About Bank of Yates City
The Bank of Yates City was established in 1871. The Bank served individuals, local small businesses, and agriculture in this area. This same commitment has remained strong through the many ensuing years. A competing second bank was formed as a locally owned private bank in 1889. It was known as the Peoples Bank. In 1906, the two banks merged retaining the name Bank of Yates City and continuing to operate as a private bank. The owners of both banks were pioneers in this community.
In 1920, the Bank of Yates City was incorporated under the laws of the State of Illinois. It applied for and received a 99 year charter to do banking business in the State of Illinois. At that time it also became subject to the banking regulations of the State of Illinois. The Stock Market Crash of 1929 brought about the Great Depression which lasted throughout the 1930’s. As a result of this worldwide economic crisis, the Federal Deposit Insurance Corporation was formed to protect the depositors money and create confidence in the banking system of the U.S. That confidence was restored and the public continues to enjoy a stable banking system.….. Continue reading about About Bank of Yates City here.
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