Celebrating 127 Years of Neighbors Helping Neighbors
As we begin our 127th year, we realize that we have a lot to celebrate at Liberty Bank for Savings. Over the past three centuries that we have been a part of, 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 127 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
On March 10, 1898, a committee of members of the Parish of All Saints Polish National Catholic Church in Chicago gathered to form the Loan Association of All Saints Parish to help each other buy homes.
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 on February 17, 1898, and the first home loan of $1,800 was made in April of the next year which was expected to be paid back in 3 years.
In 1917, 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. On April 17, 1939, we joined the Federal Home Loan Bank System, secured deposit insurance and changed our name 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.
In August 1942, we had our first merger when we absorbed Lincoln Savings and Loan. By 1959, the bank’s assets exceeded $38 million, and we moved our headquarters 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. With the merger of Continental Savings in Lincolnwood in 1973, our Lincolnwood location was opened. The merger of Foster Savings and Loan in 1974 established our Foster Avenue branch.
The Norwood location was opened in 1978, and 1980 saw the addition of the Palatine branch, which was sold a few years later. In 1990, we became Liberty Bank for Savings. Our newest location is Park Ridge, opened in 2004.
Today & Tomorrow
Today, Liberty Bank for Savings is going strong, and continues our neighbors-helping-neighbors tradition. 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.
