The State Bank of Cherry was originally chartered under the laws of the State of Illinois on May 7, 1906, by nineteen original shareholders with combined Capital of $25,000. From the earliest days, the Bank was built around agriculture and coal mining.
On November 13, 1909, the St. Paul Coal Company had 500 men and boys working in the mine when a fire broke out within the mine. That event caused the loss of 259 lives. As a result of the Cherry Mine disaster, the Illinois legislature passed a law that would later develop into the Illinois Workmen’s compensation Act.
The Bank survived through this tragedy, and with the rest of the community, did what was necessary to look out for and care for those who lost family members and breadwinners.
Many of the family names that were involved with the Bank when it was established continue to be involved with the Bank as shareholders today. The Bank enjoys the shared mission of looking out for each other in the Cherry community and beyond. Although the coal mine has long been closed, the Bank does continue with a focus on agriculture. Cherry happens to be in the heart of some of the richest farm real estate in the world.
The existing Bank building was built in 1973, with an addition in 1979. The original building was demolished to make room for this 1979 addition.
In 2006, State Bank of Cherry celebrated 100 years of faithful service to the community.
In 2021, the Bank went through a renovation to get us to the current status.
The continued success of the Bank is due to the loyal customers who support the Bank and to the diligent staff who goes about the work and management of keeping the State Bank of Cherry a beacon of hope in Eastern Bureau County.