Our History

January 3, 1940

An application was made for permission to organize First State Bank with a capital stock of $50,000, a surplus of $5,000, and a reserve account of $5,000 for a duration of 99 years, to be located at 706 Washington Street. The application was filed by C.O. Harris, M.D., Harry Fahler, J.P. Gallagher, H.D. Stamberger, Fred J. Welsch, Fred P. Feik, and Fred J. Herr, in the office of the Auditor of Public Accounts in Springfield, Illinois. The permit was approved and issued two days later on January 5, 1940.


May 20, 1940 — the stock was fully subscribed and stockholders were notified of a special meeting to be held June 12, 1940, for the purpose of electing a board of directors. At a special stockholders meeting the same seven people that filed the application were elected directors in addition to, Clarence E. Hoffman, Frank G. Prescott, Frank J. Schwarz, and Earl W. Truckenbrod. An organizational meeting soon followed and the following officers were appointed: C.O. Harris, M.D., President; J.P. Gallagher, Vice President, E.J. Welsch, Cashier; and A.A. Landgraf, Assistant Cashier.

1940s Investments

Investments made during 1940 were as follows: $5,000 of commercial paper at a rate of .75%, due May 6, 1941, $5,000 of commercial paper at a rate of .75%, due March 24, 1941, and a $5,000 Municipal Bond at a rate of 1.50%, due March 1, 1944.


January 15, 1942 — The first annual stockholders' meeting was conducted and the directors from the previous year were re-elected with Allen H. Prescott replacing Frank J. Schwarz.

January 2, 1945

First State Bank declares first dividend in the amount of 2%. On December 4th of the same year, the board of Directors approved the purchase of a bank building at a cost of $20,000. According to an agreement made September 29, 1945, the building was purchased from receivership of First National Bank, Mendota and property was transferred in January of 1946.


January 15, 1948 — Capital stock authorized increased from $50,000 to $100,000; subscribed and paid April 15, 1948.


August 3, 1948 — Raymond Hensel took full charge of the bank after Edward J. Welsch became ill. Welsch passed away on March 3, 1949.


January 16, 1958 — R.W. Hensel elected director and appointed Executive Vice President.

January 15, 1959 — C.O. Harris, M.D. appointed Chairman of the Board and R.W. Hensel named president of the bank.


January 17, 1963 — First State Bank purchased The Harbaugh & McNabb building, Frieda and Harold Schartlein building, and the Srul and Ethel Koopersmith building for future remodeling projects.

July 15, 1964 — Just before First State Bank's 25th anniversary, the John A. Gustafson Construction Co. of Rockford, Illinois was given a contract to finish remodeling the banking quarters and building. Remodeling was completed in 1965.


R.N. Shafer named president of the bank.


The increased demand for loans of all types necessitated the addition of three new offices located at the east end of the bank.


The site at 817 Illinois Avenue was selected for a four lane drive-up facility with additional inside customer service available. This facility was named First State Bank Plaza North. In October 1997, a 24-Hour automatic teller machine, which was the first in Mendota, was installed at this same location.


The LaMoille Facility opened at Route 34 and Gurney Street. This facility is a customer service branch with one drive-up lane and remains the only bank serving LaMoille.


January 21, 1982 — Harold Hitchins named president and trust officer; he joined the bank in 1971. Hitchins retired December 31, 1984.


January 1, 1985 — Robert R. Ritter named bank president, trust officer, and chief executive officer. Ritter retired October 1, 1994.


November 18, 1986 — A meeting of the shareholders of First State Bank was conducted on November 18, 1986, to vote upon the formation of a holding company type of ownership. The holding company was formed on January 1, 1987. The holding company is referred to as "Tri-County Financial Group, Inc."


1990 — First State Bank opened a facility in Peru at 1200 38th Street. With the LaSalle/Peru market seeing strong economic growth over the years with companies moving into the area and expanding; as a result First State Bank had also experienced a higher demand for its products and services. To facilitate this growth and help to improve service in this market, a new bank was built on Venture Drive in Peru, which opened in October 1996. This new location is now more accessible to its customers with its 4 drive-up lanes, ATM machine and Sunday business hours.


October 1, 1994 — Timothy J. McConville was named president, trust officer, and chief executive officer.


December 1996 — First State Bank expanded into the Streator market by acquiring a former branch of First of America. This full service bank is anticipated to facilitate the needs of the area with personalized service and products for expanding the growth in the local economy.


