History of the Bank

Rooted in Trust. Built to Last. Since 1864.

Grundy Bank has been a cornerstone of the Grundy County community for over 160 years. Officially established on September 16, 1864, we were the first national bank organized in Grundy County—founded on a vision of financial trust, innovation, and long-term commitment to our community.

Our story began when a small exchange and deposit bank, founded in 1862 by D.D. Spencer and W.C. Hammel, evolved into a nationally chartered institution with $50,000 in capital stock. That capital was provided by eleven founding stockholders: Abel P. Bulkley, C.H. Goold, D.D. Spencer, John Holderman, Samuel Holderman, John Barr, Aaron Sears, John B. Davidson, William M. Hanna, Dayton Kingman, and John Hill. These civic leaders laid the foundation of what would become a lasting institution. C.H. Goold served as the first president and D.D. Spencer as the first cashier. Goold led the bank for four years before Spencer succeeded him as president. Since then, Grundy Bank has had a total of 12 presidents, with our current president & CEO, Kevin Olson, serving since 1999.

Early Roots in Downtown Morris, IL

The bank’s original location was a two-story frame building owned by Captain Sam Hull, with a grocery store below and a residence above. In 1867, that building was relocated to make room for a more permanent brick structure built by Mrs. Atwater and N.C. Pettey. It featured three storefronts: Grundy Bank on the corner, Widney & Viner Hardware next door (wrapping around to Washington Street), and H.R. Green & Son occupying the third.

As Morris grew, so did the bank. We updated our facilities through major renovations in 1989, 2014, and 2018, always aiming to better serve our customers.

Banking That Evolves With You

As the needs of our customers evolved, Grundy Bank continued to lead the way in community banking.

• In 1931, we merged with The Farmers & Merchants Bank, strengthening our financial base and expanding our reach.
• In 1967, we introduced Grundy County’s first drive-thru banking center, helping customers manage their finances without leaving their cars—years before drive-thru service became standard. Just two years later, we became the first area bank to sell license plates over the counter, turning a routine errand into one more way to serve the community. That same year, we launched Superchek, Grundy County’s first credit reserve account, offering overdraft protection to customers who needed flexibility.
• In 1979, we installed the first ATM in Grundy County, giving customers 24/7 access to their money for the first time.
• In 1983, to prepare for continued growth, we established Illinois Valley Bancorp, Inc. as our bank’s holding company.
• In 2002, we officially became a state-chartered bank and adopted the name Grundy Bank.
• We’ve continued to expand our physical presence across the region with the addition of the Bedford, Drive-Up, and Wilmington branches.

Serving Illinois with Integrity Since 1864

Today, Grundy Bank stands as the fourth-oldest bank in Illinois—a distinction we’re proud to carry, not because of age alone, but because of the relationships, trust, and service built over generations. As banking evolves, our commitment remains the same: to support our customers, strengthen our communities, and grow together.