On Saturday, June 20, 1903, the first customers of the State Bank of Toulon walked into a new building on the southwest corner of Main and Franklin Streets in Toulon, Illinois. Among the original 76 stockholders are many well-known and influential citizens of Toulon, Elmira, West Jersey, Kewanee, and LaFayette. Upon the completion of their new bank building on the aforementioned street corners, capital stock of $25,000 and surplus of $5,000 were reported. At a meeting of those stockholders held on February 19, 1903, the following directors were elected: David K. Fell, Dr. John W. Sharp, Thomas H. Johnston, David Webster, Robert E. Taylor, David Jackson, Arthur Parsons, Dr. Milan T. Ward, Samuel M. Adams, Jehiel Fuller, Wilmot Newton, George D. Slygh, and Daniel O. Addis.
Samuel M. Adams served as the First President of the State Bank of Toulon from 1903 until his passing in 1931 at age 93. Handling the more tedious day to day duties were David K. Fell, Vice President, and William W. Fuller, Cashier. Ernest H. Lloyd was elected the Second President of the State Bank of Toulon in 1932. After President Roosevelt declared a National Bank Holiday in 1933, it was reported that State Bank of Toulon and Dewey Bank planned to merge operations. State Bank of Toulon re-opened on May 24, 1933 and merger with Dewey Bank was abandoned. Bank joined the FDIC in June 1935. Ernest H. Lloyd passed away in November, 1935 after serving four years as President and over 28 years as chief operating officer of the bank in total. Bank assets grew to over $600,000 under President Lloyd. Edward C. Caverly was elected the Third President of the State Bank of Toulon in January 1936 and served four years as President until his passing in September, 1939. Harvey J. Ham was elected the Fourth President of the State Bank of Toulon in January, 1940 and also served as a director of the bank for over 21 years, until his passing in July, 1943 at the age of 84. Earl O. Turner was elected as the Fifth President of the State Bank of Toulon in August, 1943. Having been named as Cashier of the bank in 1936, he oversaw the day to day operations of the bank throughout the Depression, through WWII and into a period of great economic growth. Under his leadership the bank grew in assets of $600,000 to $9,200,000 in 1970, an increase of 1300%.
Gerald C. Stapel began his career in 1953 under the tutelage of Mr. Turner. Upon Mr. Turner’s retirement, Jerry was elected as the Sixth President of the State Bank of Toulon in January, 1970. Under Mr. Stapel’s leadership, the bank’s assets grew to $45,000,000 by 1990, deposits grew to just under $40,000,000, as well as many new products and services authored, including overseeing the construction of the present bank building in 1983-1984. In 1986, the Stark County Bancorp, Inc was formed as a one bank holding company under Jerry’s leadership. Jerry served as a director of the bank from 1970 to his retirement as Chairman of the Board in 2005.
Upon the retirement of Mr. Stapel, Ivan E. Donner was elected as the Seventh President of State Bank of Toulon in January, 1990. He led the effort to purchase the Galva Branch of Norwest Bank in 1996 and also purchase the “old” Kewanee National Bank or more presently known as Kewanee Branch of First of America Bank in 1997. Under Mr. Donner’s leadership, assets grew to more than $125,000,000 and deposits to over $100,000,000. Ivan retired from bank in 2002 and from the Board of Directors in 2009.
Larry L. West started with the bank as Vice President and Cashier in October, 1970. On July 1, 2002, upon Mr. Donner’s retirement was elected the Eighth President of the State Bank of Toulon. Larry retired as President of the bank in 2006 and from the board in 2014, last serving as its Chairman of the Board.
Douglas E. Parrott was hired in 1982 to be a farm representative and agriculture loan officer. Elected to Board of Directors in 2002, upon Mr. West’s retirement from bank in 2006, Mr. Parrott was elected the Ninth President of the State Bank of Toulon and continues in that role currently. Mr. Parrott also serves as its President of Stark County Bancorp, Inc. Today the bank currently employs over 40 people in our three branches and has reached new heights of almost $200,000,000 in assets and $170,000,000 in deposits.