Pike County Democrat, January 31, 1889

 Seven days after the first article appeared in the paper, the rumors were finally confirmed in this Pike County Democrat article: "The question of a new bank is settled. The incorporators are: Lewis Dutton, John Hull, Ross Matthews, son of Colonel A.C. Matthews, and Samuel Morgan. . . capital stock is fixed at $30,000 owned in equal proportions of $10,000 each by Messrs. Dutton and Hull and $5,000 each by Messrs. Matthews and Morgan. . . it is understood that Mr. Ross Matthews will be cashier and Sam Morgan, bookkeeper. The room occupied by George Peters on the north side as a barber shop has been secured for carrying on the business, and the bank will be open as soon as arrangements can be made for doing it. It will command public confidence at once as a safe and reliable institution "

 Soon after, on January 26, 1889 the charter of the "Pittsfield Bank" was granted as the first Illinois bank to be chartered under the new banking law.


Early Tellers Windows

Things moved quickly and the Pike County Democrat reported the following on January 31 1889:

"The Pittsfield Bank opened up Saturday with its capital of $30,000 in clean cash in its safe as certified by the State Auditor and fully prepared for business. It expects to do a general banking business-receive deposits, sell exchange, loan money on real estate or personal security. It is the first bank in the state to organize under the new law, by which it is under state inspection and required to publish quarterly reports of its condition, as called for by the State Auditor, who is also required at least once a year to make a full examination of its condition. Its furniture, fixtures, safe having a time lock and all the latest improvements, are all first-class, and denote that the bank is going to stay and be a permanent institution of the county. Call in when in town and see for yourself."

 The first officers of the new Pittsfield Bank were Lewis Dutton, President; John Hull, Vice-President; Ross Matthews, Cashier; and Samuel L. Morgan, Assistant Cashier.

 It is interesting to note that Colonel William Ross, the "founding father" of Pittsfield, had a daughter, Anna, who was the wife of Colonel A.C. Matthews, and mother of Pittsfield Bank incorporator, Ross Matthews. Colonel A.C. Matthews distinguished himself in the Civil War, having been unanimously appointed as captain of the Pike County 99th Infantry Company which fought in the battles of Vicksburg, Tasche and Mobile. After the war he was sent to the Indian Territory where he received the surrender of the Indians and effected a treaty with the Choctaw tribe whereby they agreed to return their allegiance to the Union. Colonel Matthews returned to the practice of law and held several public offices, including Speaker of the Illinois General Assembly, Circuit Judge of Pike County and was appointed Comptroller of the Treasury of the United States by President Harrison on May 11, 1889. He was the author of the first amendment to the Illinois Constitution of 1870, known as the "Drainage Amendment" under which the Sny Island Levee Drainage District was legally organized by court order on May 24, 1880.

 The bank's first year of business progressed smoothly and on December 2, 1889, the minutes show that the bank enjoyed a profit of $1,641.07. It also declared its first dividend of $300.00 at the director's meeting held on the same date.

 At a special meeting of the stockholders held on June 9, 1891, they voted to change the name of the bank from "Pittsfield Bank" to "Farmers State Bank." On June 13, 1891, the Auditor of Public Accounts approved the adoption of the new name and the bank became the first bank in Illinois to bear the name "Farmers State Bank."

 Ross Matthews served continuously as director, cashier and eventually president of the bank until he retired in 1918.

 His father-in-law, John Hull, Sr., served as a director and vice president until 1895.

 Trust powers were granted to the bank on July 15, 1927, and, ever since, an active trust department has served the needs of the Pittsfield community. The bank currently operates trusts that involve individuals, educational scholarships and churches as beneficiaries.

 The original charter of the bank called for its duration to be 99 years. The charter has now been amended to where the duration of the bank is "perpetual."

 Farmers State Bank is proud to have played an active role in the history and growth of Pittsfield and Pike County. We truly consider the opportunity to serve the community in any capacity an honor. Furthermore, we pledge to continue to do so to the very best of our ability.


Farmers State Bank, 1957

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