EXHIBIT 5 August 10, 1999 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D. C. 20549-1004 Re: CENTRAL ILLINOIS BANCORP, INC. - REGISTRATION STATEMENT ON FORM S-8 Ladies and Gentlemen: We have acted as counsel to Central Illinois Bancorp, Inc., an Illinois corporation (the "Corporation"), in connection with the Corporation's filing of a Registration Statement on Form S-8 (the "Registration Statement") relating to the offer and sale by the Corporation of 11,750 shares of its common stock, $1.00 par value (the "Common Stock"), as more fully described in the Registration Statement, through the Central Illinois Bancorp, Inc. 1999 Stock Option and Incentive Plan (the "1999 Plan"). In this connection, we have examined such documents and have made such factual and legal investigations as we have deemed necessary or appropriate for purposes of this opinion. Based upon the foregoing, we are of the opinion that the Common Stock has been duly authorized and, when issued upon payment therefor, as contemplated in the Registration Statement and the 1999 Plan, will be legally issued, fully paid and nonassessable. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. Very truly yours, SCHIFF HARDIN & WAITE By: /s/ Christopher J. Zinski ------------------------------ Christopher J. Zinski