PHILO EXCHANGE BANK

Philo Exchange Bank's history spans six generations of customers across East Central Illinois. Started in 1883 by Dr. Calvin Ebeneezer Parker, the bank was purchased by Elisha Hazen, a local grain and implement dealer in 1899. The bank took over Philo State Bank in 1933. Nathan Rice succeeded the Hazen family leadership in 1952. The Rice family retained ownership until January 2001 when they sold the bank to Yankee Ridge, Inc., a holding company which also owns the State Bank of Allerton, located 19 miles southeast of Philo. The Allerton bank was first organized as the S.W. Allerton Banking Company in 1892... BauerFinancial, Inc., the Nation's Premier Bank Rating Firm, proudly acknowledges that Philo Exchange Bank has earned its highest, 5-star rating for 111 consecutive quarters. Having maintained its financial strength and stability through three recessions, a housing bubble and a pandemic, Philo Exchange Bank has also earned a "Best of Bauer Bank" distinction. This distinction is..