Banks of the Past

The Mt. Carmel Trust and Savings Bank was chartered in 1908. It was located at 330 North Market Street (present site of Holiday International Travel). In 1911 it had a capital of $40,000. Levin Seitz was the president; William P. Hubberdon, vice president and D. F. Seibert, cashier. It was commonly known as the Seitz bank and dissolved in 1919. The building was the site of Halbig's Meat Market for many years.

The Mt. Carmel Bank and Trust Company was chartered in 1907. Its officers in 1911 were John T. Stansfield, president; Louis Walters, vice president; John S. Rigg, cashier. It had a capital of $50,000. In 1913 it became First State Bank and was located at the northwest corner of 5th and Market Streets. In 1923 it consolidated with American National Bank.

The Farmers National Bank of Allendale was chartered in 1913. It was housed in a handsome brick building with columns located on the north side of main Street between 2nd and 3rd Streets. In 1918 it voluntarily liquidated its assets and transferred control to the First National Bank of Allendale. The building served as the telephone exchange in later years and was damaged in the tornado of 1989.

The First State Bank of Belmont was chartered in 1915. It was known as a private bank with its president George E. Gilkison, who also owned a lumber yard in Bellmont, as its principal stockholder. The "Gilkison Bank" as it was known liquidated in 1935 during the Great Depression. The building is now the Bellmont post office.

During the Great Depression, Mt. Carmel had gone without a bank for over 4 years when a group of businessmen organized Security Bank of Mt. Carmel. It was chartered October 31, 1936. The first directors were Lawrence F. Henneberger, Charles E. Reynolds, Edward J. Cleary, Albert A. Barnhard, Theordore Coleman, Charles G. Campbell and John Williams. Lawrence Henneberger was named president. At the close of business of the first day the condition of institution showed $180,012.67 in resources. In 1960 the name changed to Security Bank and Trust Company. In 1976 the assets were over $50 million. A branch bank at 1611 College Drive was called The Plaza. In 1990 Security became part of Old National Bancorp, based in Evansville, IN (begun in 1834). At the beginning of the 21st Century, the name changed to Old National Bank.

The Bank of Mt. Carmel was chartered September 14, 1959, adopting the name originally planned by the founders of Mt. Carmel and specified in their Articles of Association. T. M. Bane was its first president. It was housed in a new building at 6th and Market Streets on the northeast corner. In 1996 Bank of Mt. Carmel purchased Citizens National Bank of Albion, which became known as Bank of Edwrds County. It also purchased Olympic Federal Bank, located just north on the same block of Market Street. In February of 1997 Bank of Mt. Carmel was sold to Citizens National Bank chain. The name changed shortly afterward to Civitas Bank. In 1999 Civitas was sold to Fifth Third Bank chain. In January 2002 First Bank (First National Bank of Carmi) purchased the deposits of Fifth Third Banks in Mt. Carmel and Albion, IL. First Bank had its beginnings in Carmi, IL in 1893.