First Bank of Lilly

First Bank of Lilly was established on January 1, 1906, under the name The First National Bank of Lilly. Over the years, the institution underwent several changes, including a significant transition on December 23, 2017, when it adopted the name First Bank of Lilly and altered its organizational structure, becoming a stock savings bank regulated by the Federal Deposit Insurance Corporation (FDIC) and supervised as a state savings bank. On that same date, First Bank of Lilly withdrew from membership in the Federal Reserve System. The bank's main office was relocated to 500 Main Street in Lilly, Pennsylvania, on September 30, 1989. Ultimately, on October 1, 2019, First Bank of Lilly merged with Somerset Trust Company, based in Somerset, Pennsylvania, marking the end of its independent operations.

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

1906-01-01Institution established. Original name: The First National Bank of Lilly.

1989-09-30Main Office moved to 500 Main Street, Lilly, PA 15938.

2017-12-23Institution withdraws from membership in the Federal Reserve System.

2017-12-23Changed Chartering Agency to State.

2017-12-23Changed Bank Class to FDIC Supervised State Savings Bank.

2017-12-23Changed Organization Type to Stock Savings Bank.

2017-12-23Changed Primary Federal Regulatory Agency to FDIC.

2017-12-23Changed Institution Name to First Bank of Lilly.

2019-10-01Merged and became part of Somerset Trust Company in Somerset, PA.