Collinsville Building & Loan AssociationMember FDIC Serving the Community Since 1885 |
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HistoryCollinsville Building & Loan Association was organized on June 29, 1885, making it Collinsville’s first financial institution. The first annual financial statement in July, 1886 showed loans in force of $8,100. By October of 1910, the association’s assets had grown to $178,000. The depression years of the 30’s seemed to have little effect on the growth of Collinsville Building and Loan Association, and by 1933, the year the association became a member of the Federal Home Loan Bank system, assets grew to $878,000. On January 15, 1941, the association was granted insurance of accounts by the Federal Savings and Loan Insurance Corporation. This insurance, along with the association’s sound financial status, enabled CB&L to attract additional funds, and savings climbed above 3 million. The association spent its early years doing business from several locations in the downtown area, primarily at 117 West Main Street in Collinsville. In 1969, with assets then totaling 16.7 million and with the problem of needed space, the association moved to its new quarters at 321 East Belt Line (now 701 Belt Line Road) in Collinsville. In March of 1985, Troy Savings & Homestead Association merged with the Collinsville Building & Loan Association and Troy became a branch office with combined assets of $74 million. In June of 1985 Collinsville Building & Loan celebrates its 100th Anniversary. And most recently, Collinsville Building & Loan ended their 123rd year with assets of $135 million, first mortgage loans of $77 million and deposits of $107 million. Current Board of DirectorsNEW PHOTO COMING SOON Board of Directors-EmeritusNEW PHOTO COMING SOON Current Officers and StaffSusan Hemker , President & CEO
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Copyright © 2006 Collinsville Building and Loan |
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