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| Additional information |
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| The Bank of Advance |
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Overview:
The Bank of Advance was established in 1902 to serve the financial needs of the community. For over 109 years, we have been investing in area communities we serve to make them better places to live and work. Our high level of personal service and dedication is evident as we strive to satisfy our customers’ financial needs and promote our communities.
We provide a wide array of financial services to individuals, businesses, farmers, municipalities, school districts, churches, and other not-for-profit organizations, while actively supporting charitable and civic causes. The experienced staff of this family owned and operated bank makes your banking experience easy and enjoyable.
At the Bank of Advance we value our relationships with our customers and pride ourselves on being a hard working bank for hard working people. |
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History:
The Bank of Advance is the oldest business in Advance in continuous operation. The Bank was established on January 30, 1902 and is recognized as the oldest bank in Stoddard County.
The Bank's first home was a small frame building on the northwest corner of Gabriel and Ash Streets and, shortly thereafter, moved to the southeast corner of Gabriel and Cypress Streets. In 1906, a two-story building was erected on the corner of Sturdivant and Ash Streets, where the Bank remained unitl 1972 when a new facility was constructed at Ash and Gabriel Streets.
The Bank of Advance has experienced a number of expansions to accommodate its growth, on its 75th anniversary on 1977 its asset size was less than $20 million, today it is nearly $240 million. In 1973 the decision was made to open a deposit facility in Bell City, Missouri and in 1998, a full-service banking center in Dexter, Missouri. In 2001, the building next to the main facility in Advance was remodeled and is now the Bank's Lending Center which houses loan offices, board room, and training facilities. On January 1, 2005, the Bank merged with the Bowen State Bank and the First National Bank of Lerna, both of Illinois. Today, they are known as the Bowen Banking Center and Lerna Banking Center.
The Bank of Advance is the only existing banking institution chartered in Stoddard County to have survived the Great Depression, when numerous banks across the nation failed. The Bank obtained FDIC insurance for each depositor in 1934 in the amount of $5,000. Today, the amount of insurance has increased to $250,000.
The Miles family has owned the Bank for over half of its existence. In October of 1950, Harold M. Miles, Sr. purchased the bank stock from Charley S. Prather. Mr. Miles served as President from that time until his death in July, 1969. Since then, his family has owned and operated the Bank with a commitment to providing the best in banking and customer service. Mr. Miles' children have followed their father's lead as they manage the Bank today. Harold Miles, Jr. currently serves as the Bank's President, Neil Miles as Executive Vice President, and Melinda Miles Rainey as Senior Vice President. Their mother, Ruth Millington serves as Chairman of the Board. Other directors include; Mark Becker of Dexter, Wayne Millington, Jim Rainey, and Adam Rainey all of Advance, and Lyle Paben of Bowen. As of today, the Bank of Advance is home to 67 employees. |
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| Toll Free:
+1 877 711 2265 |
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