Goodfield State Bank

In December of 1914, W.R. Simpson, Byron Colburn, and S. E. Naffziger founded Goodfield State Bank in Mr. Naffzigers country store. Patrons conducted banking business in one corner of the store until a building was completed in 1915. Goodfield State Bank was officially incorporated in the State of Illinois in December of 1920 and opened as a state chartered institution on January 3, 1921, with assets of $123,000. The banks assets continue to grow and reached 100 million in 2015. Goodfield State Bank remains an independent financial institution. In 2003, Goodfield Financial Corporation, a bank holding company was formed and shares of Goodfield State Bank exchanged for Goodfield Financial Corporation shares. Then in 2007, the shareholders elected to become a Subchapter S corporation. There are currently over 220 shareholders, with the majority of shares owned by individuals with ties to the local communities. The original facility was improved over time and the bank operated from t...