The century-old Philo Exchange Bank will open a Tolono branch in 2026, celebrating new growth and local recognition for excellence.
TOLONO - For more than a century, Philo Exchange Bank has stood as a quiet cornerstone of community life - the kind of place where tellers know your name and your grandkids’ birthdays. Soon, that same hometown warmth is coming to Tolono.
The locally owned bank announced plans to open its newest branch at 411 N. Long St. in Spring 2026, expanding its reach and its roots at the same time. Unlike many national chains that trade familiarity for speed, Philo Exchange Bank says its mission remains personal.
“We look forward to providing the community with a locally-owned banking partner that will assist in all banking needs,” said Kevin Rogers, President and CEO. “This branch will continue our commitment to provide the friendly customer service that has been our trademark for 142 years.”
The new location will be staffed by familiar faces - residents of Tolono who already serve the community. Alongside teller services, customers can expect access to loan officers and other full-service banking options that have made Philo Exchange Bank a trusted name across East Central Illinois.
If you’ve ever wondered how a small-town bank endures for nearly a century and a half, Philo Exchange Bank’s history might hold the answer. Founded in 1883 by Dr. Calvin Ebeneezer Parker, the institution was later purchased by Elisha Hazen, a local grain and implement dealer, in 1899. Through the decades, ownership passed from the Hazen family to Nathan Rice in 1952, and eventually to Yankee Ridge, Inc. in 2001, which also owns the State Bank of Allerton.
From those early days of hand-written ledgers and horse-drawn deposits, the bank has grown to five branches - in Philo, Allerton, Broadlands, and St. Joseph - while keeping the neighborly charm that has defined it for six generations.
That community focus hasn’t gone unnoticed. In the News-Gazette People’s Choice Awards, Philo Exchange Bank recently placed third in three categories: Best Bank, Best Home Mortgage, and Best Place to Work.
And while the Tolono branch is still months away from opening, the bank’s next community celebration is just around the corner. On Saturday, Dec. 6, families are invited to the Santa Breakfast at the R.E. Franks Meeting Center in Philo. The event runs from 9 to 11 a.m. and features donuts, games, and a visit from Santa himself. Guests who bring a donation for Toys for Tots will receive 10 free game tickets, while additional tickets are 25 cents each.
From its beginnings as a one-room bank to its newest chapter in Tolono, Philo Exchange Bank’s story remains rooted in service, trust, and a belief that community banking still matters.
For more information about the new Tolono branch, visit www.philobank.com or call (217) 684-2600.
In a month marked by remembrance and gratitude, we revisit stories that defined our region — honoring veterans, celebrating Thanksgiving, and spotlighting moments of unity, resilience, and spirited debate.
From local news, sports, and community events to politics, and Opinion-Editorial viewpoints, discover archived posts published on November 3 in previous years, offering a rich tapestry of life in Champaign County and the broader community, curated by The Sentinel. Here are the headlines from local news, sports, community events, and editorial viewpoints in and around Champaign-Urbana.
