CBI Bank & Trust , formerly known as Central State Bank , is a community bank based in Muscatine, Iowa . It is a subsidiary of Central Bancshares, Inc., a bank holding company that is also based in Muscatine. Total assets are over $ 1.45 billion and it employs over 250 individuals.
103-703: The bank traces its origins to 1865 and as of 2021, serves over 45,000 households and businesses with a full range of banking and financial services delivered through 23 offices, as well as a variety of electronic banking channels. In addition, the bank's Trust and Investment divisions manage combined client assets of approximately $ 1.4 billion. Banking facilities are located in Coralville, Buffalo, Davenport, Kalona, Muscatine, Walcott, Washington and Wilton, Iowa; Brimfield, Buffalo Prairie, Galesburg, Joy, Moline, Monmouth, Peoria and Roscoe, Illinois; and Beloit, Wisconsin. The story of CBI Bank & Trust actually encompasses
206-575: A collector's item by the general public; it is, therefore, not subjected to normal circulation. Starting with the Series 1996 $ 100 note, bills $ 5 and above have a special letter in addition to the prefix letters which range from A to Q. The first letter is A for Series 1996, B for Series 1999, C for Series 2001, D for Series 2003, F for Series 2003A, H for Series 2006, K for Series 2006A, J for Series 2009, M for Series 2013, N for Series 2017, P for Series 2017A, and Q for series 2021. The Series 2004 $ 20,
309-618: A committee that reported favorably on the advantages and savings from adopting the dimensions of Philippine notes for use in the United States. Final implementation of today's small-size format, however, only occurred in 1928. The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of
412-494: A controlling interest from the major stockholders and continued to operate the institution as a separate, independent entity. In 1994, the bank was sold to Central Bancshares, Inc. of Muscatine, Iowa and in 1995, the bank charter was moved to Washington, Iowa, where a temporary bank office was leased while construction began on a 2,500 square foot permanent banking facility, which opened for business in March, 1997. In April, 2002,
515-514: A large hump yard 1.9 miles (3.1 km) south of town. Galesburg is served by Interstate 74 , which runs north to Moline in the Quad Cities region, and southeast to Peoria and beyond. The Chicago–Kansas City Expressway , also known as Illinois Route 110 , runs through Galesburg. To the southwest it passes through Macomb , the home of Western Illinois University , and toward Quincy , before crossing into Missouri . Galesburg served
618-649: A legacy of strong family leadership and commitment to the community through the Skola family, dating back to Fred Skola, Sr.’s employment with the bank in 1903. Three generations of the family served as President prior to the sale of the institution to Central Bancshares, Inc., in 1994. In 2002, the bank expanded beyond the Kalona market, building a new facility at 1st Avenue and Holiday Road in Coralville, Iowa. It concurrently changed its name to Freedom Security Bank to reflect its broadened scope of operations. In mid-2014,
721-639: A mix of local, regional and national news. WGIL-AM, WAAG, WLSR-FM and WKAY-FM are all owned by Galesburg Broadcasting while Prairie Radio Communications owns WAIK-AM. KZZ66 provides Weather Information for NOAA Weather Radio in the Galesburg area. The Galesburg Register-Mail is the result of the merger of the Galesburg Republican-Register and the Galesburg Daily Mail in 1927. The two papers trace their roots back to
824-584: A much smaller station in 1983. The yard is still used by the BNSF Railway . In the late 19th century, when the Atchison, Topeka and Santa Fe Railway connected its service through to Chicago, it also laid track through Galesburg and built its own railroad depot . The depot remained in operation until the construction of the Cameron Connector southwest of town enabled Amtrak to reroute
927-423: A new series of bills, featuring images of national symbols of freedom. The new $ 20 bill was first issued on October 9, 2003; the new $ 50 on September 28, 2004; the new $ 10 bill on March 2, 2006; the new $ 5 bill on March 13, 2008; the new $ 100 bill on October 8, 2013. The one and two dollar bills still remain small portrait, unchanged, and not watermarked. Galesburg, Illinois Galesburg
1030-408: A number of years. On May 1, 1865, it was converted to a state-chartered institution, Merchants Exchange Bank, which was opened to the general public. Later that year, conversion to a national charter brought a change in name to Merchants National Exchange Bank. In the early years, it was not unusual for banks to operate under two charters, one national and one state, with both institutions located in
1133-641: A red seal and then continued with a blue seal. Series 1918 notes were issued in $ 500, $ 1,000, $ 5,000, and $ 10,000 denominations. The latter two denominations exist only in institutional collections. Series 1914 and 1918 notes in the following two tables are from the National Numismatic Collection at the National Museum of American History ( Smithsonian Institution ). Beginning in 2003, the Federal Reserve introduced
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#17327908741141236-507: A reputation for leadership. It was among the first banks in Iowa to offer a sidewalk/walkup teller with extended hours for customer convenience (1957); the first bank in Muscatine to offer drive-up banking; the first to open an office on the community's north side (Park Avenue Banking Center, 1971) and the first to branch into the south side (Grandview Avenue Banking Center, 1977). It launched
1339-595: A subscription- and land purchase-based plan to found manual labor colleges in the Mississippi River valley. Land was purchased for this purpose in Knox County and in 1837 the first subscribers to the college-founding plan arrived and began to settle what would become Galesburg. Galesburg, populated from the first by abolitionists, was home to one of the first anti-slavery societies in Illinois and
