Vermont State Bank

Who We Are

A trusted institution in Vermont, Illinois, since 1947, Vermont State Bank (VSB) is a community-first and mission-driven bank that is expanding its reach to end historic and systemic barriers facing working people so they can live, work and spend with dignity in the 21st century economy.

After more than 70 years serving rural Illinois communities, VSB was acquired in 2019, with the mission to expand banking opportunities to working class households which are primarily rural, Black, Brown or residents of under-resourced communities. Together with our partners, we seek to change the landscape of banking by ending barriers facing the un- and underbanked.

National Register of Historic Places #97001334

Originally built in 1868, VSB restored this historic bank building as a commitment to the community where it was first established. VSB still maintains operations in the building as a commitment to the community it originated from.

We believe that a banking charter conveys a public duty to serve all customers, regardless of background or wealth -- which is why we're committed to investing in those that have been historically overlooked by existing financial institutions. There is endless potential waiting to be unlocked in these communities, and it all starts with providing those in-need with access to a bank account. Research backs this up: a 2023 study from the Federal Reserve Bank of Chicago found that poor access to bank branches contributes to Black communities' entire drop-off in bank use.

By focusing on bottom-up rather than top-down banking, VSB and its partners will help reverse the flow of funds out of communities that need them and infuse that capital back in where it can be used to nurture small businesses, support families, and help neighborhoods thrive.

Notable mission driven family offices and private investors lead a mission driven group committed to the bank’s success since the change of ownership in 2019, including historical bank owners and board of directors, new investors and a diverse team of senior advisors with the knowledge, passion, and expertise to guide the bank's next chapter.

Through intentional collaborations with customer partners, VSB will help support access to low cost banking, Financial Services and Credit Building to empower hard-working Americans to unlock their potential and take the first step in securing their financial future.

VSB hopes to enlist like-minded companies to together invest in those who have been overlooked for too long.

Our Model

While large banks are not present in many under-resourced communities and fringe lenders use fees disproportionately levied on low income households, VSB flips that script. The bank will generate its revenue via credit card processing, which will allow VSB to provide bank accounts with a fee structure that avoids taking money from those who need it most. VSB will be an entry point into the financial market for working people and a catalyst to build credit.