Philo Exchange Bank's history spans six generations of customers across east central Illinois. Started in 1883 by Dr. Calvin Ebeneezer Parker, the bank was purchased by Elisha Hazen, a local grain and implement dealer, in 1899. The bank took over Philo State Bank in 1933. Nathan Rice succeeded the Hazen family leadership in 1952. The Rice family retained ownership until January 2001 when they sold the bank to Yankee Ridge, Inc., a holding company that also owns the State Bank of Allerton, located 19 miles southeast of Philo. The Allerton bank was first organized as the S.W. Allerton Banking Company in 1892.
In 2004, the two banks received FDIC approval to merge. When the merger was completed in 2005, the Allerton bank and its facility in Broadlands became facilities of Philo Exchange Bank.
Today, Philo Exchange Bank's personnel, facilities and range of services continue the tradition of friendly, caring community banking while demonstrating its viability for the future.