1442-420: A system of national banks was instituted by the 1863 National Banking Act . Banks authorized under this act were known as National Banks and issued their own National Bank Notes . These did achieve national acceptance but the U.S. still lacked a central bank. It wasn't until the passage of the Federal Reserve Act that the United States finally had an institution that issued nationally accepted bank notes and had
1545-479: A third leg initially terminating across the Mississippi River from Burlington, Iowa , eventually connecting to it via bridge and thence onward to the Western frontier. The Chicago, Burlington and Quincy Railroad (CB&Q) sited major rail sorting yards here, including the first to use hump sorting . The CB&Q also built a major depot on South Seminary Street that was controversially torn down and replaced by
1648-489: A total area of 17.928 square miles (46.43 km ), of which 17.75 square miles (45.97 km ) (or 99.01%) are land and 0.178 square miles (0.46 km ) (or 0.99%) are water. As of the census of 2000, there were 33,706 people, 13,237 households, and 7,902 families residing in the city. The population density was 1,994.9 inhabitants per square mile (770.2/km ). There were 14,133 housing units at an average density of 836.5 per square mile (323.0/km ). The racial makeup of
1751-642: A two-year community college. A 496-acre (201 ha) section of the city is listed on the National Register of Historic Places as the Galesburg Historic District . Galesburg was founded by George Washington Gale , a Presbyterian minister from New York state who had formulated the concept of the manual labor college and first implemented it at the Oneida Institute near Utica , New York. In 1836 Gale publicized
1854-491: A wide range of organizations in its trade area. Employees are encouraged to volunteer their time and efforts to support local civic and charitable causes. Charitable giving is consistent, significant, and encompasses both traditional corporate donations as well as some unique approaches to funding. Nontraditional programs include a number of sports-related donation efforts tied to local high school teams, and Hometown Hundreds where tens of thousands of dollars has been donated over
1957-528: Is a city in Knox County, Illinois , United States. The city is 45 miles (72 km) northwest of Peoria . At the 2010 census , its population was 32,195. It is the county seat of Knox County and the principal city of the Galesburg Micropolitan Statistical Area , which includes all of Knox and Warren counties. Galesburg is home to Knox College , a private four-year liberal arts college, and Carl Sandburg College ,
2060-663: Is low for this small denomination. This superseded the Federal Reserve Act (Section 16, Paragraph 8) which gives the Treasury permission to redesign any banknote to prevent counterfeiting. Notes issued prior to 1928 were 7 + 7 ⁄ 16 by 3 + 9 ⁄ 64 inches (18.9 cm × 8.0 cm). Per the Treasury Department Appropriation Bill of 1929, notes issued after 1928 were to be 6 + 5 ⁄ 16 by 2 + 11 ⁄ 16 inches (16.0 cm × 6.8 cm), which allowed
2163-662: Is maintained by the Illinois Historic Preservation Agency as the Carl Sandburg State Historic Site . It includes the cottage he was born in, a modern museum, the rock under which he and his wife Lilian are buried, and a performance venue. Throughout much of its history, Galesburg has been inextricably tied to the railroad industry. Local businessmen were major backers of the first railroad to connect Illinois's then two biggest cities— Chicago and Quincy —as well as
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#17327908741142266-469: Is served by U.S. Routes 34 and 150 . US 34 connects Galesburg to Burlington, Iowa , and Chicago . It is a freeway through its entire run in Galesburg and west to Monmouth . It connects to Galesburg through three interchanges at West Main Street, North Henderson Street, and North Seminary Street, along with an additional interchange at Interstate 74. US 150 runs through the heart of Galesburg. It enters
2369-452: Is that (other than under Executive Order 6102 as well as the demonetization of Trade Dollars in 1876 ) the United States has never demonetized or required a mandatory exchange of any existing currency. Consequently, would-be counterfeiters can easily circumvent any new security features simply by counterfeiting older designs, although once a new design is launched, the older designs are usually withdrawn from circulation as they cycle through
2472-514: Is useful not only for the vision-impaired; they nearly eliminate the risk that, for example, someone might fail to notice a high-value note among low-value ones. Multiple currency sizes were considered for U.S. currency, but makers of vending and change machines successfully argued that implementing such a wide range of sizes would greatly increase the cost and complexity of such machines. Similar arguments were unsuccessfully made in Europe prior to
2575-744: The Southwest Chief via the Mendota Subdivision and join the California Zephyr and Illinois Zephyr at the Burlington Northern depot. A series of mergers eventually united both lines under the ownership of BNSF Railway , carrying an average of seven freight trains per hour between them. With the closure of the Maytag plant in 2004, BNSF is once again the largest private employer in Galesburg. Galesburg
2678-549: The American Council of the Blind , note that U.S. bills are relatively hard to tell apart: they use very similar designs, they are printed in the same colors (until the 2003 banknotes, in which a faint secondary color was added), and they are all the same size. The American Council of the Blind has argued that American paper currency design should use increasing sizes according to value or raised or indented features to make
2781-622: The Australian dollar and adopted for the New Zealand dollar , Romanian leu , Papua New Guinea kina , Canadian dollar , and other circulating, as well as commemorative, banknotes of a number of other countries. They are said to be more secure, cleaner, and more durable than paper notes, but U.S. banknotes are already designed to be more durable than traditional cotton-based banknotes (they're 25% linen). One major issue with implementing these or any new counterfeiting countermeasures, however,
