Question 1

What is Old Exchange National Bank?

Accepted Answer

Old Exchange National Bank is an independent community bank serving Okawville, Illinois and the surrounding Washington County area. With approximately $86 million in assets, the bank specializes in agricultural lending and residential real estate financing, reflecting the rural character of its market.

As a locally owned and operated institution, Old Exchange National Bank operates as a national chartered bank under the supervision of the Office of the Comptroller of the Currency (OCC). The bank maintains a strong focus on personal service with all lending decisions made locally by officers and directors who live and work in the community.

Question 2

When was Old Exchange National Bank founded?

Accepted Answer

Old Exchange National Bank traces its origins to 1893 when it operated as a private bank within a hardware mercantile business. The bank was formally established and reorganized as a national bank on January 1, 1910, with total assets of $46,514.00.

A new bank building was constructed in 1910 to house the newly chartered institution, and the bank operated at this location for over five decades. In 1961, Old Exchange National Bank moved into its present facility at 110 East Walnut Street in Okawville, where it continues to serve the community today. The bank has maintained continuous operations for over 115 years and has been FDIC-insured since January 1, 1934.

Question 3

Where is Old Exchange National Bank headquartered?

Accepted Answer

Old Exchange National Bank is headquartered in Okawville, Illinois, a village in Washington County. The bank's main office is located at 110 East Walnut Street, Okawville, IL 62271.

Okawville is a small agricultural community with a population of approximately 1,340 residents, situated in southern Illinois.

Question 4

Where does Old Exchange National Bank operate?

Accepted Answer

Old Exchange National Bank operates exclusively from its single full-service office in Okawville, Washington County, Illinois. The bank's primary market area encompasses Okawville and the surrounding rural communities in Washington County and adjacent areas of southern Illinois.

While the bank maintains only one physical location, it serves customers throughout the region who commute to the St. Louis metro-east area for work. The bank's assessment area includes communities with a strong agricultural economy, and it competes with other community banks and regional bank branches in the area, including Farmers and Merchants Bank of Nashville and Nashville Savings Bank.

Question 5

What services does Old Exchange National Bank offer?

Accepted Answer

Old Exchange National Bank provides a comprehensive array of retail and commercial banking services tailored to its community and agricultural customer base. Deposit products include checking accounts, savings accounts, certificates of deposit (CDs), and Individual Retirement Accounts (IRAs).

Loan products represent the bank's primary business focus, with an emphasis on agricultural lending and residential real estate financing. The bank offers farm loans, residential mortgages, home equity financing, commercial real estate loans, commercial and industrial loans, construction and development loans, and consumer loans. Approximately 77% of the bank's loan portfolio consists of farm loans, reflecting its specialty in agricultural lending to local farmers.

Digital banking services include online banking through the OENB Online Banking platform, mobile banking with a free mobile app, mobile check deposit (remote deposit capture), online bill pay, e-statements, debit cards with digital wallet compatibility (Apple Pay, Google Pay), and Card Valet for managing debit card usage. The bank also maintains an ATM at its main location and offers traditional walk-up and drive-up window services.

Question 6

What makes Old Exchange National Bank unique?

Accepted Answer

Old Exchange National Bank distinguishes itself through genuine local ownership and decision-making autonomy. Unlike many community banks that have been acquired by larger institutions, Old Exchange National Bank remains independently owned by Okawville Bancshares, Inc., a one-bank holding company based in Okawville.

The bank's agricultural lending expertise sets it apart in its market area. With farm loans comprising approximately 77% of its loan portfolio (compared to much lower percentages at typical community banks), Old Exchange National Bank has developed specialized knowledge in serving the financial needs of agricultural operations. The bank's loan officers understand the seasonal cash flow patterns, equipment financing needs, and operating capital requirements unique to farming operations.

All credit decisions are made locally by officers and directors who live in the community they serve, enabling faster responses and more personalized service than branch offices of regional banks can typically provide. The bank has maintained strong financial performance with a Return on Equity (ROE) of approximately 11.5% and a Return on Assets (ROA) of 0.84%, demonstrating effective management despite its small size.

Question 7

What type of financial institution is Old Exchange National Bank?

Accepted Answer

Old Exchange National Bank is a Commercial Bank with a national charter, operating as a Federal Reserve member bank supervised by the Office of the Comptroller of the Currency (OCC). This classification places it among nationally chartered commercial banks that offer a full range of banking services to both consumer and business customers.

The bank is designated as a Community Bank by regulatory standards due to its asset size (under $10 billion), limited geographic footprint, and focus on relationship-based banking within its local market. Community banks like Old Exchange National Bank typically emphasize personalized service, local decision-making, and deep knowledge of their specific market areas.

As a commercial bank, the institution accepts deposits insured by the Federal Deposit Insurance Corporation (FDIC) and makes loans to individuals, businesses, and agricultural operations. Its national charter allows it to operate under federal banking regulations and benefit from federal supervision standards, while its community bank designation reflects its commitment to serving the specific needs of Okawville and Washington County.

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