Holcomb State Bank was originally organized as the Exchange Bank of Holcomb, Holcomb, IL. It was formed as a private partnership by W.D. Oakes, Joseph Sheaff, David Sheaff, Walter Sheadle and Charles Eyster. W.D. Oakes served as the first president and the partners, acting as the board of directors, managed the facility.
The bank opened for business on July 5, 1892, in downtown Holcomb. A new building was erected in 1892 to house the newly established bank at a cost of $2,113.68. The original building was donated to Midway Village, Rockford, IL in the 1970’s.
The original partnership continued for 29 years until January 1, 1921. The only changes during those years were when Walter Sheadle withdrew in 1895, when Frank E. Sheaf was admitted in 1911 and when Edgar E. Stanbury and George W. Yeo were admitted in 1913.
The partnership was incorporated under the laws of the state of Illinois as the Holcomb State Bank on January 1, 1921, and has operated under that charter without interruption to the present time. A second bank building was constructed during the depression in 1930 and completed in May of 1931. Further expansions to the building were completed in 1957 and 1980.
During the 1930’s the bank received a taste of notoriety. First, it was one of only three banks in the county to survive the great depression of 1929-32. Secondly, in 1936, when a couple of machine-gun wielding bandits decided to test the bank’s bullet proof windows, which had just been recently installed. The bullets bounced harmlessly off the bank windows, the employees were unharmed and the bandits ran away empty-handed. They were later caught and sentenced to long terms in prison.
The bank has had only eight presidents in its 115 years of business: W.D. Oakes, Charles Eyster, Edgar E. Stanbury, Frank E. Sheaff, Howard N. Johnston, John Eyster, Donald W. Bett and current president Richard J. Harms.
In 1984 Holcomb State Bank expanded its operation and moved into the Rochelle market by building a branch office just north of Rochelle on Highway 251 in Hillcrest. After 13 years and substantial growth Holcomb State Bank relocated to its current location at 233 E. Highway 38, Rochelle.
In 1986, Holcomb State Bank purchased a bank facility in New Milford. We then built our current location located at 7035 11th St. New Milford in 1991.
Growth continues for Holcomb State Bank as a fourth branch is opened in Creston in March of 2005. It is located at 400 E. Highway 38, Creston.