TrustBank - Celebrating 100 Years
Olney, Illinois - August 21, 2012 - TrustBank was chartered on September 13, 1912. Originally called Olney Trust and Banking Company, the bank has had two name changes, ten presidents and significant growth since first opening for business in Olney, Illinois in 1912. September 13, 2012 will mark the 100th anniversary of the formation of TrustBank.
Honoring our Founders - At the bank’s inception in 1912, it had a five-person board of directors. Mr. George McGahey served as President, T.A. Fritchey served as Vice President, L.V. Chesrown, Henry Gassmann and Joseph Weiler served as directors. Jas. P. Wilson was Cashier and Lura Bailey was Stenographer. The commemorative plaque, which is displayed in the entrance of the current 600 East Main Street location, recognizes the founding members of the organization. The plaque includes the phrase: OLNEY TRUST AND BANKING COMPANY CHARTERED SEPTEMBER 13, 1912 “THEY BUILDED BETTER THAN THEY KNEW”.
The first business location was at the corner of Whittle Avenue and Market Street in Olney, Illinois. That building was dedicated on June 16, 1913. The stone, steel and concrete building, with an interior of marble and mahogany, served the Olney Trust and Banking Company for 60 years. Interest-bearing passbook savings accounts were first available in Olney through Olney Trust and Banking Company. History shows that in the very difficult economic depression years resulting in the Banking Moratorium of March 1933, Olney Trust and Banking Company maintained the same banking institution which operated before the banking crisis. The Officers and Directors found a way to repay the depositors in full and maintained the reputation of the bank.
In 1972, Olney Trust and Banking Company constructed a new building at 600 E. Main Street, the same property where the Olney Sanitarium had been built in 1898, followed by the construction of Weber Medical Clinic. The Main Street branch, still headquarters to the bank, has been remodeled twice since its construction in 1972. A second Olney location known as the Richland County Mall Branch located on North Illinois Route 130 was opened in 1981. In 1982, a holding company was formed called Rich Land Bancorp, Inc., and the name of the bank was shortened to Olney Trust Bank. In 1999, the bank purchased Cisne State Bank, located in Cisne, Illinois. With the purchase of Cisne State Bank, it was a logical progression to shorten the name to TrustBank. The name, TrustBank, has been trademarked. In 2006, TrustBank purchased a branch of Bank of the Southwest, located in Arizona. In 2010, a Trust Branch was formed in Carbondale, Illinois.
Today, TrustBank operates five locations with fifty-one employees and a ten member board of directors. It is TrustBank’s goal to be the bank: • Whose CUSTOMERS wouldn’t think of banking anywhere else • Whose EMPLOYEES are envied by their peers • Whose SHAREHOLDERS cherish its stock • Whose REGULATORS consider it the industry standard.
TrustBank – the only bank you’ll ever need – Celebrating 100 Years!