The permit to establish Central Trust & Savings Bank dates to February 9, 1906. Afterward, 118 individuals purchased 1,000 shares of Central Bank stock, investing in the future growth of Geneseo. The stock sold for $100 per share. Some of those original stockholders were men whose names are synonymous not only with the history of Central Bank, but also with the development and well being of Geneseo. Robert D. Boice, George B. Dedrick, John T. Greenwood … names from our past that yet command respect and admiration.
When Central Trust & Savings Bank opened its doors February 23, 1907, its president was Robert D. Boice. Mr. Boice held a prominent position in the community of Geneseo for nearly sixty years. He is perhaps best remembered as the founder of Oakwood Cemetery and had a substantial influence on the donation of Muzzy Chapel by Fred E. Muzzy.
George B. Dedrick is a name associated with generosity and astute business practices. He served as vice president of Central Bank from 1917 to 1920. In 1920, he was elected president of Central Bank and held that position until 1959, when he was elected chairman of the board. Upon his death in 1960, he bequeathed $1,000,000 to establish the Geneseo Foundation. Always concerned about the progress of Geneseo, the foundation is to be used exclusively for charitable, civic, benevolent, education and scientific purposes. The Geneseo Foundation is guided by a board of managers, who are comprised of the board of directors of Central Banc, Inc.
John T. Greenwood began his career with Central Bank the day it opened. He worked as a bookkeeper, assistant cashier, trust officer, vice president, executive vice president, president and chairman of the board. Mr. Greenwood always had the best interest of Geneseo in mind. In addition to the bank, he devoted countless hours to the school board, Coop Gas & Oil Company, Grace Church and teaching children.
Opening day deposits of Central Trust & Savings Bank totaled $44,893. Six months later they had grown to $129,834, and a decade later deposits totaled $1,051,112. Sound business sense and careful judgment upon the part of the bank’s management directed the bank through those difficult years following the stock market crash of 1929. Confidence upon the part of the public remained intact, and deposits in Central Bank continued to grow.
On the bank’s 50th Anniversary, the numbers had grown to $6,487,533 in deposits and loans totaled $2,061,257. Jump forward another 50 years and at year-end 2006, with five locations in the communities of Geneseo, Andover, Fulton, and Princeton, Central Bank deposits now totaled $209,864,974, loans were $187,129,086, and total assets equal $288,125,552.
Many of the names associated with the history of Central Bank are also associated with the history of Geneseo, a fact that we are quite proud of. Today, Central Bank employs nearly 155 FTE between five locations. The Central Bank staff spends countless volunteer hours throughout the communities we live and work in. We are more than just a business partner; our staff members are your neighbors and friends as well.
Expansion of the original bank building became necessary in 1957 when a one-story addition to the bank was erected. This addition housed a lounge, two private offices and a conference room for the board of directors. The interior of the original facility was also remodeled and redecorated at the time.
The next remodeling project began in June of 1966 when the adjacent buildings to the north were demolished, providing approximately another 4,000 square feet to the main facility. The Central Room was then located on the bank’s lower level, and from 1967 until 1983, when the Geneseo Community Center was opened, the Central Room was continuously used for community groups and activities. Included in the 1967 expansion was the construction and opening of the drive-in on the corner of North State & Orange Street. This modern facility offered customers the convenience of transacting bank business from their cars.
In October of 1978, the Central Bank Convenience Center opened on the Geneseo’s south side, on Route 6 East & Iowa Street. This new facility brought the first automatic teller machine (ATM) to Geneseo, as well as offering a broader scope of services than was possible at the North State drive-in facility. This location completed a 4,000 square foot expansion in 2006 featuring a retail banking focus, and now houses the bank’s Trust & Asset Management Division, Consumer & Real Estate Loans, as well as personal banking, complete lobby and drive-up services. In 2008 the lobby area and first floor of the main bank in downtown Geneseo underwent a complete renovation. The new layout and design improved customer flow, as well as functionality for the staff.
In 1988, Central Trust & Savings Bank became the first financial institution in Geneseo to offer its customers nationwide networks through ATMs. That same year, Central Bank would complete a task that would change their ability to serve customers forever. The bank converted to its own in-house data processing system in December of that year, which gave them instant access to customer and bank records.
As with other banks, online banking and bill pay are among our current product line with over 10,000 registered users. In early 2006, Central Bank was one of the few banks across the country to fully implement electronic cash letter. Also during that same year the bank made the switch to remote item capture at all branch locations finding them on the leading edge of technology among financial service providers.
A bank holding company was formed and finalized during 1990. The company was named Central Banc, Inc. and became the sole shareholder of Central Trust & Savings Bank. The formation of the holding company allowed the bank to maintain its competitiveness and better position itself for the rapidly changing financial services industry.
In the Fall of 1990 the bank purchased the Geneseo branch of the former Community Federal Savings Bank. The assumption of this branch allowed the bank to retain those deposits and customers in Geneseo. Central Trust & Savings Bank continued to increase deposits over the years by offering new products and services to their customers. Customer loyalty and offering new products such as debit cards, check truncation, cash management services, and check imaging has enabled Central Bank to continually succeed.
The holding company made two additional acquisitions; The State Bank of Osco was purchased in 1996 adding new branch locations in Andover and Geneseo and in December of 2000, Central Bank, Inc. purchased the Marquette Bank of Fulton.
Finally, on April 2001, Central Trust & Savings Bank changed its official name to Central Bank Illinois and introduced a new corporate logo. The shortened name and new identity better positioned the company for future acquisitions and competitiveness within the financial industry.
In January, 2006 the bank’s next opportunity to expand the company’s footprint presented itself with the opening of a loan production office in Princeton serving the Bureau County area. On April 1, 2006 the bank received regulatory approval for full service banking and by November of that same year we moved into a fully renovated building in Princeton.
In October 2016, the Central Bank once again expanded with the opening of a loan production office in Peru and in June of 2017 received approval for full service banking. Construction of a new branch in Peru is expected to be completed in the Fall of 2018.