Our History

 

The first Board of Directors and officers of The First National Bank of Murphysboro were elected at a meeting of the stockholders held on April 19, 1889, in the office of Mr. Thomas M. Logan on the north side of the square in Murphysboro.

The Directors elected were as follows:

  • George Kennedy, Sr.

  • Thomas M. Logan

  • William Murphy

  • George W. Parker

  • Joseph VanCloostere

  • George W. Wall

  • Willard Wall

The Officers elected were as follows:

  • William K. Murphy, President

  • Joseph VanCloostere, Vice President

  • Willard Wall, Cashier

On April 25, 1889, Mr. Murphy opened an account with the Central-Hanover Bank and Trust Company of New York, with a deposit of $50,000.00, the full payment of the total amount of capital stock subscribed. The Comptroller of the Currency was notified of the deposit, and, pursuant to law, issued a charter for these men to conduct a business of banking.

The First National Bank of Murphysboro opened its doors for business on the 13th day of May, 1889. The Jackson County Bank, a private institution owned by Medar Lucier and Joseph VanCloostere, was purchased. The First National Bank then occupied their quarters on the south side of the square until 1891, when its new building was completed in connection with the Logan House. In the organization of this bank, William K. Murphy of Pinckneyville was particularly prominent. Along with Mr. Murphy, George Kennedy, Sr., Thomas M. Logan, Joseph VanCloostere, E.A. Wells, G.H.C. Bodeker, C.H. Schumacher, all of Murphysboro, George W. Parker of St. Louis, and George W. Wall and Willard Wall of DuQuoin, signed the original application for the bank's charter. Mr. Murphy gave a great deal of his time to the active management of the bank until his health began to fail in the early 1900's. He resigned the presidency in 1907.

The Murphysboro Savings Bank, organized under state laws in 1893, was principally owned by the stockholders of the First National Bank. It was organized for the purpose of making loans on real estate which national banks, at the time, could not do.

The First National Bank of Murphysboro's first charter expired in 1909 and was renewed for a second twenty-year period in accordance with the laws prescribed by the National Banking Act.

On July 3, 1980, The First National Bank of Murphysboro received a charter from the State of Illinois Commissioner of Banks and Trusts Companies. For the previous ninety-one years, the bank operated under a national charter. This change in charters necessitated a change in the name of the bank. Thus, it became The First Bank & Trust Company of Murphysboro.

In 1889, the population of Murphysboro was 3,750 and the assets of the First National Bank of Murphysboro, on its opening day, were $69, 547.28. In contrast, the population of Murphysboro today is 7,970 as of the 2010 Census, and the Bank's assets are about $70,000,000.00.

Wars, booms, depressions, and disasters have come and gone in the 125 years since The First Bank & Trust Company of Murphysboro opened its doors. One of the most significant disasters in Murphysboro's history was the Tri-State Tornado. Those terrible events of March 18, 1925 changed the life and industry of all the citizens and businesses of Murphysboro because of the high toll in life and property. The total destruction of many homes and businesses placed an unusual responsibility to the financial institutions of Murphysboro. The First National Bank and Murphysboro Savings Bank felt that responsibility to their community and heeded the call, and helped in every way to rebuild. In addition to rebuilding, many new homes and businesses were also made possible with the assistance of The First National Bank, Murphysboro Savings Bank, and later The First Bank & Trust Company of Murphysboro.

While the name has changed, the bank itself has remained true to the goals, hopes, and aspirations of its founders; that is, to provide the best banking service possible while promoting safety for depositors and stockholders.

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