Andalusia bank opens branch in Moline

Originally Posted Online: April 09, 2010, 7:46 pm
Last Updated: April 13, 2010, 10:51 am
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By Jonathan Turner,

MOLINE -- When Community Bank Quad Cities opens on Monday, its first account holder will be a familiar name and face

Mic Dailing of Rock Island was 5 in 1979 when his parents opened his first bank account. It was also the first one for then-new Andalusia Community Bank.

On Thursday, Mr. Dailing, a 36-year-old truck driver, came into the bank's first branch at 3907 16th St., Moline, to open its first savings account.

"It's cool, kind of neat that they're expanding after all these years," he said, noting that he's typically had his money at DHCU Community Credit Union, since he mainly hauls Deere equipment. "It's always good to have more places where you have money."

Mr. Dailing bought his first car at age 15, with $600 from his Andalusia account. His parents opened two individual retirement accounts. "If they hadn't done that, they wouldn't have any savings," he said. "It really helped out my family. My dad lost his pension – the company he was working for went bankrupt."

Bank CEO Mike Bell said the new branch across from Mills Chevrolet and Sexton Ford is a "dream come true" for bank chairman Steve Spector and his family. Mr. Spector's late father, Herb, founded Andalusia Community Bank. "He always had a vision of coming to the Quad-Cities at some point," Mr. Bell said."It's a big step for us."

The "stars aligned" for the move, since the space was occupied by Bank Orion for 11 years, before it moved to John Deere Road and 53rd Street.

Andalusia president Randy Hollerud has said "a Quad-Cities presence would be huge for us."

It's partly geared to serve families who live in the Taylor Ridge/Andalusia area and work in town, who want a bank closer to their jobs, Mr. Bell said.

"This is an opportunity to extend service to existing clients and reach out to new clients," he said. "We think our difference, our selling point, is service. You get a good product for a fair price. Clients who do business with us, they're treated like family.

"It's amazing how many people have banked with us 20, 25 years," Mr. Bell said. "The model has worked wonderfully in Andalusia. There's no reason it can't work in the Quad-Cities."

"It's a very competitive market. You've got credit unions and banks up and down the corridor," he said. "We know it's not going to be easy."

Andalusia has succeeded by adhering to conservative principles, with a "very approachable staff, and very affordable" rates and services. The bank is not in the same position as many banks nationally -- with stricter requirements for credit and loans – because of their capital concerns, loan losses, poor liquidity and lower returns on investment, Mr. Bell said.

"We've been conservatively run and had a record year for earnings (of $430,772) in 2009," he said. "We don't have the credit concerns. We have prudently managed the bank for 30 years, which allowed us to branch in an environment where you don't see a lot of bank branches built."

Andalusia's assets have grown from $23 million in 2004 to $36 million today.

"We have always been very generous to folks who have had credit concerns," Mr. Bell said, noting the bank may be more forgiving than others. "We've always tried to look at the overall relationship, the character of the individual."

The bank also has been fortunate to have a strong rate of loan repayments, he said.

Community Bank has seven employees in Moline, with 12 full- and part-time employees in Andalusia.

Since last fall, the bank has partnered with SBS Wealth Management Co. of Moline to offer trust, investment, insurance and wealth management services.

Lobby hours will be 9 a.m. to 4 p.m. Monday, Tuesday and Thursday; 9 a.m. to 5:30 p.m. Friday; and 9 a.m. to noon Saturday. Drive-up hours are 7:30 a.m. to 5:30 p.m. weekdays and 8 a.m. to noon Saturdays.

While the lobby is closed Wednesdays (as it is in Andalusia), there is an "interactive teller" at the bank entrance in Moline, where a phone and screen allow customers to make transactions with a teller.

For more information, visit or call (309) 757-8900.


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