Question 1

What is Gifford State Bank?

Accepted Answer

Gifford State Bank is a local community bank headquartered in Gifford, Illinois. Established in 1885, it is a state-chartered commercial bank serving primarily rural communities in Champaign County and surrounding areas. With four branches located across Illinois, the bank focuses on providing personalized banking services to local residents and businesses in small towns including Gifford, Potomac, St. Joseph, and Thomasboro.

Question 2

When was Gifford State Bank founded?

Accepted Answer

Gifford State Bank was originally established on January 1, 1885, under the name The Morse State Bank of Gifford. On January 17, 1950, the bank officially changed its name to Gifford State Bank. A significant milestone in its history occurred on August 2, 2018, when the bank expanded its trust powers, allowing it to offer a broader range of financial services to its community.

Question 3

Where is Gifford State Bank headquartered?

Accepted Answer

The bank is headquartered at 304 South Main Street in Gifford, Illinois 61847. This location serves as the primary administrative center for the bank's operations in Champaign County.

Question 4

Where does Gifford State Bank operate?

Accepted Answer

Gifford State Bank operates exclusively within Illinois, maintaining four branch locations in the following cities:
• Gifford (headquarters)
• Potomac
• St. Joseph
• Thomasboro

The bank serves the Champaign-Urbana metropolitan area and surrounding rural communities, with a strong focus on local banking services.

Question 5

What services does Gifford State Bank offer?

Accepted Answer

The bank provides a comprehensive range of banking services, including:
• Personal checking and savings accounts
• Online and mobile banking
• Business banking services
• Full trust powers (since 2018)
• Digital banking platforms
• ACH and wire transfer services

Customers can access their accounts 24/7 through online banking and a mobile app, with traditional lobby and drive-up banking hours available Monday through Saturday.

Question 6

What makes Gifford State Bank unique?

Accepted Answer

Gifford State Bank distinguishes itself as a community-focused financial institution with a long-standing history in rural Illinois. The bank prides itself on personalized customer service, with one customer describing the experience as feeling "like dealing with family." Its commitment to local communities and ability to provide personalized banking solutions sets it apart from larger, impersonal banking institutions.

Question 7

What type of financial institution is Gifford State Bank?

Accepted Answer

Gifford State Bank is a state-chartered commercial bank that is a member of the FDIC (Certificate #10467). It operates as a subsidiary of Gifford Bancorp, Inc. Employee Stock Ownership Plan, maintaining a strong local ownership structure that aligns with its community-focused mission.

Question 8

Additional Financial Details

Accepted Answer

The bank demonstrates strong financial health, with approximately $193,314 in total assets and $166,232 in deposits as of the most recent reporting period. It maintains a robust return on assets (ROA) of 2.53% and a return on equity (ROE) of 20.03%, indicating efficient financial management and solid performance in the local banking market.

Gifford State Bank

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About Gifford State Bank in the United States