Jacksonville Savings and Loan Association, established in 1916 as an Illinois-chartered savings and loan association, grew steadily during the first forty years of its existence. By the late 1950s, it was clear the association needed its own building to house operations. Property at 211 West State in downtown Jacksonville was purchased and a new building was constructed. The savings and loan moved to its new larger quarters in 1961.
During the next couple decades, the savings and loan continued its steady growth. To broaden its range of activities, the association established Financial Resources Group, Inc. (FRG) in May of 1986 as a wholly-owned service corporation. Today, FRG provides investment services. FRG is a separate corporation with its own board of directors and officers, but its capital stock is 100% owned by Jacksonville Savings.
In December 1986, Jacksonville Savings expanded its physical locations outside of Jacksonville when the association purchased the former Central Illinois Savings & Loan building from the FSLIC. The banking office at Virden is operated under the name "First Midwest." It is a full-service location providing a wide variety of deposit and loan services.
As the city of Jacksonville progressed and membership in the association grew, it became clear in the late 80s a second Jacksonville location was needed. A new branch facility was constructed on South Main in May 1989. With four drive-up lanes and lobby services, this office provides a full range of teller services.
July 24, 1992, was a momentous day for the association. The charter was changed from a state-chartered savings and loan association to a state-chartered savings bank. With this change came the bank's new identity, the name it bears today, Jacksonville Savings Bank.
Later that year, in order to better serve its expanding customer base, the bank opened a new drive-up at 225 W. State in Jacksonville. Although the building at 211 West State has been sold, the four lane drive-up facility remains open and a drive-up ATM has been added to the fourth lane.
During the 80s, the city of Jacksonville experienced an expansion of its West Morton business district and the retail business emphasis shifted from the downtown area to Morton Avenue. To continue to provide customers convenient service, Jacksonville Savings Bank constructed a new 17,000 square foot building at 1211 West Morton, which opened on Dec. 5, 1994. This building now serves as the bank's main office.
The opportunity to physically serve a third community arose in 1996 and on January 2, 1997, Jacksonville Savings completed the acquisition of Litchfield Community Savings, S.B., in Litchfield, Illinois. Continuing to operate under the name Litchfield Community Savings, the office is a full service branch of Jacksonville Savings Bank.
In January of 2000, Jacksonville Savings Bank and Chapin State Bank, in a joint press conference announced their intentions to merge. Chapin State Bank, which possessed trust powers and had a large agricultural lending portfolio, gave Jacksonville Savings Bank an entree into those two new markets while the customers of Chapin State Bank benefited from expanded locations available to them.
On July 14, 2010, Jacksonville Savings Bank completed its conversion from the mutual holding company structure and the related public offering. Its parent company, Jacksonville Bancorp, Inc. is now a stock holding company that is fully owned by the public.
Jacksonville Savings Bank has seen a great many changes from its original operations to the modern and complete services of today. While we are justly proud of our past sound and solid progress, we are anxious to undertake the challenges of the future. As in the past, we will continue to anticipate the needs of our public and respond by providing the full spectrum of financial services they need.