Compared with some of the other, well-known banks in this country, Mid America Bank & Trust has a younger history. However, this bank – which is known for its second-chance credit products – has been around for almost a century, and has still built a strong reputation in the United States.
The bank was founded in February 1920, named the State Bank of Dixon. It’s original location – at 216 West 2nd Street in Dixon, Missouri – is still in service today, though it has undergone a number of renovations over the years.
In fact, this branch is one of only three Mid America Bank & Trust locations in the entire country, all of which are in Missouri. And until 1999, it was the only brick-and-mortar location for the bank.
Mid America Bank & Trust was founded by three officers: H.E. Rollins, P.A. Christeson, and D.R. Stevens. They had capital and surplus of $45,000, which would be equivalent to about $540,000 today. The original building was owned by H.E. Rollins, who was the founding President of the bank. It was purchased from his estate many years later, in 1954.
As mentioned, the original bank was the only location for the majority of Mid America’s history. It underwent a few upgrades over the years – such as a drive-up window in 1967 and a large expansion in 1984. It wasn’t until 1996, however, that the location had its very first ATM installed.
Mid America Bank & Trust was known as the State Bank of Dixon for the first seven decades of operation. In 1984, controlling interest in the bank was purchased by Grover L. Johnson of Pulaski Bancshares. Even with the transfer of ownership, though, the bank kept its original name.
However, a few years later, the bank changed hands once again. In 1998, ownership shifted from Pulaski Bancshares (who had only held it for four short years) to Mid America Banking Corporation.
The following year (September 1999), a second location was finally opened. The name of both locations was changed to Mid America Bank & Trust, in an effort to unite the two branches.
A third location was finally opened in 2006 in Rolla, Missouri. This is the last new branch to be established bearing the Mid America Bank & Trust name, with no publicized plans to expand even further.
There’s no arguing that Mid America Bank & Trust is a small entity. After all, it has only three, in-state branches and 54 employees at-present. The bank’s assets total only $158.4 million, which ranks it #3432 among banks in the country, and its net income is a mere $3.2 million.
However, its credit products can provide second chances to those looking to (re)build their consumer history.
If you have bad credit or no credit at all, it can be very difficult to get approved for a new credit card.
Considering that responsible management of a credit card is the easiest way to build up a positive credit history, this can put you in a catch-22. Mid America Bank & Trust could be your saving grace, with its subprime credit card products and history of approval for those with less-than-average credit.