The First National Bank of Arcola was issued its operating charter on November 9, 1874. The bank occupied the building of what is now the west side of Yoder’s Homestead Shop on East Main Street. James Beggs was the bank’s first president and he was succeeded by his son, J. R. Beggs. The Beggs’ family was responsible for the first 54 years of the bank’s life. In 1957, Thomas Monahan obtained controlling interest of the bank and became Chairman of the Board of Directors. In 1973 Tom’s son, Joseph M. Monahan, was appointed president of the bank. Much of the bank’s growth can be attributed to the Monahan family leadership. A new bank facility located at 127 South Oak Street was built in 1969 with an addition following in 1979.
On June 7, 1991, the bank completed the acquisition of the First Federal Bank of Tuscola giving them a second location and a new market. Then in March, 1996, a third facility and market were added when the bank acquired the the Arthur Community Bank. In September 2011, the Bank recieved regulatory approval to convert its’ charter from a national banking association to a state banking organization. The change was made to better fit the needs of the Bank while having little impact to the customer base. As a result of the charter conversion, the Bank was renamed Arcola First Bank.
The bank currently has assets in excess of $116 million and customers can transact business at any of the three East Central Illinois banking locations.