Community National Bank in Monmouth is a Locally Owned Bank providing friendly and personalized service to the people and businesses in Monmouth, Illinois and the surrounding area.
In January 1964 the community of Monmouth was shocked to learn that control of the Second National Bank had changed and the bank was being voluntarily liquidated. Deposits would no longer be accepted after January 29th. The Bank was entering its 90th year in the Monmouth business district.
Learning of this, a number of local business people met in the offices of Bowman Shoe Company to learn what might be done to replace the loss. After discussing options, it was decided to seek authorization from the Comptroller of the Currency in Washington, D.C., federal regulator of national banks, to organize a new national bank in Monmouth, IL. The requirements for organizing a new national bank were learned and subsequently disseminated to the group.
The amount of capital funds required to be raised was found to be $450,000.This was done through the sale of capital stock. An organizing committee was formed. The committee composed of Dr. Wendell R Roller, Thomas E. Moore, David Turnbull, David Edwards, Robert J. Cavanaugh, Robert S. Moore and Arthur M. Padella. A permit to organize the bank was received from the Comptroller of the Currency on May 26, 1964. Once permission was granted by the Comptroller, the sale of the stock began. The full amount was sold by June 20th to more than 400 residents of this area.
On August 7th, the first shareholders ’meeting was held to approve the organizers ’actions and elect the first Board of Directors. Due to the number of shareholders involved, the meeting was held in the Monmouth High School auditorium. The number of directors was set at nine. The seven organizers, Walter O. Enfield and Everitt F. Hardin were elected to the Board of Directors to hold office until the first annual meeting to be held in March 1965.
On September 8th the charter to open a national bank was issued by the Comptroller. After receiving cash for the vault from the Federal Reserve Bank of Chicago on September 9th, Community National Bank in Monmouth opened for business in temporary quarters on the west side of the Monmouth Public Square on September 10th, 1964.
Subsequently, building sites were considered and land was purchased on North Main Street. The local firm of REM Contractors was selected as the general contractor and the new building was constructed. Community National Bank ’s operations moved to its current location.
On September 10, 2014, Community National Bank in Monmouth, will celebrate its 50th year in operation. In the 50 years of its operation, money and banking has evolved from paper products such as counter checks seen at your local department stores to “Mobile Banking,” where a person is able to conduct transactions by a touch of a finger on an I-Phone. Interest rates have fluctuated, topping 18%to a now fraction of 1%on deposits. In the past, loan agreements were solidified by a man ’s word followed by a handshake and a signature on a one page “Note.” Present day loans bind banks and their customers by seemingly endless disclosures. CNB continues to stay abreast of these changes but still subscribes to the basic principles of banking.
As in 1964, we are very encouraged with the progress to date. This bank has been made possible by its shareholders and customers for the past 50 years. We can point with pride to the future of this community as we continue to foster relationships through providing banking services for Monmouth and the surrounding area.