Our History
TrustBank History
TrustBank was formed on September 13, 1912. Originally called Olney Trust & Banking Company, the bank has had two name changes, 10 presidents and much growth since first opening for business.
When the bank was organized in 1912, George A. McGahey was named the president. The first bookkeeper was Lura Bailey and Cashier was James P. Wilson.
According to an article in The Olney Times from June 1913, "When it was learned that Mr. George A. McGahey was to be president and James P. Wilson cashier, the stock was oversubscribed in a few days."The bank opened with an operating capital of $50,000 and a surplus of $12,000. The bank had a five-person board of directors. In addition to McGahey, T.A. Fritchey served as Vice-President, and L.V. Chesrown, Henry Gassmann and Joseph Weiler were directors.
The first building, located on the corner of Whittle Avenue and Market Street in Olney Illinois, was dedicated on June 16, 1913. The two-story stone, steel and concrete building was constructed at a cost of $25,000. The interior, made of marble and mahogany, was decorated by James T. Cummins. Interest-bearing passbook savings accounts were first available in Olney through the Olney Trust & Banking Co.
McGahey served as president until his death in 1925, at which time Wilson became president. Wilson was bank president for 33 years. After Wilson's death in 1958, L.C. Blackburn took over the office. He retired in 1965 and was succeeded by A.A. Korn. Korn's death in 1967 brought another Blackburn to the office of president. Robert L. Blackburn held the position of president until his death in 1972. It was in that year that Olney Trust & Banking Co. constructed a new building at 600 E. Main Street, the same property where the Olney Sanitarium had been built in 1898, followed by the construction of Weber Medical Clinic. The main street branch, still home to the bank, has been remodeled twice since its construction in 1972.
Zean Gassmann followed as president after the death of Blackburn and served until the end of the year, when Lawrence J. Weber Sr. took the position. It was during Weber's presidency that the holding company formed and the name was shortened from Olney Trust & Banking Company to Olney Trust Bank. After Weber resigned in 1989, Lonnie G. Doan served as interim president until 1990 when John S. Zdychnec started serving in the position. In 1996, Bruce A. Runyon became president and served until 2013. In December of 2013, Dan Eichelberger was hired as President and CEO, and continues to serve.
In 1999, Olney Trust Bank purchased Cisne State Bank located in Cisne, Illinois. Often times, we were referred to as “The Trust Bank”. With the purchase of Cisne State Bank, it was a logical progression to shorten the bank’s name to TrustBank. We have trademarked that name. In 2006, TrustBank purchased a branch of Bank of the Southwest, located in Arizona. Since then, we have grown our Arizona market to include locations in Phoenix, Scottsdale, and Chandler with a focus on Wealth Strategies for both personal and business clients.
Most recently, we purchased TNB located in Tuscola, Illinois. As a family-owned, community bank with their own legacy of over a century of excellent service, TNB offered us an opportunity to expand while maintaining our core values of quality, integrity, and teamwork.
At TrustBank, we have a clear focus on the type of bank we are and who we can best serve. We have built the bank around our commitment to superior service. The three areas of the market we target—area businesses, professionals, and those individuals who want a higher level of service—demand a bank that puts its customers first.
It has been our pleasure serving you for over 110 years!