June 24, 1998 — First State Bank took into its holding company, Tri-County Financial Group, the Farmers State Bank of McNabb with assets of $27 million. This full service bank, which became a First State Bank facility on November 20, 1998, is anticipated to help its local market by providing modern banking products and service with a hometown atmosphere.


March 31, 2000 — First State Insurance joined the FSB family as a wholly owned subsidiary. Located in Mendota, IL., this full service insurance agency was very quickly joined by an Earlville, IL., presence with the January 1, 2003 purchase of the Miller-Rowe agency.


November 15, 2004 — First State Bank opened a newly constructed full service branch in Ottawa, IL.


September 6, 2005 — First State Bank opened a full service branch location in Bloomington, IL.


November 20, 2006 — First State Bank Plaza North Drive Up facility was moved to a new location at 1403 13th Avenue.


January 14, 2008 — First State Bank moved into a newly constructed branch building in Bloomington, IL. First State Bank became primary shareholder of Mortgage Services III. MS III is a full service mortgage lender specializing in a number of different loan programs. Their headquarters is based on Bloomington, IL.


January 1, 2011 — Safranek Insurance Services, LLC of Paw Paw, Illinois was acquired by First State Insurance and became the 3rd location.

February 25, 2011— First State Bank acquired all of the deposits and assets of Valley Community Bank, expanding First State Bank branches into the western suburbs. With branches in St. Charles, Batavia, Geneva and North Aurora, First State Bank now has branches in 11 Illinois cities and a combined asset size of over $700 million.

March 15, 2011 — First State Bank acquired Mortgage Services 3 as a wholly owned subsidiary.

September 26, 2011 — First State Bank moved its St. Charles West location to 2601 Oak Street, St. Charles, IL.

November 18, 2011 — First State Bank opened a new branch in Batavia, IL at 1978 W. Wilson St., Batavia, IL.


June 8, 2012 — First State Bank acquired all of the deposits and assets of Farmers and Traders State Bank with branches in Shabbona and Waterman, Illinois. The addition of this acquisition has raised First State Bank's asset size over $800 million.

December 3, 2012 — First State Bank opened a new branch in DeKalb, IL at 155 N. 3rd St., DeKalb, IL.


February 11, 2013 — First State Bank opened a new branch in Carol Stream, IL at 426 W. Army Trail Road, Carol Stream, IL.

May 15, 2013 — First State Bank opened a new branch in Naperville, IL at 3320 S. Route 59, Naperville, IL.

June 1, 2013 — First State Bank Streator facility moved to its newly constructed location at 115 Plaza Drive, Streator, IL.

June 24, 2013 — First State Bank acquired Lincoln State Bank in Rochelle, IL. The branch is located at 304 E. Highway 38, Rochelle, IL.


June 16, 2014 — First State Bank LaMoille facility moved to its newly constructed location at 90 N. Main St., LaMoille, IL 61330.


April 14, 2016 — Tri-County Financial Group, Inc. approved a stock split of 5 to 1 for shareholders of record.

August 2016 — First State Bank opened a full service branch location in Princeton, IL. The branch is located at 680 W. Peru St., Princeton, IL


July 17, 2017 — First State Bank DeKalb facility moved to its newly constructed location at 1940 DeKalb Ave., Sycamore, IL.


July 1, 2018 — First State Bank agreed to sell First State Investment Services to Chris Eller.


February 19, 2019 — First State Bank Princeton facility moved to its newly constructed location at 1693 North Main., Princeton, IL.

May 20, 2019 — Tri-County Financial Group, Inc. begins trading on OTCQX under the symbol "TYFG." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

August 30, 2019 - First State Bank closed its Batavia East location and combined operations run out of 1978 W. Wilson Street, Batavia, IL


February 4, 2020 — First State Bank debuted a new brand identity including a new logo and colors.

March 20, 2020 — First State Bank acquired all of the deposits and assets of Gehant Bank, with branches in West Brooklyn and Triumph, Illinois.

June 12, 2020 — First State Bank closed its St. Charles East location and combined operations run out of 2601 Oak Street, St. Charles, IL.

November 14, 2020 — First State Bank moved its Batavia location to 875 N. Randall Road, Batavia, IL.


August 16, 2021 — First State Bank opened a loan production office in Champaign, IL.


May 23, 2022 - First State Bank's Champaign branch moved to 2911 Crossing Ct., Suite 100, Champaign, IL 61821 and opened as a full service facility. 


January 11, 2024 – Tim McConville transitions to Tri-County Financial President/CEO. Kirk Ross named President/CEO of First State Bank.


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