History of Better Banks

William M. Wood founded Dunlap Bank on March 14 1898. The first bank was built on Second Street in the Village of Dunlap, and today Better Banks still operates an office on Second Street in Dunlap.  Having enjoyed a proud history, Dunlap Bank was one of the select rural banks in the country allowed to stay open in 1933 when President Roosevelt declared a “Bank Holiday” and temporarily closed nearly every bank in the U.S.

In 1957 B.F. “Chip” Backlund, a Senior Bank Examiner, purchased the bank and was elected Executive Vice President. He became president in 1967 and eventually Chairman.  Chip Backlund also served on the Board of Directors of the Federal Reserve Bank of Chicago from 1986 to 1992.

In 1979, Chip’s son Steve joined the Dunlap bank after working at a larger bank in Peoria and managing a retail center in Colorado and Idaho. In May of 1990 Dunlap Bank opened another office on North Knoxville to help serve the growth in that area.  In 2000, Steve was voted in as Chairman of the Board and CEO.

Bartonville Bank was organized in 1918 and was originally located across Adams Street from our present location in Bartonville, IL.  “Chip” Backlund organized a group to purchase the bank in 1970 and included many of the existing shareholders.  Steve Backlund joined Bartonville Bank in 1981 as Vice President. In December of 1982, Bartonville Bank opened a branch on Garfield Ave. in Bartonville. In 2002 Steve was elected Chairman of the Board and CEO of Bartonville Bank.

The Better Banks are the result of combining Dunlap Bank and Bartonville Bank in September 2004. These two banks have been part of the same banking family for over 30 years. Besides having common ownership and management the two banks also shared the same goal of providing exceptional customer service to their customers. The combination offered Better Banks’ customers many additional benefits we could not have provided while remaining separate banks; larger loan limits, more locations, and more ATMs to mention a few.  Constantly looking for ways to better serve our current and future customers is our primary goal and our vision. The combination also upheld our business philosophy: To remain a strong, locally owned community bank.

Wyoming Bank and Trust Co., Wyoming, IL was organized in 1935. Chip put together a slighty different group, that also included local investors to purchase the bank in 1967. In 2006, it was merged into Better Banks, strengthening the bank even more and allowing us to provide those customers in Wyoming better products, services and rates than before.

The Better Banks are part of Backlund Investment Co., a multi-bank holding company. Other banks in the holding company are Glasford Bank, Glasford Illinois; Farmers State Bank, Astoria, Astoria, Illinois; and State Street Bank and Trust Co., Quincy, Illinois. The holding company also includes Community Financial Center, Inc., a full service insurance agency located in our Knoxville Avenue office in Peoria.