In 1930 the State Bank of Shannon and the People’s Bank merged into what became known as the First State Bank of Shannon. The Directors and Officers in 1930 were: D.S. Hoy, President; C.T. Wilhelms, Vice President; F.E. Woessner, Cashier; and W.H. Barron, E.C. Frank, J.H. Miles, R.A. Kersey, F.C. Nesemeier, A.S. Babb, Dr. H.H. Hoy, Frank Shauer, and Christian O. Wilhelms, Directors. Deposits of the combined banks were $539,400.
By 1934 the Board was reduced to five, caused nearly entirely by deaths during this four year period. The only director from the original organization was Christian O. Wilhelms, who served as Director for 31 years. C.T. Wilhelms was a continuous employee, with the exception of about two years; nine years with the People’s Bank and twenty years with the First State Bank of Shannon.
F.E Woessner served continuously for a period of over 30 years, eleven years with the State Bank of Shannon and nineteen years with the First State Bank of Shannon.
1n 1958 the bank had grown to around $4,000,000 in deposits. The officers at this time were: C.T. Wilhelms, President, H.H. Hoy, Vice President; W.O. Wilhelms, Vice President; F.J. Ewing, Cashier; C.N. Weigle, Assistant Cashier and Omar C. Wilhelms, Assistant Cashier. Directors were F.J. Ewing, H.H. Hoy, C.T. Wilhelms, Omar C. Wilhelms and W.O. Wilhelms.
In 1984 a one bank Holding Company was formed and was called Shannon Bancorp, Inc.
First State Bank of Shannon moved into a new facility of 4800 sq. ft. on Jan 2, 1972, commonly known as 1 S. Linn St., Shannon, IL. The bank had total assets of $15,167,000. An additional 1800 sq. ft. was added in 1992, making total area of 6400 sq. ft..
In September 1993 First State Bank of Shannon-Polo opened the first branch facility in Polo, Illinois and changed the bank name to First State Bank Shannon-Polo. Perry W. Byers, Vice President was promoted to Vice President/Branch Manager of the new Polo facility.
First State Bank Shannon-Polo continued to grow by purchasing the deposits and facility of the Grand National Bank-Polo facility in January of 1999, bringing total assets to approximately $110 million.
The First State Bank Shannon-Polo Board of Directors increased to seven members with the addition to Robin R. Saar in 1998. Long time board member Homer Byers passed away in 2002 leaving the six remaining directors, Omar C. Wilhelms, Chairman; Delores Meiners, John A. Leemon, Lawrence E. Woessner, Robin Saar, and Kenneth Freeman.