| Central Bank |
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Central Bank Illinois is the sole bank in the Central Banc, Inc. Holding Company Family. Our holding company, while headquartered in Geneseo, has five offices located throughout Henry, Whiteside, and Bureau Counties. Here’s our story … Opening our Doors The permit to establish Central Trust & Savings Bank dates to February 9, 1906. Afterward, 118 individuals purchased 1,000 shares of Central Bank stock, investing in the future growth of Geneseo. The stock sold for $100 per share. Some of those original stockholders were men whose names are synonymous not only with the history of Central Bank, but also with the development and well being of Geneseo. Robert D. Boice, George B. Dedrick, John T. Greenwood … names from our past that yet command respect and admiration. When Central Trust & Savings Bank opened its doors February 23, 1907, its president was Robert D. Boice. Mr. Boice held a prominent position in the community of Geneseo for nearly sixty years. He is perhaps best remembered as the founder of Oakwood Cemetery and had a substantial influence on the donation of Muzzy Chapel by Fred E. Muzzy. George B. Dedrick is a name associated with generosity and astute business practices. He served as vice president of Central Bank from 1917 to 1920. In 1920, he was elected president of Central Bank and held that position until 1959, when he was elected chairman of the board. Upon his death in 1960, he bequeathed $1,000,000 to establish the Geneseo Foundation. Always concerned about the progress of Geneseo, the foundation is to be used exclusively for charitable, civic, benevolent, education and scientific purposes. The Geneseo Foundation is guided by a board of managers, who are comprised of the board of directors of Central Bank. John T. Greenwood began his career with Central Bank the day it opened. He worked as a bookkeeper, assistant cashier, trust officer, vice president, executive vice president, president and chairman of the board. Mr. Greenwood always had the best interest of Geneseo in mind. In addition to the bank, he devoted countless hours to the school board, Coop Gas & Oil Company, Grace Church and teaching children. Growing with the Community Technology A decade later, in 1988, Central Trust & Savings Bank became the first financial institution in Geneseo to offer its customers nationwide networks through ATMs. That same year, Central Bank would complete a task that would change their ability to serve customers forever. The bank converted to its own in-house data processing system in December of that year, which gave them instant access to customer and bank records. Acquiring the Future A bank holding company was formed and finalized during 1990. The company was named Central Banc, Inc. and became the sole shareholder of Central Trust & Savings Bank. The formation of the holding company allowed the bank to maintain its competitiveness and better position itself for the rapidly changing financial services industry. That fall the bank purchased the Geneseo branch of the former Community Federal Savings Bank. The assumption of this branch allowed the bank to retain those deposits and customers in Geneseo. Central Trust & Savings Bank continued to increase deposits over the years by offering new products and services to their customers. Customer loyalty and offering new products such as debit cards, check truncation, cash management services, and check imaging has enabled Central Bank to continually succeed. The holding company made two additional acquisitions; The State Bank of Osco was purchased in 1996 adding new branch locations in Andover and Geneseo and in December of 2000, Central Banc, Inc. purchased the Marquette Bank of Fulton. Finally, on April 2001, Central Trust & Savings Bank changed its official name to Central Bank Illinois and introduced a new corporate logo. The shortened name and new identity better positioned the company for future acquisitions and competitiveness within the financial industry. In January, 2006 the bank’s next opportunity to expand the company’s footprint presented itself with the opening of a loan production office in Princeton serving the Bureau County area. On April 1, 2006 the bank received regulator approval for full service banking and by November of that same year we moved into a fully renovated building in Princeton. Community Banking When Central Trust & Savings Bank first opened its doors in 1907 it did so with a commitment to provide the Geneseo community with the best in banking service. As Central Bank Illinois celebrates a century of service, the board of directors, management, and staff remained committed to continuing this strong tradition. We are proud to have been a part of Geneseo’s history and look forward to serving future generations. Main Bank
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