2884-703: The Federal Reserve System , and the Federal Home Loan Bank System . Federal Reserve Note Federal Reserve Notes are the currently issued banknotes of the United States dollar . The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of
2987-593: The Federal Reserve System . The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States. Federal Reserve Notes are legal tender , with the words "this note is legal tender for all debts, public and private" printed on each note. The notes are backed by financial assets that the Federal Reserve Banks pledge as collateral, which are mainly Treasury securities and mortgage agency securities that they purchase on
3090-492: The National Railroad Hall of Fame . Efforts are underway to raise funds for the $ 30 million (~$ 43.6 million in 2023) project, which got a major boost in 2006, when Congress passed a bill to charter the establishment. It is hoped that the museum will bring tourism and a financial boost to the community. Construction of the museum began in 2019. Galesburg has several radio stations and newspapers delivering
3193-542: The Nixon Shock of 1971. Present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the collateral assets that Federal Reserve Banks post in order to obtain them. A commercial bank that maintains a reserve account with the Federal Reserve can obtain notes from the Federal Reserve Bank in its district whenever it wishes. The bank must pay the face value of
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3296-813: The Stearman Fly in. Also in September are the Great Cardboard Boat Regatta and the Annual Rubber Duck Race, at Lake Storey. On the third weekend of every August, a Civil War and pre-1840s rendezvous is held at Lake Storey Park. Amtrak , the national passenger rail system, provides service from Chicago on four trains daily. It operates the California Zephyr , Carl Sandburg , Illinois Zephyr , and Southwest Chief daily from Chicago Union Station to Galesburg station and points west. The Southwest Chief and
3399-518: The $ 1 bill (which is not allowed to be redesigned under a 2015 law ), though the version of the $ 100 bill already is in progress. It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period. The Bureau received a comprehensive study on accessibility options in July 2009, and solicited public comments from May to August 2010. The 2013 redesign of
3502-460: The $ 100 bill did not include distinguishing features for the blind. As of October 2022, the plan was to incorporate accessibility features into distributions of a new $ 10 bill in 2026, $ 50 bill in 2028, $ 20 bill in 2030 followed later by a new $ 5 then $ 100 notes later in the 2030s. The Secretary of the Treasury is charged with the obligation to produce currency and bonds. 31 U.S.C. § 5114 . Treasury Department regulations further specify
3605-734: The 20th century brought many changes. In 1969, the bank added drive-up service to their location at the corner of Cherry and Main. A decade later, in 1979, the Main Bank facility in downtown Galesburg was constructed. In 1989, the bank opened the community's first full-service, seven-day-a-week office in the Eagle Food Store on North Henderson Street. The bank opened its first branch outside of Galesburg in Peoria, Illinois on Sheridan Road. It subsequently moved to North University in 2003, then to 4900 North Glen Park Place in 2006. In 2002,
3708-565: The Ambassador Club, open to customers age 50 and better with qualifying banking relationships, and the Mini-Millionaires Club, developed to help children age 12 and under develop good savings and money habits. The organization places a high priority on good corporate citizenship in the form of community involvement and philanthropic efforts. Bank officers serve in leadership capacities, on boards, and on committees for
3811-1211: The F&;M Bank name which incorporates branding as a division of CBI Bank & Trust. Over the years, the bank has consistently been one of the largest financial institutions in its home market of Muscatine County, Iowa. Local deposit market share there has traditionally been in the high 20% to low 30% range, with slight variations from year to year. CBI Bank & Trust offers a full range of banking products and services including checking, savings and money market accounts; CDs, IRAs and related investments; personal, auto, consumer and home equity loans; conventional, insured and first-time homebuyer mortgages; business, commercial and ag loans; commercial deposit and cash management products; remote deposit capture and merchant processing services; online banking, online bill pay, mobile and telephone banking services; ATM, debit, credit, HSA and gift cards; automated teller machines, drive up and night deposit services; stocks, mutual funds, annuities and investment advisory services (through its affiliates, CBI Investment Services and F&M Investment Services); and trust services. It hosts several bank clubs, most notably
3914-441: The Federal Reserve Banks. U.S. currency does, however, bear several anti-counterfeiting features. Two of the most critical anti-counterfeiting features of U.S. currency are the paper and the ink. The ink and paper combine to create a distinct texture, particularly as the currency is circulated. The paper and the ink alone have no effect on the value of the dollar until post print. These characteristics can be hard to duplicate without
4017-473: The First Trust and Savings Bank of Muscatine. Simon Casady served as the bank's President from 1909 until 1925, when he began to serve on the bank's board. The year 1933 brought a combining of banking interests into a single operating unit, a new state charter, and a change in name to Central State Bank. From the 1930s through the 1990s the bank operated primarily in the Muscatine trade area and developed
4120-548: The Freedom Security Bank, West Chester Savings Bank and Buffalo Prairie State Bank offices together under the new name, logo and brand. In August, 2016, the downtown Davenport, Iowa branch office of MidwestOne Bank was acquired and merged into the bank. In June, 2020, Walcott Trust and Savings Bank, based in Walcott, Iowa , was merged into CBI Bank & Trust. It had been acquired by Central Bancshares, Inc.
