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Bank of Chestnut Community Reinvestment Act Statement
Delineation of Local Community
Bank of Chestnut, Chestnut, Illinois defines its entire community primarily (effective territory and lending base) as that area encompassing a 15 mile radius of Chestnut, Illinois. This area contains parts of Logan, Dewitt, and Macon Counties and further defined as Census Block Areas: #9529, #9535 and #9536 and #9716.
The Banks community is primarily an agricultural area with a small amount of other commercial industry. Other business consists primarily of agribusiness concerns, elevators, farm machinery dealers and small retail businesses. Many local residents commute to nearby cities to work in various retail and manufacturing firms. Other residents are retired.
Types of Credit available from Bank of Chestnut
The Banks primary function is to serve the credit needs of all qualified persons in the community while safeguarding the funds entrusted to it by it’s depositors.
Real Estate Loans: Residential 1-4 family, multi- units, housing rehabilitation loans, home improvement loans commercial real estate and farm real estate loans are made to qualified applicants. General requirements are a 20% minimum down payment or equity position and sufficient income to assure repayment ability. As the Bank operates with limited loans funds, it is required to allocate these funds to the various loans types. Consequently, there are times when we are not able to fund loans regardless of the applicants qualification. During these periods there are other local sources of credit available in the community.
Farm Loans: We extend credit to farmers for crop and livestock operating needs, machinery and other capital expenses and family living expenses.
Small Business and Commercial Loans: Credit is extended for inventory and accounts receivable financing, capital purchases, and for miscellaneous operating expenses.
Consumer Loans: Credit is extended for home improvements, automobiles, trucks, recreational vehicles, educations purposes and personal loans.
While low and moderate income individuals reside within our community delineation, they are distributed through out the community with no concentration anywhere in the community. In compliance with Equal Credit Opportunity Act, we do not discriminate against credit applicants because of race, color, religion, national origin, sex, marital status, or age. However, the Bank intends to extend credit only when consistent with the safe and sound operation of the Bank. Also, deposit growth and lack of loan expertise in certain loans areas may impose limitations on our ability to extend credit. The farm agribusiness sector of our community requires large amounts of operating funds and capital and we must recognize this in our loan policy formation.
Loan to Deposit Ratio
A Banks Loan to Deposit Ratio is a good indicator of how well deposits are reinvested in the community. Bank of Chestnut’s current Loan to Deposit ratio is 81% as of 12/31/2005. Similar size Banks in the United States average Loan to Deposit Ratio was 68% for the same period. Our last 2 year average loan to deposit ratio is 77%.
Other Bank Information
Bank Location: 100 Olive Street, Chestnut, Illinois 62518. The Bank of Chestnut has no branches.
Bank Mailing Address: Bank of Chestnut P. O. Box 80, Chestnut, IL 62518
Regular Banking hours are: Monday, Tuesday, Wednesday 8:00 a.m. to 3:00 p.m. Thursday and Saturday 8:00 a.m. to noon Friday 8:00 a.m. to 6:00 p.m.
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