Isn't That Rich Podcast

In a recent conversation with Tom Franks, the owner and chairman of the board at Farmers State Bank, we explored his fascinating journey from the coal mines to the banking world. Tom's story is not just one of business acumen but also of resilience, faith, and an unwavering commitment to community development.

Diverse Business Ventures

Tom's career has been marked by a variety of business ventures. Before his success in coal mining, Tom's entrepreneurial journey began with the Dairy Queen he built and operated in Harrisburg, IL. He was involved in a farrow-to-finish hog operation with his brother-in-law, Rick Lane. Additionally, Tom ran the Galleries Furniture Store in Harrisburg, which also housed a jewelry store. These experiences provided Tom with a broad perspective on different industries and honed his skills in managing diverse business operations.

He eventually transitioned into construction work with his father, and it was during this period that his foray into the coal mining industry began. Inspired by his father's belief in the potential of energy, Tom and his father bought a drill rig and started exploring opportunities within the Shawnee National Forest. This venture led to the establishment of the Tech Bar Mine, which eventually grew into the Big Ridge Mine, employing 600 people and producing over 5 million tons of coal annually.

Overcoming Rejections in Banking

Tom's entry into the banking sector was driven by necessity and numerous rejections. With a proposal in hand, he approached multiple banks across the Midwest, only to be turned down repeatedly. It wasn't until he met with Indiana National Bank that he secured the funding needed to kickstart his coal mining project. Despite the bank's initial skepticism, Tom's project succeeded, laying the foundation for his future in banking.

Establishing Farmers State Bank

The cyclical nature of the coal industry prompted Tom to seek a more stable venture, leading to his acquisition of Farmers State Bank in 1994. The bank, founded in 1910, had a modest lending limit and operated with a small team. Tom's vision was to expand and modernize the bank while maintaining its community-focused values. His first major project was building a branch in Harrisburg, which proved to be highly successful.

Building a Legacy of Unique Branches

Tom's approach to banking infrastructure is unique. Inspired by buildings and locations he admired, he commissioned architects to design branches that were inviting and distinctive. For instance, the Marion East branch was inspired by a house in the Florida Keys, and the Marion West branch features an Italian Renaissance design. Each branch reflects Tom's belief in creating a warm and welcoming environment for customers.

Embracing Community and Culture

Under Tom's leadership, Farmers State Bank has grown significantly, with a current size of $335 million and a lending limit of over $7 million. The bank's success is rooted in its commitment to personalized customer service and community engagement. Tom emphasized the importance of treating customers with respect and building relationships, a philosophy that sets Farmers State Bank apart from larger, impersonal institutions.

Looking Ahead: New Ventures and Continued Growth

Tom's vision extends beyond banking. Recently, the bank acquired FSB Insurance, expanding its services, and solidifying its presence in the community. The upcoming opening of a new branch in Herrin, Illinois, is another testament to the bank's growth and commitment to serving the region.

A Message of Faith and Gratitude

In closing, Tom shared a message of faith and perseverance. He encouraged individuals to follow their paths, trusting in God's guidance. Tom expressed deep gratitude to the bank's customers for their continued support, ensuring them that Farmers State Bank is poised to serve the community for another hundred years.

Tom Franks' journey is a remarkable example of resilience, innovation, and community spirit. His leadership at Farmers State Bank has not only transformed the institution but also positively impacted countless lives in the region. As the bank continues to grow and evolve, Tom's legacy of service and commitment to excellence will undoubtedly endure.