First National Bank of Arcola

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First National Bank of Arcola
127 S Oak Street,
Arcola, IL 61910
Phone:(217) 268-4911
Fax:(217) 268-3134

The First National Bank of Arcola was issued its operating charter on November 9, 1874. The bank occupied the building of what is now the west side of Yoder’s Homestead Shop on East Main Street. James Beggs was the bank’s first president and he was succeeded by his son, J. R. Beggs. The Beggs’ family was responsible for the first 54 years of the bank’s life. In 1957, Thomas Monahan obtained controlling interest of the bank and became Chairman of the Board of Directors. In 1973 Tom’s son, Joseph M. Monahan, was appointed president of the bank. Much of the bank’s growth can be attributed to the Monahan family leadership. A new bank facility located at 127 South Oak Street was built in 1969 and an addition was added in 1979. On June 7, 1991, the bank purchased First Federal Bank of Tuscola and then acquired the Arthur Community Bank in March, 1996. The bank currently has assets of more than $90 million and customers can transact business at any of the three East Central Illinois banking locations.