Question 1

What is Milledgeville State Bank?

Accepted Answer

Milledgeville State Bank is a community-focused state-chartered commercial bank specializing in agricultural lending and serving the residents of Carroll County, Illinois. With approximately $203 million in total assets, the bank operates as a single-office institution deeply rooted in serving local farmers, families, and small businesses. The bank is designated as an agricultural specialist by the FDIC, reflecting its strong commitment to supporting the farming community that forms the backbone of the local economy.

As a true community bank, Milledgeville State Bank emphasizes building long-term relationships with customers through personalized service and local decision-making.

Question 2

When was Milledgeville State Bank founded?

Accepted Answer

Milledgeville State Bank was founded on January 2, 1942, when it opened for business with $47,000 in deposits, $32,500 in capital accounts, and total resources exceeding $79,000. The first Board of Directors consisted of A.H. Wagner, W.A. Litwiller, Fred W. Werner, Samuel Livengood, and Albert Anderson, who also served as the bank's cashier.

The bank was established to fill a critical gap in the community. Milledgeville had been without banking services since 1932, when the predecessor institution, Shumway State Bank, closed during the Great Depression after going into receivership. A group of civic-minded citizens purchased the building and fixtures from the receiver for $3,500 with the express purpose of preserving the property until a new bank could be established.

In 1945, three years after opening, Milledgeville State Bank purchased the building and fixtures that this dedicated group of citizens had preserved. The bank has operated continuously since 1942, serving the community through multiple generations and economic cycles.

Question 3

Where is Milledgeville State Bank headquartered?

Accepted Answer

Milledgeville State Bank is headquartered at 451 N Main Avenue in Milledgeville, Illinois, 61051. The bank maintains its offices in Carroll County, where it has served the community since its founding.

Question 4

Where does Milledgeville State Bank operate?

Accepted Answer

Milledgeville State Bank operates exclusively from its single office location in Milledgeville, Carroll County, Illinois. The bank primarily serves customers in Milledgeville and the surrounding agricultural communities throughout Carroll County and neighboring areas of northwestern Illinois.

While the bank has one physical office, it extends its reach through digital banking services that allow customers throughout the region to access their accounts and manage their finances remotely.

Question 5

What services does Milledgeville State Bank offer?

Accepted Answer

Milledgeville State Bank offers a comprehensive range of banking products and services tailored to the needs of its rural community:

Agricultural Lending: The bank's agricultural loan programs are central to its mission, offering real estate loans, equipment financing, operating lines of credit, and other specialized agricultural financing solutions. With agricultural loans representing approximately 75% of its loan portfolio, the bank demonstrates deep expertise in farm financing.

Deposit Accounts: The bank provides various checking and savings account options designed to meet the financial management needs of individuals, families, and businesses in the community.

Mortgage Lending: Milledgeville State Bank offers residential mortgage products to help first-time homebuyers and experienced buyers purchase their homes, with personalized service and local underwriting.

Commercial and Consumer Loans: Beyond agricultural lending, the bank provides commercial loans for local businesses and consumer loans for personal needs such as auto financing and other purposes.

Digital Banking Services: The bank offers modern digital banking conveniences including online banking, online bill pay, and a mobile banking app available on iOS devices. The mobile app allows customers to check account balances, view transactions, transfer money between accounts, and deposit checks remotely using their smartphone camera.

Trust and Fiduciary Services: As an institution with fiduciary powers, the bank can provide trust-related services to customers with estate planning and wealth management needs.

Question 6

What makes Milledgeville State Bank unique?

Accepted Answer

Agricultural Specialization: Milledgeville State Bank stands out for its exceptional focus on agricultural lending, with farm loans comprising the vast majority of its loan portfolio. This specialization has earned the bank official recognition as an agricultural specialist by the FDIC, a designation held by relatively few community banks.

Single-Office Community Banking: Operating from one location since 1942, the bank exemplifies the traditional community banking model where customers interact with the same staff members who are their neighbors, friends, and fellow community members. This creates an unusually personal banking experience.

Local Decision-Making: Unlike larger regional or national banks, all lending decisions are made locally by people who understand the specific agricultural and economic conditions of Carroll County. This enables faster approvals and more flexible solutions tailored to local needs.

Strong Financial Performance: The bank maintains healthy financial metrics with a Return on Assets (ROA) of 1.06% and Return on Equity (ROE) of 11.28%, indicating sound management and profitability while serving a focused geographic market.

Multi-Generational Relationships: With over 80 years of continuous operation in the same community, the bank has developed multi-generational relationships with families and farming operations, creating deep institutional knowledge of local customers and their evolving needs.

Question 7

What type of financial institution is Milledgeville State Bank?

Accepted Answer

Milledgeville State Bank is a State-Chartered Commercial Bank with agricultural specialization. As a state-chartered institution, it is regulated by the Illinois Department of Financial and Professional Regulation and insured by the FDIC, but it is not a member of the Federal Reserve System.

The bank operates as an S-Corporation for tax purposes and is owned by Milledgeville Bcorp Inc, its holding company. This structure is typical of community banks and allows the institution to maintain its independence while serving local stakeholders.

With its FDIC agricultural specialist designation and significant concentration in farm lending, the bank functions effectively as an Agricultural Bank, dedicating its resources and expertise to supporting the farming operations that drive the regional economy.

Question 8

How does Milledgeville State Bank support the local agricultural community?

Accepted Answer

Milledgeville State Bank's commitment to agriculture goes beyond simply offering farm loans. The bank maintains specialized agricultural loan officers, such as Matt Scholl, who understand the unique challenges facing farmers including weather volatility, commodity market fluctuations, and input cost variations.

The bank offers flexible financing structures designed around agricultural cycles, including operating loans for seasonal expenses, equipment financing, land purchases, and lines of credit that provide farmers with working capital flexibility. The bank's lending philosophy emphasizes creating long-term relationships founded on mutual trust and respect rather than transactional interactions.

By maintaining local expertise and decision-making authority, Milledgeville State Bank can provide prompt loan approvals and creative solutions tailored to individual farming operations' needs, giving agricultural producers in Carroll County a competitive advantage in managing their operations.

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