Harris, M.D., President; J.P. Gallagher, Vice President, E.J. Welsch, Cashier; and A.A. Landgraf, Assistant Cashier.
Investments made during 1940 were as follows: $5,000 of commercial paper at a rate of .75%, due May 6, 1941, $5,000 of commercial paper at a rate of .75%, due March 24, 1941, and a $5,000 Municipal Bond at a rate of 1.50%, due March 1, 1944.
The first annual stockholders' meeting was conducted on January 15, 1942 and the directors from the previous year were re-elected with Allen H. Prescott replacing Frank J. Schwarz.
The first dividend was declared on January 2, 1945, in an amount of 2 percent. On December 4th of the same year, the Board of Directors approved purchase of the bank building from the building committee at a cost of $20,000, according to an agreement made September 29, 1936, at which time the building was purchased from receivership of First National Bank, Mendota Property was transferred on January 6, 1946.
Capital stock authorized increased from $50,000 to $100,000 on January 15, 1948 - subscribed and paid April 15, 1948.
On August 3rd 1948, Raymond Hensel took full charge of the bank after Edward J. Welsch became ill. Welsch passed away on March 3, 1949. R.W. Hensel was elected director and appointed Executive Vice President on January 16, 1958. One year later, on January 15, 1959, C.O. Harris, M.D. was appointed Chairman of the Board and R.W. Hensel was named president of the bank.
First State Bank purchased The Harbaugh & McNabb building, Frieda and Harold Schartlein building, and the Srul and Ethel Koopersmith building for future remodeling projects on January 17, 1963, and on July 15, 1964, just before First State Bank's 25th anniversary, the John A. Gustafson Construction Co. of Rockford, Illinois was given a contract to finish remodeling the banking quarters and building. Remodeling was completed in 1965.
R.N. Shafer was named president of the bank in 1971.
By 1973, the increased demand for loans of all types necessitated the addition of three new offices located at the east end of the bank.
Early in 1976, the site at 817 Illinois Avenue was selected for a four lane drive-up facility with additional inside customer service available. This facility was named First State Bank Plaza North. In October 1997, a 24-Hour automatic teller machine, which was the first in Mendota, was installed at this same location.
The LaMoille Facility was opened in 1982 located at Route 34 and Gurney Street. This facility is a customer service branch with one drive-up lane and remains the only bank serving LaMoille.
Harold Hitchins was named president and trust officer of First State Bank on January 21, 1982; he joined the bank in 1971. Hitchins retired December 31, 1984.
Robert R. Ritter joined the bank on January 1, 1984 and was named bank president, trust officer, and chief executive officer January 1, 1985. Ritter retired October 1, 1994.
A meeting of the shareholders of First State Bank was conducted on November 18, 1986, to vote upon the formation of a holding company type of ownership. The holding company was formed on January 1, 1987. The holding company is referred to as "Tri-County Financial Group, Inc."
In 1990 First State Bank opened a facility in Peru at 1200 38th Street. With the LaSalle/Peru market seeing strong economic growth over the years with companies moving into the area and expanding; as a result First State Bank had also experienced a higher demand for its products and services. To facilitate this growth and help to improve service in this market, a new bank was built on Venture Drive in Peru, which opened in October 1996. This new location is now more accessible to its customers with its 4 drive-up lanes, ATM machine and Sunday business hours.
Timothy J. McConville was named president, trust officer, and chief executive officer October 1, 1994.
In early December 1996, First State Bank expanded into the Streator market by acquiring a former branch of First of America. This full service bank is anticipated to facilitate the needs of the area with personalized service and products for expanding the growth in the local economy.
On June 24, 1998 First State Bank took into its holding company, Tri-County Financial Group, the Farmers State Bank of McNabb with assets of $27 million. This full service bank, which became a First State Bank facility on November 20, 1998, is anticipated to help its local market by providing modern banking products and service with a hometown atmosphere.
On March 31, 2000 First State Insurance joined the FSB family as a wholly owned subsidiary. Located in Mendota, IL., this full service insurance agency was very quickly joined by an Earlville, IL., presence with the January 1, 2003 purchase of the Miller-Rowe agency.
November 15, 2004 First State Bank opened a newly constructed full service branch in Ottawa, IL.
September 6, 2005 First State Bank opened a full service branch location in Bloomington, IL.
November 20, 2006 First State Bank Plaza North Drive Up facility was moved to a new location at 1403 13th Avenue.
January 14, 2008 First State Bank moved into a newly constructed branch building in Bloomington, IL.
In 2008 First State Bank became primary shareholder of Mortgage Services III. MSIII is a full service mortgage lender specializing in a number of different loan programs. Their headquarters is based on Bloomington, IL.
January 1, 2011 Safranek Insurance Services, LLC of Paw Paw, Illinois was acquired by First State Insurance and became the 3rd location.
On February 25, 2011, First State Bank acquired all of the deposits and assets of Valley Community Bank, expanding First State Bank branches into the western suburbs. With branches in St. Charles, Batavia, Geneva and North Aurora, First State Bank now has branches in 11 Illinois cities and a combined asset size of over $700 million.
March 15, 2011, First State Bank acquired Mortgage Services 3 as a wholly owned subsidiary. MSI is headquartered in Bloomington, IL.
September 26, 2011 First State Bank moved its St. Charles West location to 2601 Oak Street, St. Charles, IL.
November 18, 2011 First State Bank opened a new branch in Batavia, IL at 1978 W. Wilson St., Batavia, IL.
On June 8, 2012, First State Bank acquired all of the deposits and assets of Farmers and Traders State Bank with branches in Shabbona and Waterman, Illinois. The addition of this acquisition has raised First State Bank's asset size over $800 million.
February 11, 2013 First State Bank opened a new branch in Carol Stream, IL at 426 W. Army Trail Road, Carol Stream, IL.
Located at 1403 13th Ave., First State Investment Services, a full service investment center, offers securities exclusively through Investment Centers of America.
Led by Chris Eller, First State Investment Services specializes in financial planning, corporate retirement plans and meeting the needs of the transitioning retiree. The center can also be used for more simple needs such as the buying and selling of stocks, bonds, mutual funds and annuities.
Investment Centers of America, Inc. (ICA) member FINRA, SIPC and a Registered Investment Advisor is not affiliated with First State Bank or First State Investment Services. Securities, advisory services and insurance products offered through ICA and affiliated agencies are * not insured by FDIC or any other Federal Government agency * not a deposit or other obligation of, or guaranteed by any bank or their affiliates * subject to risks including the possible loss of principal amount invested.
