The Bank of Yates City was established in 1871. The Bank served individuals, local small businesses, and agriculture in this area. This same commitment has remained strong through the many ensuing years.
A competing second bank was formed as a locally owned private bank in 1889. It was known as the Peoples Bank. In 1906, the two banks merged retaining the name Bank of Yates City and continuing to operate as a private bank. The owners of both banks were pioneers in this community.
In 1920, the Bank of Yates City was incorporated under the laws of the State of Illinois. It applied for and received a 99 year charter to do banking business in the State of Illinois. At that time it also became subject to the banking regulations of the State of Illinois.
The Stock Market Crash of 1929 brought about the Great Depression which lasted throughout the 1930's. As a result of this worldwide economic crisis, the Federal Deposit Insurance Corporation was formed to protect the depositors money and create confidence in the banking system of the U.S. That confidence was restored and the public continues to enjoy a stable banking system today. The Bank of Yates City was granted membership in the Federal Deposit Insurance Corporation in 1934 when its customer's deposits were first insured. Over the years, that insurance has been increased from the original amount of $5,000.00 per account up to its present level of $250,000.00 per individual account with many combinations of accounts which can increase the total deposit coverage to many times that sum.
Commencing in the 1950's, this bank made, and continues to follow, a renewed commitment to provide the best possible service to our customers. Today this includes the most up-to-date services and facilities which are available in our industry. These services and special attention to our customer's needs have resulted in our continuing growth. As they become available, we continue to offer new services to our customers. In 2012, we opened a full service branch in Farmington to expand our base for exceptional service. A remote free standing ATM is also in place in Maquon.
All types of loans and deposits are available and are often tailored to suit the individual customer's requirements.
Automatic Teller Machines and banking on the internet now make it possible for our customers to access their accounts and cash throughout the entire country, as well as many foreign countries of the world. Banking on the internet promises to provide customer services in the future which we cannot even imagine being available or necessary today.
We are very proud of the Bank of Yates City and the fact that it has withstood the test of time. It has survived the great national panic of this nation in 1871, as well as the Great Depression of the 1930's and through it all, has continued to provide excellent services. These services no doubt have been improved by the experience gained through the economic trials of the last 140 years. We welcome you to our organization which has stood the test of time. It is one of the oldest continuing banks in central Illinois today still operating as a locally owned independent bank.