Arcola First Bank

Arcola First Bank was established on November 9, 1874, under the name The First National Bank of Arcola. Over the years, the bank underwent several regulatory and structural changes. On October 6, 1969, it moved its main office to 127 South Oak Street in Arcola, Illinois. In 1988, it modified its trust powers to a limited basis. A significant event in its history occurred on June 7, 1991, when the bank acquired First Federal Savings Association of Tuscola, based in Tuscola, Illinois. Following these developments, on September 9, 2011, the institution changed its primary federal regulatory agency to the Federal Deposit Insurance Corporation (FDIC), transitioned to a state-chartered bank, withdrew from membership in the Federal Reserve System, and designated its chartering agency as state-level. Eventually, on May 17, 2024, Arcola First Bank merged with Peoples Bank & Trust, located in Pana, Illinois, marking the conclusion of the bank's independent operations.

Below is a list of some important events in banks history, including mergers and acquisitions.

1874-11-09Institution established. Original name: The First National Bank of Arcola.

1969-10-06Main Office moved to 127 South Oak Street, Arcola, IL 61910.

1988-03-11Changed Trust Powers to Limited.

1991-06-07Acquired First Federal Savings Association of Tuscola in Tuscola, IL.

2011-09-09Institution withdraws from membership in the Federal Reserve System.

2011-09-09Changed Chartering Agency to State.

2011-09-09Changed Bank Class to State Chartered Bank, not member of the Federal Reserve System (FRS).

2011-09-09Changed Primary Federal Regulatory Agency to FDIC.

2024-05-17Merged and became part of Peoples Bank & Trust in Pana, IL.