North Adams State Bank History
North Adams State Bank
(Originally North Adams State Bank of Ursa)
November 10, 1980 to June 26, 2025
It began in 1978 with the vision of two northwestern Adams County, Illinois farmers, Norman W. McAllister of Warsaw and Maurice Conover of Ursa, to form a community bank to serve, and to the extent possible be owned by people interested in the Ursa area. Ursa had been served by The First National Bank of Ursa, which failed in 1969.
Upon learning of a potential petition to organize a bank in Ursa being filed by a group of investors, Maurice and Norman contacted Quincy attorney George J. Lewis and shared their idea. That meeting resulted in the involvement of George's law partners, Lawrence W. Blickhan and John R. Longlett, and they were soon joined by Russell Shriver and James P. Steinman, both of Ursa. These seven gentlemen became the Organizers of the bank in Ursa, Illinois. A petition to organize was quickly prepared and hand delivered to the Commissioner of Banks and Trust Companies of the State of Illinois. From that point in time, the Organizers proceeded to make plans to acquire the previous bank building and adjoining lumber yard.
After filing the petition, Organizers were twice informed the capital requirement had been increased, initially from $250,000.00 to $500,000.00, and later to $750,000.00.
On January 7, 1980, with the organizers having obtained subscription agreements for the required capital, the Commissioner of Banks and Trust Companies of the State of Illinois issued a permit to organize a new state bank to be known as North Adams State Bank of Ursa.
The organizational meeting of 319 subscribers to 30,000 shares of stock was held on August 14, 1980, at the Zion E&R Church, 107 Smith Street, Ursa, Illinois. Action taken at that meeting included establishing the size of the first board of directors to be seven in number. Maurice Conover, George J. Lewis, John R. Longlett, Norman W. McAllister, Gene Seybold, Russell Shriver, and James P. Steinman were elected as members of the first Board of Directors.
Front Row, Left to Right: Gene Seybold, James P. Steinman, John R. Longlett
Back Row, Left to Right: Russell Shriver, Norman W. McAllister, Maurice Conover
Not Pictured: George J. Lewis
The Organizational meeting of the first Board of Directors was held immediately following the meeting of Subscribers, during which the following officers were elected:
- James P. Steinman - President
- Maurice Conover - Vice President
- Russell Shriver - Vice President
- Norman W. McAllister - Secretary
The following officers were employed:
- Gene Seybold - Executive Vice President and Chief Executive Officer
- Sandy Austin - Cashier
- Carol Smith - Head Teller
- Rosemary Tenvorde - Part-time Teller.
On August 29, 1980, William C. Harris, Commissioner of Banks and Trust Companies of the State of Illinois, issued charter no. 2169, authorizing North Adams State Bank of Ursa to commence business as a bank.
On November 10, 1980, the Bank opened for business.
A branch in Loraine, Illinois operated from July 1982 until July 13, 2003.
Articles of Incorporation of North Adams Bancshares, Inc., a bank holding company, were filed March 28, 1985, and on July 11, 1985, the holding company became the owner of 100% of all of the outstanding shares of the Bank.
On August 25, 2000, the Bank acquired a banking facility in Camp Point, Illinois, and opened the facility as a branch of North Adams State Bank of Ursa. To reflect the greater service area, on November 15, 2000, the name was changed to North Adams State Bank.
On October 11, 2023, shareholders of North Adams Bancshares, Inc. approved an Agreement and Plan of Share Exchange by and between North Adams Bancshares, Inc., and Liberty Bancorporation, Inc., by which Liberty Bancorporation, Inc. was to acquire all shares of North Adams State Bank. On November 10, 2023, the transaction was concluded, and Liberty Bancorporation became the owner of all outstanding shares of North Adams State Bank.
The Bank has been served by three Chief Executive Officers:
- Gene Seybold - November 10, 1980 to January 14, 1984
- Paul A. Pogue - March 1, 1984 to December 31, 2015
- Jeff R. Longlett - Joined in 2005, December 31, 2015 to June 26, 2025
Other long-term employees included:
- Carol Smith, Head Teller and Loan Assistant - November 10, 1980 to June 17, 2022
- Lisa J. Seals, Chief Financial Officer - January 1989 to June 26, 2025
Submitted by John R. Longlett
