Question 1

What is Citizens Bank of Chatsworth?

Accepted Answer

Citizens Bank of Chatsworth is a community bank serving central Illinois with a focus on personal and business banking solutions. With approximately $36.9 million in total assets and $32.9 million in deposits, the bank operates two offices in Livingston County and McLean County.

The institution specializes in agricultural lending, commercial banking, and retail financial services tailored to the needs of rural and small-town communities. Since 2018, the bank has been owned by CBC Financial, Inc., a holding company formed to expand the bank's digital footprint while maintaining its community banking roots.

Question 2

When was Citizens Bank of Chatsworth founded?

Accepted Answer

Citizens Bank of Chatsworth was founded in 1903 by Stephen Herr, a successful farmer who recognized the need for a stable banking institution in the growing community of Chatsworth. At the time, the town was a thriving agricultural hub but lacked a reliable financial institution to serve farmers and local businesses.

Stephen Herr used his personal financial resources to establish the bank, demonstrating an early commitment to the community. In 1915, long before the FDIC existed, Herr took the extraordinary step of pledging his family's farmland to create the Stephen Herr Banking Fund, which personally guaranteed customer deposits. This innovative approach to deposit security was particularly notable during the era when bank failures were common.

The Herr family maintained ownership and leadership of the bank for over a century, passing control from Stephen Herr to his five sons and one daughter in 1922. The family's stewardship continued through multiple generations until 2018, a remarkable 115-year run of family ownership in an industry that has seen extensive consolidation.

Question 3

Where is Citizens Bank of Chatsworth headquartered?

Accepted Answer

Citizens Bank of Chatsworth is headquartered in Chatsworth, Illinois, located in Livingston County. The main office is situated at 502 East Locust Street in downtown Chatsworth, a small rural community in central Illinois within the Pontiac, IL Core Based Statistical Area.

Question 4

Where does Citizens Bank of Chatsworth operate?

Accepted Answer

Citizens Bank of Chatsworth operates through two branch locations in central Illinois:

Chatsworth Office: 502 East Locust Street, Chatsworth, IL 60921 (Livingston County)

Normal Office: 1710 East College Avenue, Normal, IL 61761 (McLean County)

The bank primarily serves the rural communities and agricultural regions of central Illinois, including Livingston County and the surrounding areas. The Normal location extends the bank's reach to a larger college town, home to Illinois State University, expanding its customer base beyond the agricultural communities served by the original Chatsworth branch.

Question 5

What services does Citizens Bank of Chatsworth offer?

Accepted Answer

Citizens Bank of Chatsworth provides comprehensive personal and business banking services, including:

Personal Banking: Checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), savings bonds, and consumer loans including mortgage loans, home equity loans, and auto loans.

Business Banking: Business checking and savings accounts, commercial loans, agricultural lending, cash management services, and merchant services (provided through a partnership with Evolv).

Additional Services: Debit and credit cards (Visa), online banking, mobile banking through the CBC Bank mobile app, bill payment services, wire transfers, notary services, asset management, insurance services, investment planning, and safe deposit boxes.

Digital Banking: The bank offers robust online and mobile banking platforms that allow customers to manage accounts, check balances, transfer funds, and pay bills from anywhere. The mobile app provides convenient access to banking services on smartphones and tablets.

Question 6

What makes Citizens Bank of Chatsworth unique?

Accepted Answer

Citizens Bank of Chatsworth stands out for several distinctive characteristics:

Remarkable Heritage: The bank maintained continuous family ownership for 115 years (1903-2018), which is exceptionally rare in modern banking. During the Great Depression, when bank failures were rampant, the Herr family protected every penny of customer deposits through personal guarantees and innovative solutions, ensuring zero customer losses.

Minority Depository Institution Status: In October 2018, the bank received designation as a Minority Depository Institution (MDI) from federal regulators. This classification is applied to banks that are women-owned or minority business enterprises, reflecting the bank's commitment to providing financial services to diverse customer backgrounds.

Community Banking Focus: Despite changes in ownership, the bank maintains its founder's original vision of making "impossible" needs possible through personalized service and innovative financial solutions for individuals, families, and businesses in rural Illinois.

Agricultural Expertise: With roots serving farming communities since 1903, the bank has deep expertise in agricultural lending and understands the unique financial needs of farmers and agribusinesses in central Illinois.

Question 7

What type of financial institution is Citizens Bank of Chatsworth?

Accepted Answer

Citizens Bank of Chatsworth is a State Non-Member Bank, meaning it is chartered under Illinois state banking laws and is not a member of the Federal Reserve System. However, it is insured by the Federal Deposit Insurance Corporation (FDIC) under Certificate Number 10843.

As a community bank, it focuses on relationship-based banking and serving the specific needs of local customers rather than pursuing large-scale commercial operations. The bank operates under the holding company CBC Financial, Inc., which acquired the institution in July 2018. This structure allows the bank to maintain its community banking identity while accessing additional resources for growth and technological advancement.

Question 8

How did Citizens Bank of Chatsworth survive the Great Depression?

Accepted Answer

During the Great Depression, when bank failures devastated communities nationwide, the Herr family took extraordinary measures to protect their customers. They conveyed 2,400 bank shares from their personal portfolios to a trustee and issued "deferred certificates of deposit" to maintain liquidity.

The family later repaid these obligations from their own resources. Thanks to the Stephen Herr Banking Fund established in 1915 and the family's personal commitment, not a single penny of customer deposits was lost during this turbulent period. This remarkable achievement solidified the bank's reputation for safety and trustworthiness that continues to this day.

Citizens Bank of Chatsworth

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About Citizens Bank of Chatsworth in the United States