Page 25 - 1Q 2018 Reporter
P. 25
Members In The News
Back in 1933 at the height of the Great to Cissna Park in 1941, and the name was
Depression, Sherman Frederick founded the changed to the Cissna Park State Bank.
First National Bank in Paxton with his son, In 1987, the First National Bank in Paxton
David Arthur Frederick, and other area business and the Cissna Park State Bank were combined
leaders. The Frederick family had been farmers to form Agricultural Banking Corporation, a
in Clarence since the 1890s and had already name selected to represent the agricultural
established deep roots in the surrounding roots of the two institutions. This year, First
communities. National Bank in Paxton will merge with its sister
The Fredericks’ hard work and exemplary bank in Cissna Park to become The Frederick
values made the bank what it is today–one Community Bank. Over the past 30 years, the
that serves the community and its expanding two banks have shared many resources, relying
financial needs. To honor the founding family, it on the local expertise of both banks to improve
will become The Frederick Community Bank services to both communities.
later this year. The merger of First National Bank in Paxton
“We’ll have a new name but the same great with Cissna Park State Bank will result in a
employees, and we will continue our mission stronger institution fully prepared to deliver top-
of providing top-quality banking services to quality financial services to its customers in both
everyone in the Paxton community,” said Justin communities. All local directors will be combined
Swan, president of the bank. to form one board, and these directors will
First National Bank in Paxton was founded continue to make local loan decisions. The
when another First National Bank in town failed. combined legal lending limit will increase
The Fredericks and other investors raised sharply, allowing more lending capacity in each
$50,000 in capital to reopen the bank. The community. Technological resources will be
original directors of the First National Bank in enhanced and streamlined to provide excellent
Paxton --H.P. Larson, W.A. Kreitzer, C.G. Bobo, customer services for the needs of the 21st
A.R. Sheldon, G.M. Lundahl, along with the century. Finally, services such as leasing, home
Fredericks --were truly stalwarts in Paxton and mortgage lending and wealth management that
beyond. previously were only available in one location
will now be available to all customers.
Sherman also founded the Clarence State
Bank in 1920, where David (known as Art) Along with its new Cissna Park location, the
rose to become president after beginning as Frederick Community Bank will remain housed
an assistant cashier. Sherman ran the bank in downtown Paxton at 106 N. Market St. and
out of the Frederick Grain Elevator in Clarence continue to offer drive-up services just across
until the Frederick family moved the business the street.
22
March 2018 IllInoIs RepoRteR