4223-503: The Galesburg Railroad Museum was founded and opened during Railroad Days. For a while, the city and the railroad worked together on the celebrations. In 2002, the railroad backed out of the festival and there were no yard tours. In 2003 the city worked with local groups to revamp the festival and the Galesburg Railroad Museum resumed bus tours of the yards. The Galesburg Railroad Museum has continued to provide tours of
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4326-476: The Galesburg offices of Marquette Bank Illinois were purchased by Central Bancshares, Inc., and they began once again using the familiar F&M Bank name, logo and branding. In 2004, it built a new branch at 1230 North Henderson Street. In 2012, it acquired the Galesburg offices of Wisconsin-based Associated Bank. In July, 2016, the acquisition of Brimfield Bank, Brimfield, Illinois was completed. In 2018, construction of another Galesburg location, Seminary Square,
4429-408: The Galesburg team in 1912, when his wife, two children, his parents and two sisters were killed in a tornado. Galesburg teams played at Illinois Field (1908–1912, 1914), Lombard College Field (1908–1912, 1914) and Willard Field at Knox College (1890, 1895). Lombard College was in Galesburg until 1930, and is now the site of Lombard Middle School. The Carr Mansion at 560 North Prairie Street
4532-1016: The Illinois/Wisconsin State Line area ( Rockford, Illinois and Beloit, Wisconsin ). It serves individuals, families and businesses in these trade areas through 24 full-service locations: three in Muscatine, Iowa , three in Davenport, Iowa , three in Galesburg, Illinois , three in Moline, Illinois , and one each in Buffalo, Iowa , Coralville, Iowa , Kalona, Iowa , Walcott, Iowa , Washington, Iowa , Wilton, Iowa , Brimfield, Illinois , Buffalo Prairie, Illinois , Joy, Illinois , Monmouth, Illinois , Peoria, Illinois , Roscoe, Illinois and Beloit, Wisconsin . The Galesburg, Brimfield, Monmouth and Peoria locations operate under
4635-914: The Stateline (Roscoe/Beloit) region of Illinois and Wisconsin and by 2023 had grown to approximately $ 370 million in assets and six banking centers serving Illinois, Iowa and Wisconsin. In May, 2023, the bank’s parent company, Moline, Illinois-based McLaughlin Holding Company, entered into an agreement to be acquired by Central BAncshares, Inc. The sale was completed in October, 2023, and the SENB Bank locations were merged into CBI Bank & Trust at that time. In September, 2023, Central Bancshares, Inc. announced that it had entered into an agreement with Farmers-Merchants Bank of Illinois to purchase its Joy, Illinois branch office. The proposed purchase of
4738-502: The Treasury Department to produce 12 notes per 16 + 1 ⁄ 4 -by- 13 + 1 ⁄ 4 -inch (41 cm × 34 cm) sheet of paper that previously would yield 8 notes at the old size. Modern measurements of these large size notes reveal an average dimension of 7 + 3 ⁄ 8 by 3 + 1 ⁄ 8 inches (18.7 cm × 7.9 cm). Small size notes (described as such due to their size relative to
4841-582: The United States , chartered in 1791 by Alexander Hamilton . Its charter was not renewed in 1811. In 1816, the Second Bank of the United States was chartered and its notes also acquired widespread acceptance; its charter was not renewed in 1836, after President Andrew Jackson campaigned heavily for its disestablishment. From 1837 to 1862, in the Free Banking Era , state bank notes were the only circulating paper currency again. From 1862 to 1913,
4944-820: The United States government. Although not issued by the United States Treasury , Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury . At the time of the Federal Reserve's creation, the law provided for notes to be redeemed to the Treasury in gold or "lawful money." The latter category was not explicitly defined, but included United States Notes , National Bank Notes , and certain other notes held by banks to meet reserve requirements, such as clearing certificates. The Emergency Banking Act of 1933 removed
5047-447: The United States was the only nation out of 180 issuing paper currency that printed bills that were identical in size and color in all their denominations and that the successful use of such features as varying sizes, raised lettering and tiny perforations used by other nations is evidence that the ordered changes are feasible. The plaintiff 's attorney was quoted as saying "It's just frankly unfair that blind people should have to rely on
5150-523: The West Chester facility was consolidated into Washington Banking Center and in 2005, work was completed a 4,000 square foot addition constructed to accommodate continued growth of the organization. In July, 2014, the bank was merged into Central State Bank, Muscatine, Iowa. It continued to operate under the name West Chester Savings Bank, as an office of Central State Bank, until September 1, 2015, when all Central State Bank offices were combined under
5253-406: The age of 18 living with them, 43.6% were married couples living together, 12.4% had a female householder with no husband present, and 40.3% were non-families. 34.6% of all households were made up of individuals, and 16.1% had someone living alone who was 65 years of age or older. The average household size was 2.24 and the average family size was 2.87. The population was spread out, with 21.1% under
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#17327908741145356-434: The age of 18, 11.8% from 18 to 24, 27.0% from 25 to 44, 22.0% from 45 to 64, and 18.1% 65 or older. The median age was 38. For every 100 females, there were 100.3 males. For every 100 females age 18 and over, there were 98.1 males. The median income for a household in the city was $ 31,987, and the median income for a family was $ 41,796. Males had a median income of $ 31,698 versus $ 21,388 for females. The per capita income for
