History
Our Story | Ground Breaking | Bank Completes IPO & Opens for Business
Construction & Bank Progress | Grand Opening | Our First Year

OUR FIRST YEAR

First Community Bank of Joliet

Most start-up banks don’t turn a profit until two or three years after opening. First Community Bank of Joliet turned profitable after only 12 months of operations. That statistic illustrates First Community Bank of Joliet’s remarkable accomplishments.

SUMMER/FALL 2004

First Community Bank originally started business in temporary quarters on Joliet’s west side. While the bank was being built, testimonial advertising that featured local investors and clients thrust First Community into the public spotlight.

The bank’s initial stock offering of $18 million was quickly snapped up by area investors. By the start of the new year, success was confirmed by looking at the numbers. The bank reached its one-year goal— $100 million in assets— just eight months after opening, making it the most successful independently owned bank launch in Illinois history!

SPRING 2005

The bank then moved into a classic, Georgian-style red brick building at the corner of Black Road and Infantry Drive. The impressive structure added an architectural gem to the Joliet community and provided a client-friendly home for the bank’s full range of services. A successful Grand Opening— which offered a “Gold Coin” promotion, CD specials, and informational seminars— further increased the bank’s exposure to the community. At this point, First Community Bank had recorded over $50 million in loans and $80 million in deposits, and was home to more than 1,000 clients.

FALL 2005

A second stock offering in November 2005 of $12.5 million also sold out in record time. First Community Bank had successfully established itself as a contender in the marketplace. FCB’s launch—the most successful in Illinois history—is a testament to community support. Says bank chairman George Barr, “The support from our community has been overwhelming. Our results show that local business owners and families want to do business with a bank that understands them and is truly from the community.”

The FCB team of experienced bankers—themselves area residents—concentrated on providing exemplary service that builds long-term relationships and converts customers to clients. Part of the bank’s relationship strategy involved continued advertising that featured bank clients sharing their reasons for banking with First Community. The formula works well—showcasing the advantages of banking with FCB, while providing a plug for the clients’ businesses as well— a win-win situation.

SPRING 2006

18 months after opening in July 2004, FCB recorded more than $172 million in assets—a figure that takes most new banks six to seven years to reach. In addition, FCB has $127 million in loans, and more than $140 million in deposits. According to the Federal Deposit Insurance Corporation’s (FDIC) annual reporting, First Community Bank is larger than 165 of the 175 bank sites now located in Will County.

FUTURE PLANS

With an overwhelming response from the community, FCB is making plans to help new banks open in other communities. “Expansion plans are in the works,” according to Chairman George Barr, “We have been approached by other communities to help them do the same thing we have done, bring local banking back to their community. We are happy to help.”