A history of Des Plaines Savings & Loan Association
THE DES PLAINES SAVINGS AND LOAN ASSOCIATION was organized in July, 1922. B. F. Kinder was chairman of the first shareholders meeting at which the following members were elected to the first Board of Directors Smyser, Albert E. Clarke, Dr. Edward Miers, Dr. John H. Krueger, Dr. John F. Heller, H. C. Sigwalt, M. A. Behrens, Fred A. Lessing, Harry H. Talcott, George W. Kinder and William E. Rexes, Jr.
The first meeting of the Board of Directors was held at its office, 1519 Ellinwood St., Des Plaines, on July 14, 1922 and the following officers were elected: W. L. Smyser, President, Henry C. Sigwalt, Vice President, Martin A. Behrens, Secretary and Fred A. Lessing, Treasurer. Records show that at the end of the first fiscal year, July 31, 1923, the assets of the Association were $26,059.78. Assets are now over four million dollars.
In September 1931, the Association moved its office to the C. L. Bishop Building at 721 Pearson St., where it remained until May 1, 1942 when it moved to larger quarters at 650 Graceland Ave. In April 1952, the offices were moved to its present location, 781 Pearson St., On July 31, 1956 the Association completed 34 years of service to this community. During this time, three men have served as president W. L. Smyser from July 1922 to September 1932, Herman Ninneman from September 1932 to September 1953, Hugo A. Dahm, who was elected president in September 1953 and is still serving in that capacity. Mr. Dahm served as executive vive-president since September 1950 and had been a member of the Board of Directors since 1937.
Two of the charter members, Dr. J. F. Heller and Harry H. Talcott are members of the present Board of Directors. Mr. Talcott has served as attorney since the Association was organized.
Mr. Dahm pointed out that the Des Plaines Savings and Loan is a mutual Association and was organized for the purpose of providing thrift and encouraging home ownership. The Association serves this community and the surrounding area by providing a means to save that is safe and convenient and where the saver earns a good return on his money, and also by providing funds to buy, build; repair or remodel the home. Savings Accounts are insured up to $10,000.00 by the Federal Savings and Loan Insurance Corporation.
The Des Plaines Savings and Loan Association will be 35 years old next July and has paid dividends twice each year since it was organized. Even during the depression years dividends were paid without exception. Over all these years it has been the policy of the Des Plaines Savings and Loan Association to keep their services personal and to give individual attention to those using or seeking its services.
The Association is under State and Federal supervision and is also audited by McNaughton and Compton, Certified Public Accountants. Membership is held in the Federal Home Loan Bank, Illinois Savings and Loan League and the United States Savings and Loan League. Savings accounts are insured to $10,000.00 by the Federal Savings and Loan Insurance Corporation.
Present officers are Hugo A. Dahm, President, Fred A. Fulle, Vice President, Harold J. Ahbe, Secretary, C. H. Gewecke, Treasurer and Robert F. Fradette, Assistant Secretary.
Members of the Board of Directors are Harold J. Ahbe, Hugo A. Dahm, Fred A. Fulle, C. H. Gewecke, Dr. John F. Heller, Wesley J. Lessing, R. O. Sigwalt, Louis Spiegler, Chris E. Stade, Elmer J. Steil and Harry H. Talcott. The Des Plaines Savings and Loan Association is proud of Des Plaines and is pleased to have had the opportunity of serving this community for the past 34 years.
