In the summer of 1990, Community Bank president, Charles Crow, then an employee of a large, out-of-state bank, was pondering his future. Four years earlier, his employer, the largest locally owned bank in Hamilton County, was acquired by an out-of-state bank. In the 1980's, Indiana banking laws had changed; banks were not only allowed to cross county lines, but state lines as well. Soon, all but one of Hamilton and Madison counties' local banks were absorbed into much larger out-of-state banking giants.
The one remaining bank, the smallest bank in the state at that time, was also for sale. Because of its size and location in northeast Madison County, it was not an attractive acquisition for the large out-of-state banks. Crow thought he could find investors willing to help purchase the bank and extend its presence in Madison and Hamilton counties. After several months of talking to investors, Crow was able to secure enough capital to acquire the bank and grow it to a size able to compete with the larger operations.
On October 12, 1990, an agreement to buy Summitville Bank and Trust Company was signed. State approval came quickly, but acceptance from the Federal Deposit Insurance Corporation and Federal Reserve took much more time.
On April 18, 1991, Summitville Bank and Trust Company with assets of $6 million became Community Bank and opened its first two offices for business, one on Logan Street in Noblesville and one in Summitville. One month later, Community Bank acquired a savings and loan branch in Lapel. The first year ended with Community Bank showing assets of $26.8 million. Since then, the bank has continued to grow. In 1992, assets grew to $43.7 million. In 1993, a branch in Cicero and the Plaza branch in Noblesville were opened. By the end of 1993, assets were $70.9 million. In 1994, the South 10th Street and Motor Bank branches in Noblesville were opened, and assets reached $82.1 million. In 1997, a full-service Trust Department was established and offices were opened in Westfield, Alexandria, and Noblesville on River Road.
By the end of 2002, Community Bank had 11 locations with the addition of the office in Fishers, and assets had grown to $165 million. At year end 2004, assets reached $204 million. Steady growth has allowed Community Bank to serve more and more customers who want the convenience of local banking with modern technology.
Community Bank is a state-chartered bank, regulated by the Federal Deposit Insurance Corporation (FDIC), as well as by the Department of Financial Institutions for the State of Indiana. The Bank is an active member of both the Indiana Bankers Association and Community Bankers Association of Indiana on the state level, and the American Bankers Association and the Independent Community Bankers Association on a national level.
