Question 1

What is State Bank of Industry?

Accepted Answer

State Bank of Industry is a small, independent community bank serving the rural communities of McDonough County and surrounding areas in western Illinois. With approximately $62 million in assets and a single branch location, the bank has maintained its focus on personalized banking relationships and community development for over 120 years. The institution exemplifies traditional community banking values while delivering modern financial services to its local market.

State Bank of Industry operates as an independent institution without a holding company structure, maintaining complete local control and decision-making authority.

Question 2

When was State Bank of Industry founded?

Accepted Answer

State Bank of Industry traces its origins to February 2, 1901, when the Bank of Industry was organized by Albert Eads, T.D. Sullivan, and B.F. McLean with $25,000 in capital stock. On March 25, 1901, the state of Illinois authorized the Bank of Industry to commence business as a banking association.

The institution's name was changed to State Bank of Industry on July 25, 1912, at a special stockholders' meeting. The first officers of the bank were Albert Eads (president), J.W. Bailey (vice president), and T.D. Sullivan (cashier).

Albert Eads served as president until his death in 1922, succeeded by J.W. Bailey, who was followed in 1953 by James C. Bailey. Other presidents who contributed to the bank's growth include Ernest Price, L.B. Sullivan, H.D. Ewing, Wayne Tatham, Max Swearingen, Marlin France, and R. Wayne Slaughter.

Question 3

Where is State Bank of Industry headquartered?

Accepted Answer

State Bank of Industry is headquartered in Industry, Illinois, a small village in McDonough County located in the western part of the state.

Question 4

Where does State Bank of Industry operate?

Accepted Answer

The bank operates from a single location in Industry, serving customers throughout McDonough County and surrounding counties in western Illinois. The bank's service area includes the Macomb, Illinois micropolitan area, which is anchored by Western Illinois University.

While maintaining just one physical branch, the bank has built strong relationships throughout the region's agricultural communities and small towns, supporting the financial needs of rural residents and local businesses.

Question 5

What services does State Bank of Industry offer?

Accepted Answer

State Bank of Industry offers a complete range of traditional banking services tailored to meet the needs of individuals, families, and businesses in rural Illinois. Services include personal checking and savings accounts, certificates of deposit, money market accounts, and various loan products.

The bank provides residential mortgages, consumer loans for vehicles and other personal needs, and commercial lending services to support local businesses and agricultural operations. As a community bank, it emphasizes relationship lending and local decision-making.

The bank's small staff enables highly personalized service, with bankers who know their customers on a first-name basis and understand the specific economic challenges and opportunities of the agricultural and small-town economy.

Question 6

What makes State Bank of Industry unique?

Accepted Answer

State Bank of Industry has distinguished itself through exceptional financial performance relative to its size and peer group. In 1999, the bank received an overall rating of fourth out of all banks in the State of Illinois in a ranking based on size, net interest, efficiency, and income. The bank has been a leader in return on assets among Illinois community banks for several years.

The bank's commitment to remaining a small, independent community bank in an era of consolidation and mega-banks is noteworthy. This independence allows the bank to maintain its focus on knowing customers personally and meeting their individual needs without the constraints of corporate policies.

With over 120 years of continuous service to the same community, the bank has weathered numerous economic cycles, depressions, and banking crises while maintaining its stability and local focus. The institution considers it a privilege to serve its community and pledges the same quality service to future generations.

State Bank of Industry exemplifies the traditional community banking model where relationships matter more than transactions, and where banking decisions are made by people who live in and understand the local community.

Question 7

What type of financial institution is State Bank of Industry?

Accepted Answer

State Bank of Industry is a state-chartered commercial bank supervised by the Federal Deposit Insurance Corporation (FDIC). It carries certificate number 10820 and is not a member of the Federal Reserve System.

As a community bank, it represents the traditional model of locally owned, relationship-focused banking institutions that serve defined geographic markets. The bank specializes in serving communities under $1 billion in assets, maintaining the personal touch and local decision-making that characterize true community banking. Its independent ownership structure, without a holding company, allows it to operate with complete autonomy in serving its local market.

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