F&M Bank announced today that it will rebrand to CBI Bank & Trust as part of a broader initiative to unify branding across all market areas. F&M Bank and CBI Bank & Trust have operated under the same parent company Central Bancshares, Inc., since 2002.
The charter for The Farmers and Mechanics Bank was granted on March 31, 1869. In 2002, F&M Bank became part of the Central Bancshares, Inc. family. Central Bancshares, Inc. is a premier community bank holding company based in Muscatine, Iowa.
“The decision to unite to one brand is part of a strategic initiative that will help our recognition across our 24 locations,” said Mike Holloway, president of banks in Knox and Warren counties. “This rebranding will have very little, if any, impact on the clients we serve.
“We will continue to offer the same great products, systems and services and will continue to be managed locally with decisions made by the staff you already know and trust.”
The name change from F&M Bank to CBI Bank & Trust is expected to take effect in August.
“As always, our commitment to the local communities we serve will continue to be as strong as ever, both in terms of financial support as well as the involvement and leadership provided by our employees,”said Doug Sanders, F&M Bank regional president.
“The transition to our new brand will take place over the next few months and we anticipate it to be completed by the third quarter of 2025.”
F&M has six locations:
- Main Street Office – 21 E. Main St., Galesburg
- Henderson Street Office – 1230 N. Henderson St., Galesburg
- Seminary Square Office – 2616 Veterans Drive, Galesburg
- Monmouth Office – 2 AmericInn Way, Monmouth
- Brimfield Office – 123 E. Knoxville St., Brimfield
- Peoria Office – 4900 N. Glen Park Pl, Peoria
Dwayne Sieck, CEO of CBI Bank & Trust and President & CEO of Central Bancshares, Inc. said “Becoming one brand, one team is a reflection of our evolving mission, vision and values for our growth in the future.
“While the name may be changing, our dedication to providing exceptional service and maintaining a great workplace remains the same.”
F&M dates back to 1869
The charter for The Farmers and Mechanics Bank was granted on March 31, 1869. Chauncey Colton founded F&M Bank, was its largest stockholder, and served as its first president. He and his associates chose a bank name that related directly to the real builders of the town, those hard-working farmers and the shoemakers, blacksmiths, carriage builders, and printers – all who were 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.
In 1903, the bank purchased the premises of another financial institution of the northwest corner of Main and Cherry Streets and moved the operations from the Union Hotel.
As time went on, two adjacent buildings were purchased; one to the west on Main Street and one to the north on Cherry Street. This provided the necessary space to expand in 1949 when the bank was completely remodeled.
In 1960, the bank began acquiring property on Cherry Street for the purpose of developing drive-up banking facilities and customer parking.
F&M Bank’s first drive-up units were completed in January of 1963. These proved to be so popular with the public that it soon became necessary to add two more units.
In the late 60s, F&M purchased the building to the west with an eye on future expansion. In 1980, the construction of the current main bank and drive-up began. When it was finished, the old structure was torn down and the area landscaped with benches, trees and shrubbery.
