Philo Exchange Bank to open new bank in St. Joseph

PHILO -- The Philo Exchange Bank announced this morning its plan to open a new bank facility in St. Joseph. The new location at 109 N. Main Street is tentatively scheduled to open on December 1, 2021.

The bank will be located across the street from the Busey Bank branch office which will cease operations almost two weeks earlier on November 19.

In addition to bank teller operations, the branch will also have an in-house loan department overseen by Royal native Les Hoveln. Formerly with Gifford State Bank for the past 16 years, he will serve as Executive Vice President and Senior Lender. Hoveln, who transitioned to the new position on August 3, has more than 35 years of financial lending expertise.

According to today's press release, the Main Street location "will serve as a temporary facility for the bank as it establishes a permanent location in the next 12 to 24 months."

"We are excited for this opportunity to expand our bank footprint to the St. Joseph area," Hoveln said. "We look forward to providing the community with a banking partner that can assist in all banking needs while providing friendly customer service that has served six generations of customers."

Opening its doors back in 1883, Philo Exchange Bank has grown to operate three existing locations in Philo, Allerton, and Broadlands.