The History of Peoples Bank & Trust
Peoples Bank & Trust wasn't a bank started by one individual.
It’s a bank that began among many working to address the needs of their community, Pana, IL in the 1950s. The problem was that many Pana- area residents weren’t able to secure loans through the banks in town.
A group of forward-thinking community leaders recognized this issue and the challenges it created for Pana as it worked to grow. They decided to do something about it. They decided to start a “peoples bank” in town.
In 1953, the State of Illinois granted the group authority to organize a new state bank in Pana. They began selling stock in the proposed Peoples Bank of Pana at a cost of $37.50 per share. The bank’s founders even had the community’s interest in mind when selling the original bank stock.
A November 2, 1953 newspaper article quoted bank director John W. Fribley as saying that no person was to initially own more than $5,000 of stock and that, insofar as possible, stock subscriptions would be taken for as little as five shares, although anyone desiring a single share will not be denied that opportunity.
He continued, “It is the intention of the incorporators that the bank be owned by as many residents of this community as possible in order that the bank will justify its proposed name, namely, “The Peoples Bank”.
As the bank added services and continued its growth in additional communities, the name changed to Peoples Bank & Trust.
Today, Peoples Bank & Trust has used its heritage of fostering community growth to become an institution with more than $400 million in assets and branches in 10 central Illinois communities. It proudly remains the “peoples bank” for residents, business owners, farmers and municipalities in this region.