Following the stock market crash in 1929 and the March 1933 National Bank Moratorium, all three existing banks in Canton, Illinois were closed. They included The First National Bank, the Canton National Bank, and the First State Bank & Trust Company. Business and banking life in Canton were greatly affected by these closures, so stockholders of the First National Bank and the Canton National Bank met on June 28, 1933 to discuss the situation. Upon the recommendation of federal authorities, it was decided that a new banking organization would be formed and named The National Bank of Canton.
The Comptroller of the Currency issued a charter for the newly organized bank on November 22, 1933 (11-22-33) and, subsequently, The National Bank of Canton opened for business on the morning of November 28, 1933.
The first Board of Directors consisted of seven members and the bank opened with a force of nine employees. During the first hours, long lines were crowded at all teller windows. Two additional employees were hired during the first week of opening, as the tellers worked long hours, often until past midnight tabulating the business of the day. It was announced that deposits during these first days exceeded withdrawals by ten to one and by the end of the first week, total resources of the bank were $770,432.
From 1933 until 1969, the bank occupied the building that had previously housed the Canton National Bank, which was located at 2 E. Elm St., on the south end of the square in Canton. In 1969, The National Bank of Canton constructed and moved to a new building, just down the street, at 100 W. Elm St. in Canton, and for the next 50 years operated out of this building until we outgrew its capacity.
MidAmerica National Bank's headquarters circa 2014
In 2018, the Board of Directors approved construction of a new, more modern 2-story facility to take care of our growing customer base and their expanding needs, now, and into the future. Our address remains the same and our new main bank facility opened for business on January 19, 2021.
Over the years, the service area of the bank has expanded to include Cuba, Henry, Lewistown, and Macomb. On January 12, 1987, the bank purchased the State Bank of Cuba, and shortly thereafter, on March 2, 1987, it purchased the Lewistown Bank. Then, on July 1, 1997, the bank purchased the Union National Bank in Macomb, bringing back local ownership to that area and expanding our reach from Fulton County into McDonough County. Most recently, on May 1, 2017, the bank purchased the Henry State Bank to expand our reach into Marshall County.
On January 20, 1998, to better reflect our market expansion and greater product offerings, the name of The National Bank of Canton was changed to MidAmerica National Bank. Today, MidAmerica National Bank employs over 120 staff to help serve our customers located in and around the five communities where our offices are now located. In keeping with our tradition of service to our communities, our brand, our positioning statement, and our daily vision is “Your Bank For Life” which applies to our shareholders, employees and customers alike.
When you bank at MidAmerica, not only will you have access to all the latest products and services, but you will have professional bankers who will assist you with all your banking needs. You are not just a customer at MidAmerica National Bank, you become a family member. We welcome you to experience the difference.