5459-705: The area's first banking affinity group, the Ambassador Club (1988), and it was the first to offer in-store banking (Econofoods, 1990). It was also among the first in the area to offer ATM services, debit cards, online and mobile banking. In 2005, the bank branched beyond Muscatine for the first time, opening an office in Wilton, Iowa . In July, 2013, two affiliate banks, Freedom Security Bank (with locations in Coralville, Iowa and Kalona, Iowa ) and West Chester Saving Bank (located in Washington, Iowa ) were merged into
5562-408: The bank was merged into Central State Bank, Muscatine, Iowa. It continued to operate under its former name, as an office of Central State Bank, until September 1, when all Central State Bank offices were combined under the same name and branding of CBI Bank & Trust. West Chester Savings Bank was incorporated March 6, 1900 and the organization’s first building was constructed shortly thereafter in
5665-463: The bank's vault for future issues. Notes in poor condition are destroyed and replacements are ordered from the BEP. The Federal Reserve shreds 7,000 tons of worn out currency each year. As of 2018, Federal Reserve notes remain, on average, in circulation for the following periods of time: The Federal Reserve does not publish an average life span for the $ 2 bill. This is likely due to its treatment as
5768-428: The branch, which was formerly known as Joy State Bank, will include all deposit accounts held at the office (approximately $ 62 million at the time of announcement) and $ 27 million in loans. The transaction, which was subject to customary closing conditions including regulatory approval, was finalized January 26, 2024. CBI Bank & Trust is a wholly owned subsidiary of Muscatine-based Central Bancshares, Inc. Stock in
5871-414: The capabilities of modern color printers , most of which are affordable to many consumers. These critics suggest that the Federal Reserve should incorporate holographic features, as are used in most other major currencies, such as the pound sterling , Canadian dollar and euro banknotes , which are more difficult and expensive to forge. Another robust technology, the polymer banknote , was developed for
5974-496: The city as Grand Avenue from the southeast, runs through downtown as Main Street, and exits the city as North Henderson Street. Galesburg is additionally served by Illinois State Route 97 , Route 41 , Route 164 , and Knox County highways 1, 7, 9, 10, 25, 30, 31, and 40. Galesburg Municipal Airport provides general aviation access, while Quad City International Airport and General Wayne A. Downing Peoria International Airport provide commercial flights. Galesburg will be home to
6077-556: The city was $ 17,214. About 10.7% of families and 14.7% of the population were below the poverty line , including 23.4% of those under age 18 and 6.3% of those age 65 or over. Galesburg is the home of the Railroad Days festival, held on the fourth weekend of June. The festival began in 1977 as an open house to the public from the then Burlington Northern. Burlington Northern gave train car tours of their yards. The city started having street fairs to draw more people to town. In 1981,
6180-441: The city was 84.23% White , 10.20% African American , 0.22% Native American , 1.03% Asian , 0.02% Pacific Islander , 2.46% from other races , and 1.84% from two or more races. Hispanic or Latino of any race were 5.01% of the population. 17.4% were of German , 12.6% American , 11.5% Irish , 11.3% Swedish and 9.1% English ancestry according to Census 2000 . There were 13,237 households, of which 26.3% had children under
6283-475: The cost estimates were inflated and that the burdens on blind and visually impaired currency users had not been adequately addressed. On October 3, 2008, on remand from the D.C. Circuit, D.C. District Court Judge Robertson granted the injunction. As a result of the court's injunction, the Bureau of Engraving and Printing is planning to implement a raised tactile feature in the next redesign of each note, except
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#17327908741146386-672: The currency more usable by the vision-impaired , since the denominations cannot currently be distinguished from one another non-visually. Use of Braille codes on currency is not considered a desirable solution because these markings would only be useful to people who know how to read Braille, and one Braille symbol can become confused with another if even one bump is rubbed off. Though some blind individuals say that they have no problems keeping track of their currency because they fold their bills in different ways or keep them in different places in their wallets , they nevertheless must rely on sighted people or currency-counting machines to determine
6489-474: The earlier large-size notes) are an average 6 + 1 ⁄ 8 by 2 + 5 ⁄ 8 inches (15.6 cm × 6.7 cm), the size of modern U.S. currency. Each measurement is ± 0.08 inches (2.0 mm) to account for margins and cutting. (Note: differences in size may also involve in historical changes in the definition of the inch .) Series 1914 FRN were the first of two large-size issues. Denominations were $ 5, $ 10, $ 20, $ 50, and $ 100 printed first with
6592-565: The first note in the second redesign, has kept the element of the special double prefix. The first letter is E for Series 2004, G for Series 2004A, I for Series 2006, J for Series 2009, L for Series 2009A, and M for Series 2013. Federal Reserve Notes are made of 75% cotton and 25% linen fibers, supplied by Crane Currency of Dalton, Massachusetts specifically for that purpose. U.S. paper currency has had many nicknames and slang terms. The notes themselves are generally referred to as bills (as in " five-dollar bill "). Notes can be referred to by
