Hickory Point Bank, which has its main office in Decatur, said recently it has converted to a state chartered bank and will no longer be a federal savings bank.
“The new charter provides Hickory Point Bank even more ways to serve customers and is more closely aligned with our business strategy,” Hickory Point Bank President and CEO Anthony Nestler said. “This is an exciting step for the bank, our customers and the communities we serve, because it demonstrates our commitment to local, community banking,” he said.
Operating as a state charter bank, Hickory Point Bank will be able to work with regulators that are familiar with the local marketplace. The charter also provides Hickory Point Bank with increased lending capacity and the ability to expand its agricultural services business. State chartered banks are regulated by the Federal Deposit Insurance Corporation and the Illinois Department of Financial and Professional Regulation.
“While a state charter will allow us to be even more competitive, day-to-day operations will not materially change and customers will not be impacted,” Nestler said.