This is a proud moment at F&M Bank as the bank celebrates the 150th anniversary of its founding.
The charter for The Farmers and Mechanics (F&M) Bank was granted on March 31, 1869. The bank’s founder, Chauncey S. Colton, established Galesburg’s first store and post office, built its first school, and devoted a considerable amount of time toward bringing the railroad through the growing city. When Chauncey and his associates organized F&M, they chose a name that signified the builders of the town, the hard-working farmers and the shoemakers, blacksmiths, carriage builders, and printers—all called mechanics.
The original bank offices were located in the elegant corner room of the Union Hotel, which later Galesburg generations would know as the lobby of the Broadview. A massive vault was constructed after the Chicago fire of 1871 and combined the latest improvements to guard against fire and burglary. Capital stock was $100,000.
“F&M Bank is proud to be a part of the Galesburg, Brimfield and Peoria area communities,” said Doug Sanders, President and Chief Executive Officer. “Of the 436 banks in the state of Illinois, F&M is the 13th oldest and also ranks among the oldest 3% of all banks in the United States.”
Sanders added, “As a community bank, all of our decisions are based on what is best for the individuals, families and businesses we serve. Our first job is to meet the financial needs of our clients.” From F&M’s Mini-Millionaires Club—a savings account for kids—to the most comprehensive business banking services, the bank works hard to embrace community banking. That is accomplished by offering competitive products, quality advice and outstanding service.
“A cornerstone of F&M Bank is working to improve our community,” said Sanders. “Every year, we provide financial support to many worthwhile projects and the amazing community organizations doing great work where we live. Not only do we contribute with loans and donations, our employees give nearly 7,000 hours of their time every year. Our staff is involved in everything from schools and churches to service clubs and economic development. In addition, the bank has donated over $1,000,000 in the past 12 years to local charitable organizations.
Staying involved in our community is the main way we say ‘thank you’ to the people and clients who have given us so much.”
There will be several 150th anniversary celebrations throughout 2019.