6695-399: The first or last name of the person on the portrait ( George for one dollar, or even more popularly, " Benjamins " for $ 100 notes ). Despite the relatively late addition of color and other anti- counterfeiting features to U.S. currency, critics hold that it is still a straightforward matter to counterfeit these bills. They point out that the ability to reproduce color images is well within
6798-496: The form of direct federal obligations, private bank obligations, or assets purchased through open market operations . If the notes are newly printed, they also pay the BEP for the cost of printing (about 4¢ per note). This differs from the issue of coins , which are purchased for their face value. A Federal Reserve Bank can retire notes that return from circulation, which entitles it to recover collateral that it posted for an earlier issue. Retired notes in good condition are held in
6901-463: The gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value (effectively making change). Under the Bretton Woods system , although citizens could not legally possess gold (except as rare coins, jewelry, for industrial purposes, etc.), the federal government continued to maintain a stable international gold price. This system ended with
7004-419: The good faith of people they have never met in knowing whether they've been given the correct change." Government attorneys estimated that the cost of such a change ranges from $ 75 million in equipment upgrades and $ 9 million annual expenses for punching holes in bills to $ 178 million in one-time charges and $ 50 million annual expenses for printing bills of varying sizes. Robertson accepted
7107-400: The history of over a half dozen banks that came together over the years to form today's organization. Central State Bank's history can be traced to the mid-nineteenth century, a time when "private banks" — those not open to the general public — were the norm. The private banking house of Isett and Brewster of Muscatine was one of the earliest of this type in Iowa and operated successfully for
7210-526: The ink off a low-denomination note, such as a $ 1 or $ 5 bill, and reprint it as a higher-value note, such as a $ 100 bill. To counter this, the U.S. government has included in all $ 5 and higher denominated notes since the 1990 series a security thread , which is a vertical laminate strip imprinted with denomination information. Under ultraviolet light, the security thread fluoresces a different color for each denomination ($ 5 note: blue; $ 10 note: orange; $ 20 note: green; $ 50 note: yellow; $ 100 note: pink). Additionally
7313-497: The introduction of multiple note sizes. Alongside the contrasting colors and increasing sizes, many other countries' currencies contain tactile features missing from U.S. banknotes to assist the blind. For example, Canadian banknotes have a series of raised dots (not Braille) in the upper right corner to indicate denomination. Mexican peso banknotes also have raised patterns of dashed lines. The Indian rupee has raised patterns of different shapes printed for various denominations on
7416-479: The left of the watermark window (20: vertical rectangle; 50: square; 100: triangle; 500: circle; 1,000: diamond). Ruling on a lawsuit filed in 2002 ( American Council of the Blind v. Paulson ), on November 28, 2006, U.S. District Judge James Robertson ruled that the American bills gave an undue burden to the blind and denied them "meaningful access" to the U.S. currency system. In his ruling, Robertson noted that
7519-451: The mid-19th century. A daily, it is the main newspaper of the city, and was owned by Copley Press until it was sold to Gate House Media in April 2007. The Zephyr was started in 1989, was published on Thursdays and was the only locally owned newspaper until its final edition December 9, 2010. The New Zephyr began publication in early 2013. It is published every Friday. The Knoxville Bulletin
7622-404: The motto had periodically appeared on coins since 1865, it did not appear on currency (other than interest-bearing notes in 1861) until a law passed in 1956 required it. It began to appear on Federal Reserve Notes delivered from 1964 to 1966, depending on denomination. The portraits appearing on the U.S. currency can feature only people who have died, whose names should be included below each of
7725-605: The newly designed $ 100 launched in 2013 has a 3D security ribbon which has proven to be highly resistant to counterfeiting, yet easily understood by the public without special tools or lights. According to the central banks , the number of counterfeited banknotes seized annually is about 10 in one million real bank notes for the Swiss franc , 50 in one million for the Euro , 100 in one million for United States dollar and 300 in one million for pound sterling (old style). Critics, such as
7828-541: The next ten years. The redesigns include: After an unsuccessful attempt in the proposed Legal Tender Modernization Act of 2001, the Omnibus Appropriations Act of 2009 required that none of the funds set aside for either the Treasury or the Bureau of Engraving and Printing may be used to redesign the $ 1 bill. This is because any change would affect vending machines and the risk of counterfeiting
7931-547: The notes by debiting (drawing down) its reserve account. Smaller banks without a reserve account at the Federal Reserve can maintain their reserve accounts at larger "correspondent banks" which themselves maintain reserve accounts with the Federal Reserve. Federal Reserve Notes are printed by the Bureau of Engraving and Printing (BEP), a bureau of the Department of the Treasury. When Federal Reserve Banks require additional notes for circulation, they must post collateral in
