Two Thousand Twenty has been a year many will not forget. It has been a historical year for Dieterich Bank, as well, with many noteworthy events.
The bank adapted operations as part of the pandemic to continue to provide quality service to our customers, while maintaining the health and well-being of our staff, customers, and communities. Our customers demonstrated their adaptability through notable increases in use of online banking services, the mobile app, and telephone banking. The commercial lending team spent a significant amount of time in 2020 helping our customers understand and navigate the SBA Paycheck Protection Program (PPP). Dieterich Bank and the banking industry in general experienced significant growth in deposits due to stimulus packages offered by the government and conservative consumer spending. While the ultimate impact of the pandemic is uncertain, Dieterich Bank remains committed to remaining a strong and reputable institution.
The bank expanded its footprint in Breese, Chester, Columbia, Red Bud, and Waterloo, Illinois in 2020 with the purchase of five branches. The acquisition increased Dieterich Bank assets to just over $1 billion and brings its number of banking locations from nine to fourteen. We welcome over 11,000 new customers to the bank and 26 new employees to the Dieterich Bank team. The addition of these five branches allows the bank to expand its presence in the Metro East market and aligns with the bank’s strategic initiative and community banking culture. We welcome these new customers, employees, and communities into our Dieterich Bank family.
In October of 2020 Dieterich Bank held a groundbreaking for its new bank location on South Route 157 in Edwardsville, Illinois. The full-service branch will include an attractive 4,200 square foot facility with drive-up lanes. The new facility in Edwardsville is scheduled to be open July 2021. The team is in place to serve this market and the branch is currently operating out of a temporary facility. Dieterich Bank believes the Edwardsville market provides access to significant retail and municipal deposits along with increased consumer and residential lending opportunities. Entering this market with a physical location allows for expanded geographics and appeal to different customer segments.
Dieterich Bank received an award for being named Best Places to Work in Illinois for the second year in a row. The bank received an improved rating in all eight categories from 2019. We are pleased to receive this award. It aligns with our goal to be an employer of choice and is beneficial in retaining and attracting talent.
Dieterich Bank was chartered in 1909. It currently has thirteen branch locations and a corporate office located in Effingham, Illinois along with a Loan Production Office in South County St. Louis. The banking facilities are in Dieterich, Teutopolis, Newton, Effingham, Lake Sara, St. Elmo, Red Bud North, Breese, Chester, Columbia, Red Bud South and Waterloo. Bank assets are just over $1 billion with over 175 employees. The bank continues to grow and strives to provide quality products and service to our customers, a pleasant work environment for our employees, and support to our communities.