Local News

Arcola First Bank Merges With PB&T

Pana, Ill. – January 2, 2024 – John Gardner, President & CEO of Peoples Bank & Trust, headquartered in Pana, Ill. and Dale Boyer, President & CEO of Arcola First Bank, headquartered in Arcola, Ill., are pleased to announce an agreement to merge Arcola First Bank with Peoples Bank & Trust. The bank resulting from the merger will be Peoples Bank & Trust. The agreement is subject to regulatory approval and is expected to close in late spring or early summer. 


“I’m excited to bring Peoples Bank & Trust to Arcola, Arthur, and Tuscola.” Dale Boyer said, “They have a true focus on delivering the best possible services, and are dedicated to providing excellent customer service to the communities they serve.”


“We sought out a partner that will serve our customers with the same emphasis on personal service as we have had for the past 150 years. We found that in Peoples Bank & Trust” stated Joe Monahan, Chairman of the Board of Directors of Arcola First Bank. He continued, “The banks are very similar. Our motto is ‘Every Person Matters’, and their motto is ‘We Put People First’. Both banks place an emphasis on customers and customer service. We know that this approach will be continued in our communities moving forward.”


Boyer continued, “Peoples Bank & Trust’s strength as one of the top USDA and SBA guaranteed lenders in the state will certainly be a benefit for our business customers. We look forward to sharing expanded product offerings and a heightened business lending expertise with the business customers we serve.” 


John Gardner added, “Aside from the opportunity to be a part of the Arcola, Arthur and Tuscola communities, we’re excited about the opportunity to have the outstanding employees of these locations join our existing team.” As a part of the agreement, all existing staff will be retained. “We believe the most important relationships in banking are the personal relationships between the customer and the bank employees that serve their financial needs. Respecting that relationship is our first step in continuing to provide outstanding customer service” said Gardner.


Customers of Arcola First Bank will soon receive additional specific information explaining the transition well in advance of the actual transition date.


Arcola First Bank is headquartered in Arcola and operates three banking centers in central Illinois. Established in 1874, Arcola First Bank, which includes Arthur First Bank and Tuscola First Bank, is a community bank that offers a full range of financial services. For more information about Arcola First Bank, visit ArcolaFB.com


Peoples Bank & Trust is a locally owned and managed independent community bank with ten offices located in Pana, Taylorville, Altamont, Tower Hill, Charleston, Springfield, Morrisonville, Palmyra, Waverly, and White Hall. Peoples is a full-service bank offering outstanding customer service to consumers, small businesses, and farmers in Central Illinois. Peoples First Bancshares, Inc., with corporate offices in Pana, Illinois, is the holding company for Peoples Bank & Trust. For more information about Peoples Bank & Trust, visit BankPBT.com

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