Celebrating 125 Years of Neighbors Helping Neighbors
As we wrap up our 125th year, we realize that we have a lot to celebrate at Liberty Bank for Savings. Over the past three centuries that we have been in business, the world has changed a great deal. One thing that has never changed however is our commitment to serving the communities in which we live and work.
For 125 years, we have empowered our customers with the financial tools they needed to live their dreams.
Liberty Bank for Savings has seen 22 U.S. presidents in office, and endured through the Great Depression, two World Wars, many recessions, and other challenging circumstances. Through it all, we remain strong and committed to helping people.
On this momentous occasion, let’s go back and look at the history of our bank, and the events and forces that have shaped us since 1898.
Humble Beginnings
Back in 1890’s Chicago, the Great Fire of 1871 was still fresh in many people’s memories. The average daily wage of a Blacksmith in Chicago was under 3 dollars, a loaf of bread was 5 cents, and renting a home, would cost a family about $12 a month.
In 1898, the members of the Parish of All Saints Polish National Catholic Church, felt the need to pool their time and resources together to help one another. The Loan Association of the Members of All Saints Parish of Chicago, IL was formed to provide home mortgages to members.
To be a member of the Loan Association, each person had to make a commitment to saving a certain amount of money, to be deposited with the new organization. Once a person’s savings goal was reached, they were issued a share, which allowed them to have access to bidding on a mortgage.
The State of Illinois issued the organization a charter in early 1898, and the first home loan of $1,800 was made the next year.
In 1911, the association’s name was officially changed to Liberty Building and Loan Association. By this time, we had accumulated over $104,000 in assets.
A Time of Growth
As the 20th Century dawned, we continued to grow, and began to offer more services to help our customers achieve their financial goals. In the late 1930’s, we gained membership in the Federal Home Loan Bank System, and our name changed to Liberty Savings and Loan Association of Chicago. Also, during that time, we moved to our first permanent branch at 2030 N. Damen in Chicago.
By 1959, the bank’s assets exceeded $38 million. Our corporate headquarters was moved to 2392 N. Milwaukee Ave., in Chicago, where it remains today.
Expanding for the Future
The 1970’s saw a great deal of growth for the bank. Our Lincolnwood location was opened in early 1973, and the Foster Avenue branch was established about a year later. 1973 also saw a name change for us to Liberty Savings, which eventually evolved to Liberty Bank for Savings 17 years later.
The Norwood location was opened in 1978, and 1980 saw the addition of the Palatine branch, which was sold a few years later. Our newest location is Park Ridge, opened in 2004.
Today & Tomorrow
Today, Liberty Bank for Savings is going strong, and continues our 125-year tradition of neighbors helping neighbors. We are proud to be a vibrant part of the communities we serve.
Our bank offers a wide variety of financial products from checking, and savings, to mortgages, loans, insurance, and investments. No matter what stage of life you find yourself, our many services are available to meet your varying needs.
In 2022, we won the Better Business Bureau (BBB) of Chicago and Northern Illinois Torch Award for Ethics. We are very proud to be recognized for our timeless commitment to trust, ethics, and professional excellence.
In addition, Liberty Bank for Savings has a 5-Star Rating from Bauer Financial, an organization that rates and reviews U.S.-based banks. It has been a privilege for us to maintain our 5-Star rating for over the past three decades.
Everyone at Liberty Bank for Savings is proud of our rich history. Our main focus today is on the future, and how we can continue to help our bank customers accomplish their dreams. We answer directly to them, and we wouldn’t have it any other way.
If you would like to learn more about our many banking products and services, please visit one of our branches, send us a message, or call at 773.384.2030.
