Itasca Bank & Trust Co. Celebrates 70th Anniversary
ORIGINAL BANK
ITASCA
Itasca Bank & Trust Co. is celebrating 70 years of serving Itasca and the surrounding areas. Jim Mensching, president of the Bank recently reflected on why the Bank was started, “In 1948, my great-grandfather and grandfather, Herman and Elmer Franzen were concerned. The bank in Itasca was moving to Bensenville and Itasca would be left without a bank. They were concerned that the community needed a local bank in order to grow and prosper. From that concern, The Itasca State Bank was started.” In 1978, The Itasca State Bank became known as Itasca Bank & Trust Co. when it added a Trust Department.
The growth of Itasca Bank & Trust Co. mirrored the growth of Itasca, Illinois. In 1948, the Bank welcomed returning World War II veterans as they looked to live the dreams they held onto during the war, helping over a thousand people buy their first home, and hundreds buy their first car. From the 1960’s through the 1980’s, Itasca Bank & Trust Co. wrote approximately fifty percent of all residential mortgages in Itasca and adjoining towns.
With the increase of commercial businesses moving into the area, the Bank’s commercial business grew. The Bank helped many new businesses get started, funding a dream that may have started in a garage or basement. The Bank helped countless other businesses grow and prosper, working with them through economic ups and downs, covering payroll in some cases to help keep business growing.
The Bank’s market area, along with many other things, has changed since then, but the real mission of the Bank has not. “The needs of our local communities still exist and the ability of a community bank to meet those needs is still real. We work very hard to identify and help find unique solutions
12 | COMMON INTEREST®
ROSELLE
for all our customers. Getting involved and supporting local chambers, community service organizations, churches, and governmental bodies helps us to see opportunities,” said Mensching.
Many of the community banks in the Chicagoland area have disappeared. Competition, consolidation and the great recession have thinned the ranks of local banks. Itasca Bank & Trust Co. continues to stay independent and true to their original purpose and their loyal customers. Both the Bank and the communities prosper from the mutually beneficial relationship, a win-win for everyone.
One area that Itasca Bank & Trust Co. concentrates in is making common element repair loans to community associations throughout Chicagoland. While some of our much larger competitors find reasons to turn down loan requests from smaller associations or communities that don’t fit exactly into their loan approval “box”, Itasca Bank & Trust Co. goes the extra mile to work with property managers and board members to arrange for the financing that has improved the quality of life for communities all over Chicagoland. We work with community associations of all sizes with credit needs that range from $25,000 to $6,000,000. Any requests for common element repair loans can be directed to Mark Stelter, Vice President and Commercial Loan Officer at 630-773-0350 ext. 220 or by cell phone at 630-650-0350 or by e-mail at markstelter@
itascabank.com.
Itasca Bank & Trust Co. is proud to celebrate its 70th anniversary. We look forward to many years of helping shape a stronger financial future for our customers and our communities.
A Publication of CAI-Illinois Chapter
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