The History of Midwest Bank of Western Illinois
The Monmouth National Bank, as it was originally known, was first organized on September 9, 1870. The Monmouth National Bank survived the financial panic of 1873 brought on by the Great Chicago Fire, and emerged in 1878 as one of the strong banks of the Midwest. During the 1890s, the bank was severely tested by a long, severe recession, but the bank rode out the storm, reorganized and emerged with the new name of The National Bank of Monmouth in 1890.
The bank originally opened for business in 1870 on a small corner lot, but in 1874, a large new brick building was erected which served its customers until 1916, when the directors decided to demolish the old building and erect a modern building. Throughout the years, the building underwent several additions and remodeling projects. In 1963, The National Bank of Monmouth pioneered drive-in banking in Monmouth with two drive-in windows. In the early 1970s, The National Bank of Monmouth opened the spacious Colonial Drive-In located at 208 East Broadway, the site where the current bank now stands.
The Village Banking Center in Kirkwood opened in 1982, and we purchased a bank in Oquawka in September of 1994. We decided to expand into yet another county, opening our first branch in Galesburg on West Main Street in August 1996. In October 1998, we changed our name to Midwest Bank of Western Illinois, and subsequently changed to a state charter allowing us the opportunity to offer our valued customers additional products. These included Porter Insurance Agency, a full-service independent agency, along with Investment Services provided by Midwest Bank of Western Illinois Investment Services, Inc.
As the bank continued to prosper, we purchased the Associated Bank in Aledo, expanding our banking facilities into our fourth county, Mercer County. The Aledo branch was severely damaged by fire in the winter of 2011, so we decided to move from our existing location to a new office located at the edge of Aledo, opening spring of 2010. Midwest Bank opened branches in the County Market food center in January 2001, our second location in Galesburg on Seminary Street in March 2008, and most recently, we opened a bi-lingual branch located in Monmouth at Venture Plaza, in April 2011.
In October 2005, an unusual opportunity occurred in today’s banking industry, the opportunity to bring local ownership back to Midwest Bank of Western Illinois. The local Board of Directors formed a new, locally-owned holding company, Western Illinois Bancshares, Inc., otherwise known as WIBI. WIBI purchased the bank from a Chicago area bank holding company. This venture was an exciting experience for everyone associated with Midwest Bank.
From our early roots as The National Bank of Monmouth to our current family of Midwest Bank of Western Illinois locations, one thing has remained constant: our commitment to our customers and the communities which we serve. We have the innovative products and services and cutting-edge technology typically offered by bigger banks, all the while keeping in mind the local roots from which we first started. Throughout the years, our goal has always been to provide excellent customer service, while creating personal relationships.
Midwest Bank of Western Illinois… Investing In You!