4th-generation banker sets exit date

The fourth-generation owner of Bank of Urbana who sold the company to Springfield-based OakStar Bank has set a retirement date.

Bill Vaughan, 64, worked for Bank of Urbana for 43 years, 30 of those as president. He is scheduled to retire Feb. 28, according to a news release. The move will end his family’s roughly 114 years of working in banking.

During his tenure, Bank of Urbana grew from one branch to four in Urbana, Buffalo, Hermitage and Macks Creek. Vaughan’s also scheduled to be recognized next month as an inductee to the Drury University Breech School of Business Administration Hall of Fame.

OakStar Bank completed the purchase of Bank of Urbana on Sept. 30, three months after the companies announced the buyout. In the deal for undisclosed terms, OakStar gained Bank of Urbana’s $180 million in assets, 48 employees and its four branches.

Vaughan has said no immediate or extended family members were interested in taking over Bank of Urbana in his stead.

“We felt like we had to take a hard look at our opportunities,” he said in August.

Vaughan has worked as advisory director since the deal closed to ease the transition.

A retirement celebration is scheduled Feb. 23 at OakStar’s Urbana branch, according to the release.