Central Bancshares, Inc. Historical Timeline
Why should you care about our history? As is the case with any long-standing organization, the history of Central Bancshares, Inc. is filled with key decisions and challenges that have turned into success. Our history not only tells you about where we came from, but is also an indicator of where we are going.
CBI Bank and Trust’s history can be traced to the mid-1800s. The private banking house of Isett and Brewster of Muscatine was one of the earliest of this type in Iowa and operated successfully for a number of years. In 1865, it was converted to a state-chartered institution, Merchants Exchange Bank, which was opened to the general public. During the intervening years there were name changes along the way. The year 1933 brought a combining of banking interests into a single operating unit, a new state charter, and a change in name to Central State Bank.
The charter for The Farmers and Mechanics (F&M) Bank was granted on March 31, 1869. The founders chose a name that related directly to the real builders of the town, those hard-working farmers and the shoemakers, blacksmiths, carriage builders, and printers — all of whom were called mechanics.
Company Founded: Central Bancshares, Inc. was organized by the principal owners of Central State Bank, Muscatine, Iowa, for the purpose of enabling growth through the acquisition of other banks. For over a decade, Central State Bank was our sole subsidiary.
First Acquisitions: In April, 1994, our company’s first acquisitions occurred with the purchase of 100% of the stock of West Chester Savings Bank, West Chester, Iowa and Farmers Savings Bank, Kalona, Iowa. These purchases added approximately $65 million to our assets, lifting us to over $300 million.
Charter Move: West Chester Savings Bank’s charter was moved from West Chester, Iowa to Washington, Iowa to facilitate expanding into that community.
New Building in Washington: West Chester Savings Bank constructed a new office at 1060 West Monroe in Washington, Iowa.
Hy-Vee Office Acquisition: Central State Bank purchased the Muscatine Hy-Vee supermarket office from Commercial Federal Bank.
Charter Move: Farmers Savings Bank’s charter was moved from
Kalona to Coralville, Iowa to facilitate branching into the Iowa City/Coralville market.
Name Change: Concurrent with the charter move, the bank’s name was changed from Farmers Savings Bank to Freedom Security Bank.
Branch Consolidation: West Chester Savings Bank’s office in West Chester was consolidated into its Washington location.
Galesburg Acquisition: The company acquired Galesburg-based Marquette Bank Illinois and concurrently changed the name from Marquette Bank back to the original F&M Bank.
Wilton Market Entry: Central State Bank branched into Wilton, Iowa. The office operated out of a temporary trailer bank while a permanent facility was constructed.
Associated Acquisition: F&M Bank acquired the Galesburg, Illinois offices of Associated Bank.
Iowa Bank Merger: West Chester Savings Bank and Freedom Security Bank were merged into Central State Bank in mid-2013. The banks continued to operate under their existing names, as offices of Central State Bank.
Buffalo Prairie Acquisition: The company acquired Buffalo Prairie State Bank and concurrently merged the bank into Central State Bank.
Brokerage Acquisition: Central State Bank purchased a Muscatine-based brokerage practice that almost doubled that area of its wealth management business.
Name Change & Rebranding: Buffalo Prairie State Bank, Central State Bank, Freedom Security Bank and West Chester Savings Bank came together under a new name, CBI Bank & Trust, on September 1, 2015 and adopted a new logo and corporate branding. The holding company also adopted a new logo and corporate brand.
Brimfield Acquisition: The company acquired Brimfield Bank and concurrently merged the bank into F&M Bank.
MidWestOne Bank, Davenport Office Acquisition: CBI Bank & Trust acquired the Davenport, Iowa office of MidWestOne Bank to facilitate branching into the Quad Cities market.
New Building in Galesburg: F&M Bank opened a new office in northeast Galesburg at Seminary Square.
Walcott Acquisition: The company acquired Walcott Trust and Savings Bank in Walcott, Iowa.
Walcott Merger: Walcott Trust and Savings Bank is merged into CBI Bank & Trust.
Merger of Subsidiary Banks:
The company combined CBI Bank & Trust and F&M Bank into a single organization. The surviving legal entity is CBI Bank & Trust. The merger enables clients to transact business at any of sixteen locations in eastern Iowa and west-central Illinois.
Monmouth Market Entry: CBI Bank & Trust branched into Monmouth, Illinois under the F&M Bank, Division of CBI Bank & Trust, brand. This increased the number of our banking locations to seventeen.