The State Bank of Bement was organized on January 9, 1914, at 105 East Bodman Street under a charter issued by the State of Illinois Auditor’s Office by acquiring the assets of H. L. Timmons & Company. In June 1929, the State Bank of Bement acquired the assets of the First National Bank of Bement, and on March 31, 1930, the State Bank of Bement moved from 105 East Bodman Street to the former offices of the First National Bank of Bement at 201 East Bodman Street. The State Bank of Bement remained at that location until September 1970, when the financial institution moved its offices across the street to its present location at 180 East Bodman Street. On April 21, 1981, a multi-bank holding company was formed in Bement. Organized as Bement Bancshares, Inc., the Holding Company acquired 100% of the capital stock of the State Bank of Bement, and the bank became a subsidiary of Bement Bancshares, Inc. In April 1985, Bement Bancshares, Inc. acquired 100% of the capital stock of the American Bank in Cerro Gordo, Illinois and The First National Bank of Ivesdale in Ivesdale, Illinois. On October 17, 2002, Bement Bancshares, Inc. absorbed CGB&L Financial Group, Inc. into the Holding Company, and merged the Cerro Gordo Building and Loan, s.b. with The American Bank. The name of the financial institution was changed to the State Bank of Cerro Gordo. In 2007, the State Bank of Bement added three new ATMs around the area. The new ATM locations included a walk-up ATM at the Bement Stop N’ Go in Bement, a walk-up ATM at the East End Tavern in Monticello, and a 24-hour drive-thru ATM located at Deedrick Rentals in Sadorus. In 2009, the bank added another new 24-hour drive-thru ATM located at State Bank of Bement - Ivesdale. Customers may also use the State Bank of Cerro Gordo 24-Hour Drive-Thru ATM at 101 South Madison in Cerro Gordo. This ATM was added summer of 2014. In December 2011, State Bank of Bement merged The First National Bank of Ivesdale making it a branch. The State Bank of Bement-Ivesdale Branch can assist with checking, savings, certificate of deposit and lending needs, in addition to many other products and services. On July 15, 2017, State Bank of Bement opened a branch at 1927 North Market Street in Monticello. The State Bank of Bement - Monticello Branch can assist with checking, savings, certificate of deposit and lending needs, in addition to many other products and services.