8034-463: The open market by fiat payment . Following the enactment of the Constitution, states began chartering commercial banks that issued their own notes. These notes were known as state bank notes. State bank notes did not achieve widespread acceptance outside of their state of issue. The first institution to issue notes with national acceptance in the U.S. was the nationally chartered First Bank of
8137-517: The organization is closely held and not actively traded. A majority of the outstanding shares are owned by individuals who either live in or are connected to the Muscatine, Iowa area. The bank's primary market area consists of East-Central Iowa and West-Central Illinois ( Muscatine County, Iowa , Washington County, Iowa , Johnson County, Iowa , Scott County, Iowa , Rock Island County, Illinois , Knox County, Illinois , Mercer County, Illinois , Peoria County, Illinois , Warren County, Illinois ), and
8240-448: The organization, but continued to operate under their existing names as offices of Central State Bank. On April 1, 2015, the bank's parent company, Muscatine-based Central Bancshares, Inc., acquired Buffalo Prairie State Bank, Buffalo Prairie, Illinois and began operating it under its existing name as an office of Central State Bank. On September 1, 2015, Central State Bank changed its name to CBI Bank & Trust and concurrently brought
8343-683: The plaintiff's argument that current practice violates Section 504 of the Rehabilitation Act . The judge ordered the United States Department of the Treasury to begin working on a redesign within 30 days, but the Treasury appealed the decision. On May 20, 2008, in a 2-to-1 decision, the United States Court of Appeals for the District of Columbia Circuit upheld the earlier ruling, pointing out that
8446-477: The portraits. Since the standardization of the bills in 1928, the Department of the Treasury has chosen to feature the same portraits on the bills. These portraits were decided upon in 1929 by a committee appointed by the Treasury. Originally, the committee had decided to feature U.S. presidents because they were more familiar to the public than other potential candidates. The Treasury altered this decision, however, to include three statesmen who were also well known to
8549-525: The powers of a central bank. Federal Reserve Notes have been printed from Series 1914 in large-note format, and from Series 1928 in modern-day (small-note) format. The latter dimensions originated from the size of the Philippine peso Silver Certificates issued in 1903 while William Howard Taft served as Philippine governor-general under the United States colonial administration. In view of its highly successful run, President Taft subsequently appointed
8652-447: The previous December. In February, 2021, Galesburg, Illinois -based F&M Bank was merged into CBI Bank & Trust. It had been purchased in 2002 by Central Bancshares, Inc., and operated for nearly 20 years as an independently chartered institution. Locations continue to be operated under the F&M Bank name and brand, as a division of CBI Bank & Trust. In October, 2023, SENB Bank (formerly known as South East National Bank)
8755-403: The proper equipment and materials. Furthermore, recent redesigns of the $ 5, $ 10, $ 20, and $ 50 notes have added EURion constellation patterns which allows scanning software to recognize banknotes and refuse to scan them. The differing sizes of other nations' banknotes is a security feature that eliminates one form of counterfeiting to which U.S. currency is prone: Counterfeiters can simply bleach
8858-551: The public: Alexander Hamilton (the first Secretary of the Treasury who appears on the $ 10 bill), Benjamin Franklin (an early advocate of paper currency who appears on the $ 100 bill), and Salmon P. Chase (the Secretary of the Treasury who reintroduced national paper currency and appeared on the obsolete $ 10,000 bill) In 2016, the Treasury announced a number of design changes to the $ 5, $ 10 and $ 20 bills; to be introduced over
8961-437: The quality of paper and ink to be used. 31 C.F.R. Part 601 . The denominations and design of currency are not further specified by law; for example, the choice of $ 1, $ 2, $ 5, $ 10, $ 20, $ 50, and $ 100, and the portraits on each, are largely left to the discretion of the Secretary of the Treasury. There are few requirements set by Congress. The national motto " In God We Trust " must appear on all U.S. currency and coins. Though
9064-462: The same building and owned by the same stockholders. Nationally chartered banks traditionally catered to the needs of businesses and they could issue their own bank notes, which served as currency in the absence of today's Federal Reserve Notes . By contrast, state-chartered institutions emphasized serving individuals and families by accepting savings deposits and making loans for personal and home financing. In 1880, state-chartered Muscatine Savings Bank
9167-718: The same name and branding of CBI Bank & Trust. Buffalo Prairie State Bank, located in Buffalo Prairie, Illinois, was chartered in September, 1920. Over the years it developed an excellent reputation serving the banking needs of western Rock Island County, Illinois. Growth was steady and at year-end 2014 total assets were over $ 71 million. The bank was purchased by Central Bancshares, Inc., on April 1, 2015 and concurrently merged into Central State Bank, Muscatine, Iowa. It continued to operate under its former name, as an office of Central State Bank until September 1, 2015, when all Central State Bank locations were combined under
9270-490: The same name and branding of CBI Bank & Trust. Walcott Trust and Savings Bank was created during the Great Depression, on May 20, 1931, through the merger of two organizations: Walcott Savings Bank (organized in 1893) and Farmers Savings Bank (founded in 1904). The Werner family was involved in both banks from the time they were established, culminating in the acquisition of a controlling interest in 1949. Over
