THE S & L's

[berwynson]

The Savings & Loans along Cermak Road were once the epitome of the working class citizenry's saving efforts. It was rumored that the stretch from 56th. Ave. to Harlem along Cermak boasted the highest per-capita savings of nearly any similar locale in the country (probably exagerrated).

Are all those institutions now gone? Was their demise the result of the re-structuring of personal savings which came about during the creation of the Resolution Trust Corporation? How exactly were they closed down, and did anyone ultimately lose their savings?

I realize savings accounts are insured by a govt. agency; however, while loss by institutional failure is insured against, what is NOT spelled out is WHEN the saver's loss will be reimbursed. (Won't help them if it takes until they are dead and gone!).   Berwynson

[Ted]

  That's why that stretch of Cermak Road used to be called Bohemian Wall Street.

There are still several bank buildings along Cermak Road. One occupies the space where the old Berwyn theatre used to be at.  And, the old Berwyn Bank Building on Oak Park Avenue and Cermak Road has been in much controversy over the past decade about whether to tear it down or try to renovate it.

[Rizzo]

The Savings & Loans along Cermak Road were once the epitome of the working class citizenry's saving efforts. It was rumored that the stretch from 56th. Ave. to Harlem along Cermak boasted the highest per-capita savings of nearly any similar locale in the country (probably exagerrated).

Are all those institutions now gone? Was their demise the result of the re-structuring of personal savings which came about during the creation of the Resolution Trust Corporation? How exactly were they closed down, and did anyone ultimately lose their savings?

I realize savings accounts are insured by a govt. agency; however, while loss by institutional failure is insured against, what is NOT spelled out is WHEN the saver's loss will be reimbursed. (Won't help them if it takes until they are dead and gone!).   Berwynson

Those S&L's have been bought by the larger institutions like Mid America Fed Savings Bank.  Gone are Ridgeland S&L, Lincoln S&L, Berwyn Nat. Bank, No one lost money, they moved to the new larger institution

[berwynson]

Thanks, Rizzo. Now it's making more sense to me. I actually had an account once at Mid America Federal, and it was then a savings & loan. It was located back then rather near the Klas restaurant which some have been discussing.

So, it still exists, but now as a bank.

Berwynson

[Curious George]

Cermak Road was once called the"Bohemian Wall Street" because of all the money tied up in the banks.  Don't forget the days of getting some kind of appliance or gadget just for depositing xxx amount of dollars into a bank.

Saw, many a bubbie (not sure of the spelling) carrying away a gift in a brown paper satchel.

[hounddog]

Cermak Road was once called the"Bohemian Wall Street" because of all the money tied up in the banks.  Don't forget the days of getting some kind of appliance or gadget just for depositing xxx amount of dollars into a bank.

Saw, many a bubbie (not sure of the spelling) carrying away a gift in a brown paper satchel.

"Babi", short for babicka (BUB-itch-kah).  Accent nearly always on the first syllable in Czech.

[Curious George]

Just like the rye?

[hounddog]

Just like the rye?

Just like the rye. 

[berwynson]

That heading above is misleading, sorry, I did not mean "is Bohemian". (maybe he is).

Hounddog, how is it you know/understand the Czech language and don't have a moniker like "hund"?

Heritage? I sure wish I had taken the time to learn it!  Berwynson

[Marcy]

...
I actually had an account once at Mid America Federal, and it was then a savings & loan. It was located back then rather near the Klas restaurant which some have been discussing.
So, it still exists, but now as a bank.
Berwynson

"Mid America Federal" [it's full name was Mid-America Federal Savings and Loan Association] was established in the early 1920's. By the mid-1990's, it became Mid-America Bank. In Feb 2008, Mid-America was acquired by National City Bank, who was trying to save itself. That was short lived; under controversy in 2009 PNC acquired National City.

The branch that you mention is actually in Cicero; it's located at 5847 W Cermak Road a block west of Klas Restruant at 5734 W Cermak Road.
One of the Berwyn's branches is at 6650 Cermak Road west of Vesecky Bakery 6634 Cermak Road.

[note: I didn't use exact dates, when different references had different dates.]

[berwynson]

Posted in 2007! So you did go back there in the dusty archives! I thank you for that. But, you have not been in Berwyn long enough to remember most of the Reminiscences I started, have you? Say little publicly, if you prefer, and I will reciprocate. J

[Marcy]

...
you have not been in Berwyn long enough to remember most of the Reminiscences I started, have you?
...

My first Berwyn account was at Mid-America; National City wasn't here long enough for me to buy checks. Mortgage originally was from the branch near Klas.
There's another Berwyn branch on Ogden.

A couple of my friends and I have been trying to go to get into Klas, but we can not find it open - even during the posted hours.
M

[berwyn senator]

My first savings account was a pass book from Lincoln Federal,given out in Havlicheck grammar school.Money was collected once per week by the teacher, students all brought their nickles and dimes, books were posted.

[berwynson]

...
I actually had an account once at Mid America Federal, and it was then a savings & loan. It was located back then rather near the Klas restaurant which some have been discussing.
So, it still exists, but now as a bank.
Berwynson

"Mid America Federal" [it's full name was Mid-America Federal Savings and Loan Association] was established in the early 1920's. By the mid-1990's, it became Mid-America Bank. In Feb 2008, Mid-America was acquired by National City Bank, who was trying to save itself. That was short lived; under controversy in 2009 PNC acquired National City.

The branch that you mention is actually in Cicero; it's located at 5847 W Cermak Road a block west of Klas Restruant at 5734 W Cermak Road.
One of the Berwyn's branches is at 6650 Cermak Road west of Vesecky Bakery 6634 Cermak Road.

[note: I didn't use exact dates, when different references had different dates.]

"Vesecky Bakery 6634 Cermak Road."  Was still in existence in 1972. My Mother often took me that far west (she did not drive) to get some special Bohemian offering. As an aside, the fabulous "Troy Store", on the southwest corner of Cermak and Ridgeland (Senator will remember it well), was owned by Rudolph Vesecky, whether related to the bakery owner, I have no idea. My Mother often went around with him about his prices. He once suggested she go to Goldblatt's!.

Marcy, a lot of this may be available to you via search. I suppose by now, you even know my name......
berwynson