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Along with having a prominent location right off I-74 in Goodfield, the Goodfield State Bank occupies a prominent position among the state's community banks.
The Kentucky-based Financial Management Consulting Group rated the Goodfield bank No. 1 in overall performance out of 588 Illinois banks in 2010.
Not bad for a bank that serves a town with a population of only 1,000.
But president and CEO Chad Martin said the bank's customers aren't restricted to Goodfield.
"We serve Woodford County, in general, with a branch in Eureka. But we also have customers in McLean, Tazewell and Peoria counties," he said.
Being located midway between Bloomington and Peoria provides the bank with an advantage, said Martin. "We're really a bedroom community for both towns. You'll have families where one (family member) goes to Caterpillar (Peoria) and another to State Farm (Bloomington)," he said.
There were a number of reasons that the Goodfield bank topped more than 3,000 traditional banks in a 14-state area in its average return on assets in 2010.
In addition to an active staff of 15, Martin credited bank margins as playing a part in the bank's success. While interest rates have reached historic lows for consumers - now below 4 percent on a 30-year fixed home mortgage loan, for example - it's hard to find a bank that pays more than 1 percent on a certificate of deposit, he said.
"We know that margin is not going to last. As soon as the Federal Reserve begins tightening money supply, interest rates will rise," he said.
Another benefit for the Goodfield institution has been a lack of problem loans that have plagued other banks, said Martin. "Fortunately, we've had to deal with very few loan losses," he said.
A third benefit - another consequence of low interest rates - has been a series of refinancing booms. "Over the past five to seven years, we've seen a lot of people refinancing homes, a profitable activity for banks," said Martin.
"We have some people who have refinanced three or four times in the past five to seven years," he said.
The Goodfield bank, chartered in 1920, focuses on three major sectors, said Martin. "We focus on agriculture, residential real estate and small business," said the bank president.
Serving the Goodfield area are three subdivisions "not completely built out," said Martin, noting another subdivision is just in the beginning stages.
Along with having a prominent location right off I-74 in Goodfield, the Goodfield State Bank occupies a prominent position among the state's community banks.
The Kentucky-based Financial Management Consulting Group rated the Goodfield bank No. 1 in overall performance out of 588 Illinois banks in 2010.
Not bad for a bank that serves a town with a population of only 1,000.
But president and CEO Chad Martin said the bank's customers aren't restricted to Goodfield.
"We serve Woodford County, in general, with a branch in Eureka. But we also have customers in McLean, Tazewell and Peoria counties," he said.
Being located midway between Bloomington and Peoria provides the bank with an advantage, said Martin. "We're really a bedroom community for both towns. You'll have families where one (family member) goes to Caterpillar (Peoria) and another to State Farm (Bloomington)," he said.
There were a number of reasons that the Goodfield bank topped more than 3,000 traditional banks in a 14-state area in its average return on assets in 2010.
In addition to an active staff of 15, Martin credited bank margins as playing a part in the bank's success. While interest rates have reached historic lows for consumers - now below 4 percent on a 30-year fixed home mortgage loan, for example - it's hard to find a bank that pays more than 1 percent on a certificate of deposit, he said.
"We know that margin is not going to last. As soon as the Federal Reserve begins tightening money supply, interest rates will rise," he said.
Another benefit for the Goodfield institution has been a lack of problem loans that have plagued other banks, said Martin. "Fortunately, we've had to deal with very few loan losses," he said.
A third benefit - another consequence of low interest rates - has been a series of refinancing booms. "Over the past five to seven years, we've seen a lot of people refinancing homes, a profitable activity for banks," said Martin.
"We have some people who have refinanced three or four times in the past five to seven years," he said.
The Goodfield bank, chartered in 1920, focuses on three major sectors, said Martin. "We focus on agriculture, residential real estate and small business," said the bank president.
Serving the Goodfield area are three subdivisions "not completely built out," said Martin, noting another subdivision is just in the beginning stages.
A solid school system and the promise of a more rural setting than most bedroom communities is a draw for Goodfield, although "we're not out of the woods yet when it comes to the housing economy," he said.
The economic downturn has also stalled development of the town's industrial park, said Martin.
While the Goodfield bank has achieved success over the past year, small banks have had to pay a price due to the problems brought on by the big banks, he said. "We didn't get into credit swaps and derivatives but continued on the basics. With the small bank, you don't always hit the home run but you stay in the game," said Martin.
"Smaller banks are paying for the sins of the big banks. There's a regulatory burden we all have to carry now. We've had to staff additional compliance people to keep up with all the federal regulations. We're paying increased premiums to FDIC," he said.
But Martin is proud of the way his bank and the bank's employees have responded to the challenge. "I'm proud of the way we've been able to keep up with technology," he said, pointing to the expansion of mobile banking and online accounts.
In 2007, Goodfield State Bank added investment services to its offerings. "We're trying to make it a one-stop shop for customers," said Martin.