9373-500: The state-supported Carl Sandburg and Illinois Zephyr take passengers to Chicago or points west, while the California Zephyr discharges passengers only on its eastbound run since the other trains provide ample service. Galesburg Transit provides bus service in the city. There are four routes: Gold Express Loop, Green Central Loop, Red West Loop, and Blue East Loop. BNSF provides rail freight to Galesburg and operates
9476-473: The value of each bill before filing it away using the system of their choice. This means that no matter how organized they are, blind people still have to trust sighted people or machines each time they receive U.S. banknotes. By contrast, other major currencies, such as the pound sterling and euro , feature notes of differing sizes: the size of the note increases with the denomination and different denominations are printed in different, contrasting colors. This
9579-432: The village of West Chester, Iowa. It opened its doors for its first day of business on July 16, 1900. The bank enjoyed steady growth over the years. A very notable characteristic is that it never closed its doors in the 1930s during the Great Depression. In 1948, controlling interest in the bank was sold to A.R. Wolf, his son Calvin C. Wolf, and son-in-law John Butler. In 1985, Farmers Savings Bank of Kalona purchased
9682-555: The yards since then. In 2010, the Galesburg Railroad Museum started offering a VIP tour of the yards, in which a select group of riders are allowed in the Hump Towers and Diesel Shop and see the BNSF at work. During the festival, one of the largest model railroad train shows and layouts in the U.S. Midwest happens during Railroad Days at the new Galesburg High School Fieldhouse. During Labor Day weekend in September, Galesburg hosts
9785-910: The years in the form of $ 100-per-week payments to a wide variety of local charities and programs nominated by the public. Bank affiliations include membership in the American Bankers Association , the Iowa Bankers Association, the Illinois Bankers Association, the SHAZAM electronic funds transfer network, the National Automated Clearing House Association ( NACHA ), the Federal Deposit Insurance Corporation ,
9888-559: The years, the bank played an important leadership role in the community and grew along with Walcott through the expansion of its staff and its facility including the addition of drive-up services, several building expansions, and an extensive renovation of the historic structure in 1998-1999. In June, 2014, WTSB opened its first branch, located in Paul Revere Square on East Kimberly Road in Davenport, Iowa. The bank
9991-572: Was a stop on the Underground Railroad . The city was the site of the fifth Lincoln–Douglas debate . held on October 7, 1858. Galesburg also was the home of Mary Ann "Mother" Bickerdyke , who provided hospital care for Union soldiers during the Civil War . In later years, Galesburg became the birthplace of poet Carl Sandburg , artist Dorothea Tanning , and former Major League Baseball star Jim Sundberg . Sandburg's boyhood home
10094-544: Was completed. In February, 2021, F&M Bank was merged with CBI Bank & Trust and locations continued to be operated under the F&M Bank name and branding, as a division of CBI Bank & Trust. In December, 2021, a new location was added in Monmouth, Illinois. SENB Bank, formerly known as South East National Bank, was founded in 1961 in the Iowa-Illinois Quad Cities.In 2019 it expanded into
10197-744: Was home to the pioneering brass era automobile company Western , which produced the Gale, named for the town. Galesburg was home to minor league baseball from 1890 to 1914. The Galesburg Pavers was the last name of the minor league teams based in Galesburg. Galesburg teams played as members of the Eastern Iowa League (1895), Central Interstate League (1890), Illinois-Iowa League (1890), Illinois-Missouri League (1908–1909) and Central Association (1910–1912, 1914). Baseball Hall of Fame members Grover Cleveland Alexander (1909) and Sam Rice (1912) played for Galesburg. Rice had to leave
10300-638: Was merged into CBI Bank & Trust. The Moline, Illinois -based bank had approximately $ 340 million in assets and six offices in the Illinois-Iowa Quad Cities and the State Line (Rockford/Beloit) region of Illinois and Wisconsin. In January, 2024, the Joy, Illinois branch office of Farmers-Merchants Bank of Illinois merged into CBI Bank & Trust. Freedom Security Bank was founded in 1899 as Farmers Savings Bank in Kalona, Iowa. It had
10403-494: Was organized for the purpose of serving the community in tandem with Merchants Exchange National Bank. During the intervening years, this dual-bank organization continued to grow. There were a couple of name changes along the way: in 1886, Merchants National became the First National Bank of Muscatine (no relationship to the present-day entity of the same name), and in 1907, Muscatine Savings Bank changed its name to
10506-775: Was purchased by Central Bancshares, Inc., in December, 2019 and it was subsequently merged into CBI Bank & Trust in June, 2020. The Farmers and Mechanics Bank, known as F&M Bank, was founded in 1869 in Galesburg, Illinois by Chauncey Colton. Housed in the main floor of the Union Hotel, it served the deposit and lending needs of the community. Eventually F&M Bank was acquired by the Minneapolis-based Marquette banking organization and became known as Marquette Bank Illinois. The middle and later decades of
10609-409: Was the site of a presidential cabinet meeting held in 1899 by U.S. President William McKinley and U.S. Secretary of State John Hay . Galesburg is in western Knox County. Interstate 74 runs through the east side of the city, leading southeast 47 miles (76 km) to Peoria and north 36 miles (58 km) to Interstate 80 near the Quad Cities area. According to the 2010 census, Galesburg has
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