At 1870 Holdings, Inc., our strategic foundation is rooted in a clear and forward-looking vision: to be an independent financial services company dedicated to enhancing the customer experience at every level. We pursue this by implementing & utilizing innovative products, developing and empowering our employees, expanding our revenue strategies, and focusing on expanding relationships, ultimately resulting in profitability and long-term shareholder value.
Our mission is to serve as the trusted financial partner for our customers, shareholders, employees, and communities, the foundation of our success. This purpose is carried out through a culture we call The Midwest Way, a set of guiding values that shape everything we do. We are committed to delivering exceptional service that exceeds expectations, cultivating relationships that fuel sustainable growth and a dynamic workplace, and taking pride in being part of a motivated, community-focused team.
Our responsibilities are threefold: to our customers, by offering innovative and reliable financial solutions; to our staff, by fostering an environment of growth and leadership; and to our shareholders, by maintaining a careful balance of strategic expansion and financial performance. These principles unite us as we continue building a legacy of integrity, excellence, and service.
The story of 1870 Holdings, Inc. is rooted in more than 150 years of community banking and local service.
Our legacy began on September 9, 1870, with the founding of the Monmouth National Bank. In 1890, the institution was reorganized as The National Bank of Monmouth, continuing a tradition of stewardship, relationship banking, and commitment to the communities it served.
As the region changed, so did the bank. In 1998, the institution converted to a state charter and adopted the name Midwest Bank of Western Illinois, reflecting the communities it served throughout the region. That same year, the Company took its first step into the insurance business with the acquisition of Porter Insurance Agency, beginning a broader commitment to meeting the financial needs of customers and businesses.
Throughout the 1990s and early 2000s, Midwest Bank added locations in neighboring communities. The bank entered Galesburg in 1995 with the opening of its West Main Street location. This was followed by the opening of the Mercer County Banking Center in Aledo in 1999. In 2007, Midwest Bank opened a second full-service location in Galesburg on Seminary Street, continuing its commitment to serving customers throughout west-central Illinois.
In 2005, the Board of Directors formed Western Illinois Bancshares, Inc. (WIBI), returning ownership to local shareholders and creating a foundation for the Company’s next chapter. The formation of WIBI reflected a continued belief in local decision-making and a commitment to the communities the organization calls home.
Founding Directors of Western Illinois Bancshares, Inc. (2005)
Augustin S. Hart III (President), Raymond E. Defenbaugh (Vice President), Christopher J. Gavin (Secretary & Treasurer), C. Dean Hennenfent, Dr. John Dooley, Patrick J. Haney, Mark J. Sexton, Robert A. Riley, and Scott T. Champion.
The years that followed brought continued change. In 2015, Midwest Bank refreshed its brand, shortening its name to Midwest Bank and introducing a modernized owl logo. In 2016, the merger of Chuck Hay Insurance and Porter Insurance formed Porter-Hay Insurance, bringing together two respected agencies with deep roots in the communities they served.
Since its formation, Porter-Hay Insurance has welcomed nine agencies into its organization. The most recent addition, North-And Co., added a commodities brokerage and broadened the services available to clients across the region.
In 2018, the Company acquired Andalusia Community Bank, adding locations in Andalusia and Moline and welcoming new customers, employees, and communities into the organization. In 2019, Midwest Bank opened the Peoria Banking Center, extending its community banking presence into another Illinois market. In 2026, Midwest Bank announced plans to add a branch in Table Grove, Illinois, continuing its commitment to serving rural communities.
The Company continued to evolve in 2024 with the acquisition of Matt Anderson CPA, establishing MB Tax & Accounting. In 2026, the addition of Blucker Kneer & Associates further expanded those services and strengthened the firm’s presence in the communities it serves.
Also in 2024, WIBI announced a merger with Princeville State Bank, which was completed on January 1, 2025. For more than a century, Princeville State Bank has served its community through local ownership, relationship banking, and a commitment to the customers and communities of central Illinois. Through the merger, Princeville State Bank retained its charter and community identity while joining an organization that shares those same values.
As the organization continued to grow and evolve, Western Illinois Bancshares, Inc. was rebranded as 1870 Holdings, Inc. The name honors the Company’s founding in 1870 and reflects the broad range of services offered today. Through its family of companies, 1870 Holdings provides banking, insurance, tax and accounting services, wealth management-related offerings, trust, mortgage, and credit card services.
While much has changed since 1870, the values that guided the organization in its earliest days remain the same. Rooted in a longstanding legacy and guided by a commitment to the future, 1870 Holdings continues to serve communities across western and central Illinois through local relationships, trusted service, and a dedication to helping customers succeed.