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||Farmers National Bank History
In 1902, a group of Prophetstown area businessmen decided to pool their finances to form a new bank. The efforts and vision of these individuals helped to create the success and growth of Prophetstown and the surrounding area.
Some major events in the history of Farmers National Bank include the bank's formation on August 13, 1902. It all started with $40,000 in capital. The first president was Nathan Thompson. George Paddock was one of the originators and the first cashier. He purchased a lot at the corner of Washington and Third where the first building was constructed (the building now houses a retail store). Within less than one month after the bank opened, it had deposits of $26,000 and loans of $22,000. The first board of directors consisted of George P. Richmond, J.W. Hill, H.A. Sturtevant, P.H. Smith, H.W. Paddock, C.P. Sturtevant and E.S Ellithorpe.
When the country entered the Great Depression in 1929, banks across the nation closed. Farmers National was the first bank in Whiteside County to reopen following this economic decline. Today, Farmers National has three full service banking offices located in the communities of Prophetstown, Geneseo, and Morrison.
Over the years, the Farmers National Bank has been recognized by several banking analytical research firms as being one of the most outstanding financial institutions in the United States for safety and strength. After 110 years, assets exceed $500,000,000 and capital exceeds $57,000,000. The bank is still locally owned, locally managed and locally controlled. Going forward, the bank will continue to work hard in serving its customers and enhancing its reputation as A REAL COMMUNITY BANK.
Farmers National Bank Mission Statement
Our mission is to build customer relationships by providing competitive banking products and services.
We recognize and encourage the valued contributions of our employees. We will foster a working environment for our employees that provides for professional and financial growth.
We will protect and increase stockholder value by generating consistent earnings, increasing capital, and concentrating on what we know and do best.
We will accomplish this mission by understanding our customers' needs, providing quality products and services, and using local decision makers as we continue to operate as a community bank.
Copyright 2002 Farmers National Bank. All rights reserved