Community Bank Shares of Indiana, Inc., the nation’s first ever mutual holding company, was formed in 1991, and in 1995 the company went public under the NASDAQ symbol CBIN. Today, Community Bank Shares of Indiana, Inc. is Southern Indiana’s largest locally owned and headquartered bank holding company.
The mission statement of Community Bank Shares reflects its purpose: “Achieving financial goals through exceptional people and exceptional service.” Community Bank Shares strives to help shareholders, customers, employees, and our communities achieve their respective financial goals by empowering talented individuals to provide a level of unmatched customer service.
The Origins of Your Community Bank
When the Bank opened its doors in May 1934 as First Federal Savings and Loan Association of New Albany, the entire country was still in the “Great Depression.” The complete credit system had collapsed and people had generally lost faith in financial institutions. With an original investment of less than $10,000, a small group of local businessmen organized a mutual association under the new system of Federal savings and loan associations, authorized by an Act of Congress of 1933.
In December 1980, First Federal Savings and Loan Association of New Albany changed its name to Community First Federal Savings and Loan Association to separate itself from all the other First Federals around the state and country. In August 1989, Community First Federal Savings and Loan changed its name to Community Savings Bank, F.S.B. The name change signified a renewed commitment to customers, with a greater range of financial services for all banking needs. In October 1994, Community Bank of Southern Indiana, F.S.B. was formed and became a wholly-owned subsidiary of Community Bank Shares of Indiana, Inc. Finally, in December 1996 Community Bank of Southern Indiana, FSB converted its charter from a Federal Savings Bank Charter to a State Bank Charter, operating under the name of Community Bank of Southern Indiana.
The Company formed Heritage Bank to provide the “Community” banking experience to customers in Jeffersonville, Indiana, opening its main office on Court Avenue in January 1996. Heritage would open another branch on Highway 62 in Jeffersonville in January 1998 before the bank was merged into Community Bank in March 2002. The Company acquired NCF Bank & Trust of Bardstown, Kentucky in May 1998, eventually merging NCF into Community Bank in December 2003.
On November 1, 2005, Community Bank changed its name to “Your Community Bank” giving the bank a unique brand identity. Recognizing the old logo no longer reflected the business strategy of providing convenience and outstanding customer service, the bank also changed its logo featuring a bridge built around a two-tone blue color scheme.
On February 15, 2006, Community Bank Shares of Indiana, Inc. announced the execution of a definitive agreement to acquire The Bancshares, Inc., a privately held $136 million in assets bank holding company headquartered in Scottsburg, Indiana. In connection with the strategic partnership, The Bancshares, Inc.’s banking subsidiary, The Scott County Bank, will be operated as a separate, stand-alone commercial banking subsidiary of Community Bank Shares of Indiana, Inc.