Banking in Ashland began in September 1881 when the private bank of Skiles, Rearick & Co. began operation in a room at the rear of a drug store on the site now occupied as the post office. Later the State Bank of Ashland facility was located downtown in what is now the Ashland Public Library.
 

Early State Bank of Ashland facility on the square

State Bank of Ashland facility before becoming the public library building

A group of Virginia businessmen, together, with W.S. Rearick, then a cashier of the Cass County Bank of Beardstown, became aware of the need for banking facilities in Ashland and provided the capital and management for this venture. At about this same time large areas of land surrounding Ashland, heretofore considered unproductive because they were so wet, were divided and sold to farmers. The use of tile for farmland came into use and thousands of acres which had been considered almost worthless, became some of the most productive land in this part of Illinois.

Skiles, Rearick and Co. purchased the downtown site of the State Bank of Ashland from W.S. Douglass when they began operations and by January 1, 1882, a new bank building had been constructed. In 1883, J.J. Wyatt became associated with this firm. In November 1892 the bank suffered a severe loss from robbery and on December 23, 1893 the new building was completely destroyed by fire.

In 1905, the firm of Skiles, Rearick and Co. incorporated under the banking laws of the State of Illinois and became a state bank with W.S. Rearick as president, H.B. Baxter as Vice President, J.J. Wyatt as cashier and E.R. Clemons as assistant cashier. In addition, the following men were elected to the first Board of Directors: J.T. Stribling, Edwin Beggs, George Conover, Silas Hexter, J.B. Lohman and Clint Buice.

In 1909, the building was again destroyed by fire and a new building was erected in its place. Other men who served on the board of this bank were: William P. Newell, H.A. Stribling, J.H. Hubbs, C.F. Corrington, James E. Thornley, and Edward S. Collins.

In August 1905, the Farmers State Bank was organized and began business in a new building erected on the corner of Hardin and Editor St. Fred Walbaum became the first president of this bank and T.C. Richardson its cashier.

Following the death of Mr. Walbaum in 1926, William Mau was elected president. Others who served on the Board of Directors of the Farmers State Bank and were active in its management over the years were: Ernest Walbaum, S.W. Dinwiddie, F.E. Virgin, Harrison Robinson, Fred Christen, E.E. Johnson, R.F. Mau, Miles Kendall, Clark Walbaum, G.F. Jokisch, Wilbur Moore, M.J. Murray, F.J. Fitzgerald, J.B. Leahy and John Graff.

In June 1933, at a joint meeting of the stockholders of the Farmers State Bank and Skiles Rearick and Co., the State Bank of Ashland was organized with the following named as directors: W.S. Rearick, William Mau, H.A. Stribling, Wilbur Moore, J.J. Wyatt, W.P. Newell, and F.J. Fitzgerald. Officers elected at the time were: W.S. Rearick, president; William Mau, vice president; J.J. Wyatt, cashier; R.F. Mau, F.J. Fitzgerald and E.R. Clemons, assistant cashiers.

In addition to the present Board of Directors, among those who served on the Board of Directors in the years following the organization were: Edward Collins, C.F. Corrington, Harrison Robinson, E.E. Johnson, H.J. Lohman, R.F. Mau, Leo Leahy, E.J. Mau, Harry Stribling, Emmerson Thornley, J. Stuart Wyatt and R.F. Mau, Jr. After the death of W.S. Rearick and William Mau, both on December 24, 1938, J.J. Wyatt served as president until his death a few months later. H.A. Stribling was then elected president. Also serving as president through the years were R.F. Mau, Walter Lohman, S.W. Anderson, Gene Sullivan, Thomas L. Price, and the present Chief Executive Officer, JR Blair. 

The need for a bank in the community, as foreseen by the stockholders of the two banks and the organizers of the new bank, was proven by the cooperation of the entire community. With that small beginning in the depths of a period of economic depression, the State Bank of Ashland has grown steadily in size and service.

The fall of 1983 brought about major changes for the bank. A groundbreaking was held and the construction of a new bank building was started. The construction took over a year and the move took place in November 1984. In December of 1984, SBA Bancorp, Inc. was formed.

Entering the nineties, a number of changes occurred. In May of 1995, JR Blair returned to the bank as President and CEO, bringing with him ideas and opportunities for growth. In 1998, the bank purchased Newell Insurance Agency, installed two ATM cash dispensing machines in the community, introduced the VISA DebitCard to customers, and celebrated its 65th anniversary. 

The bank has continued to grow as we enter the new millennium and introduce new products to our customers. The bank now offers fixed rate mortgages and has opened an Investment Center to aid our customers' financial needs. We are continually modernizing our equipment and services while we strive to give our customers warm, personal attention. 

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