Question 1

What is Bank of Advance?

Accepted Answer

Bank of Advance is a community-oriented commercial bank serving southeastern Missouri and western Illinois. With approximately $500 million in assets and 7 branch locations, the bank specializes in serving individuals, businesses, farmers, municipalities, school districts, churches, and nonprofit organizations.

As a state-chartered bank and member of the Federal Reserve System, Bank of Advance operates as a subsidiary of Miles Bancshares, Inc. The bank holds the distinction of being the only existing banking institution originally chartered in Stoddard County to survive the Great Depression.

Question 2

When was Bank of Advance founded?

Accepted Answer

Bank of Advance was founded on January 30, 1902, making it one of the oldest banks in Stoddard County, Missouri. Originally established to serve the agricultural and commercial needs of the local community, the bank has maintained its commitment to community banking for over 120 years.

Throughout its history, the bank has undergone several relocations of its main office. On December 18, 1972, the main office moved to the intersection of Ash and Gabriel Streets in Advance. The bank then relocated again on February 1, 1999, to its current headquarters at 105 East Gabriel Street in Advance.

Question 3

Where is Bank of Advance headquartered?

Accepted Answer

Bank of Advance is headquartered in Advance, Missouri, located in Stoddard County. The main office is situated at 105 East Gabriel Street, Advance, MO 63730.

Question 4

Where does Bank of Advance operate?

Accepted Answer

Bank of Advance operates 7 branch locations across two states. In Missouri, the bank serves the communities of Advance (main office and lending center), Bell City, Bloomfield, Chaffee, and Dexter.

The bank expanded across state lines in 2005 when it acquired both Bowen State Bank in Bowen, Illinois, and The First National Bank of Lerna, Illinois. The bank currently maintains one Illinois location in Bowen, serving customers in western Illinois.

Question 5

What services does Bank of Advance offer?

Accepted Answer

Bank of Advance provides a comprehensive range of financial services for both personal and business customers. Core offerings include checking accounts, savings accounts, certificates of deposit, consumer loans, commercial loans, and agricultural loans.

The bank offers modern digital banking services including online banking, mobile banking through the Bank of Advance Mobile (BAM) app, mobile check deposit, text banking, bill pay with person-to-person payment capabilities, and electronic document delivery (eDocs). Customers can access account balances, transaction history, check images, transfer funds, and make loan payments through these digital platforms. The bank also provides online check reordering services.

For younger customers, Bank of Advance operates a Kids Club featuring "Penny the Pig," designed to teach children the importance of saving and financial literacy.

Question 6

What makes Bank of Advance unique?

Accepted Answer

Bank of Advance stands out as the only original banking institution chartered in Stoddard County to survive the Great Depression, demonstrating remarkable resilience and stability over more than a century of operation. This historical significance reflects the bank's sound banking practices and deep community roots.

The bank maintains a strong agricultural focus, reflecting its rural Missouri and Illinois footprint. With its locally owned and operated structure through Miles Bancshares, Inc., the bank emphasizes personal customer service and local decision-making.

Bank of Advance combines traditional community banking values with modern technology, offering 24-hour ATMs at multiple locations, comprehensive mobile and online banking platforms, and convenient drive-through services at most branches while maintaining personalized relationships with customers.

Question 7

What type of financial institution is Bank of Advance?

Accepted Answer

Bank of Advance is a commercial bank operating under a state charter as a member of the Federal Reserve System. The bank changed its primary federal regulatory agency to the Federal Reserve on November 26, 2013, when it joined the Federal Reserve System.

As a commercial bank, Bank of Advance serves a broad range of customers including retail consumers, businesses, agricultural clients, and institutional customers such as municipalities, school districts, and nonprofit organizations. The bank operates with FDIC insurance certificate number 9369, providing deposit insurance protection to its customers.

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About Bank of Advance in the United States