First Community Bank of Hillsboro Rates & Review

First Community Bank of Hillsboro Review

First Community Bank of Hillsboro is a locally-owned bank founded in 1998 in Hillsboro, Illinois. The bank provides products and services in personal banking and business banking.

Personal banking

First Community Bank of Hillsboro offers a variety of checking account products. The bank's Free Checking account earns interest that is compounded and credited to the account monthly. Club Account provides free checks, money orders and cashier's checks at no charge up to a certain limit, notary and photocopy services up to certain limits, and a safe deposit box discount.

The bank offers a personal savings account, a Christmas Club account, a money market account with tiered rates, and CD accounts with terms from 3 months to 60 months. All checking and savings accounts can be accessed online.

Business banking

Business customers can choose from a variety of savings account options. Business Savings earns interest that is compounded quarterly. Transfers from this account to third parties are allowed with limitations. For a low monthly fee, Basic Business has no minimum balance requirement or limit on transactions.

Other business checking options with minimum balance requirements include free checking, interest checking, and Business Money Market accounts. The bank offers a CDARS account in which assets exceeding FDIC coverage limits are spread among CDs held at multiple banks through a single account with a guaranteed rate.

Loans

First Community Bank of Hillsboro offers fixed and adjustable rate mortgages, commercial loans, agricultural loans and consumer loans.

Deposit insurance

First Community Bank of Hillsboro is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.