George D. Sax

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For the metallurgist, see George Sachs.

George D. Sax (April 14, 1904 - March 12, 1974) was the chairman of the board of Exchange International Corporation and Chicago's former Exchange National Bank (now part of LaSalle Bank). He was president of Sax Enterprises, Inc and was a revolutionary business entrepreneur who owned the Saxony Hotel, the first luxury hotel to be built in Miami Beach.

Sax was born and raised in Peoria, Illinois. He graduated from Brown's Business College (now Midstate College) in Peoria.

In 1944, Sax took over Halsted Exchange National Bank after purchasing a controlling share. He renamed the bank The Exchange National Bank of Chicago and moved it to downtown Chicago at LaSalle and Adams Streets.

Sax is credited with the innovation of several banking practices that have since been adopted worldwide - drive-through banking and instant loans. Later in his banking career, Sax devised such practices as open credit accounts. The Exchange National Bank had 10 teller windows and was the first in the Loop to feature show windows.

After World War II, Sax was involved in another business venture - the building of the Saxony Hotel. The Saxony was the very first luxury hotel built in Miami Beach and was the first hotel to have central air-conditioning. It was among the most lavish resorts in the country. The Saxony was frequently used by heads of state and featured rooms with glorious views, air conditioning, and complementary meals. It is still standing in Miami Beach today and is set to reopen in 2008 after its restoration.

In 1965, Sax received the Horatio Alger Award, an honor given to those who have achieved the American dream through hard work and adversity. Other notable Horatio Alger Award winners include former U.S. Presidents Dwight D. Eisenhower, Gerald R. Ford, and Ronald Reagan, McDonald’s founder Ray Kroc and former Astronaut Buzz Aldrin.

His granddaughter, Anita Sax, has appeared in several soap operas and did voice over work for Televisa during the 1990's. She owns and runs Exchange National Realty in Florida, (named after her grandfather's bank), along with her husband, Marcelo Oppenheim.