BankFinancial FSB

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BankFinancial FSB, based in Burr Ridge, Illinois is Chicago's third largest thrift. BankFinancial currently has 18 branch locations in addition to their corporate headquarters.

1 History
2 Leadership
3 Subsidiaries
4 Locations
5 Sources

[edit] History

BankFinancial was originally chartered by the State of Illinois as Oakley Savings and Loan Association in 1924. During the financial crisis in the early 1930s, Oakley was able to maintain daily operations meeting all withdrawal requests and paying full dividends on all accounts. In 1935, the Association converted to a Federal Charter and became a member of the Federal Home Loan Bank System and a member of the Federal Savings and Loan Insurance Corporation. At this time, the bank's name was changed to Oakley Federal Savings and Loan Association.

The Associations offices were located in the vicinity of Cermak Road and Oakley Boulevard on Chicago's west side from 1924 until 1962. During this time the Association had three successive locations in the area with the last being at 2321 W. Cermak Road.

With the growth of the Association, the growth of suburban Chicago, and a gradual decline of the neighborhood around the Associations offices, the decision was made in 1962 to move the Association's offices to Western Avenue and Lincoln Highway (US Route 30) in south suburban Olympia Fields, Illinois. To better reflect the new era in the Associations history, the Association's name was officially changed to Financial Federal Savings and Loan Association.

In 1983, the Association became a Federal Savings Bank and officially changed names to Financial Federal Savings Bank. This change enabled the bank to offer additional services. In 1987, the Federal Home Loan Bank Board granted the bank trust powers, enabling the bank to become Financial Federal Trust and Savings Bank.

In 1998, Financial Federal reorganized and formed a mutual holding company called Financial Federal Mutual Holding Corporation, Inc and on August 28, 2000, the bank changed their name to BankFinancial FSB.

In November 2001, BankFinancial acquired the six branch Success National Bank based in Lincolnshire, Illinois. In April 2006, BankFinancial acquired University National Bank in the Hyde Park neighborhood of Chicago, adding two branches to the bank.

[edit] Leadership

F. Morgan Gasior, Chief Executive Officer

Gregg T. Adams, Executive Vice President of the Marketing and Sales Division

James J. Brennan, Secretary and General Counsel

Christa N. Calabrese, President of the Bank’s Northern Region.

Paul A. Cloutier, C.P.A., Chief Financial Officer and Treasurer.

Mark W. Collins, Executive Vice President of the Information Systems Division

Robert J. O’Shaughnessy, Chief Credit Officer

Patricia M. Smith, Executive Vice President of the Human Resources Division

Donald F. Stelter, Executive Vice President of the General Services Division & President of BF Asset Recovery Corporation.

Thad F. Stewart, Executive Vice President of the Internal Audit Division

[edit] Subsidiaries

BF Asset Recovery Corporation

A special asset holding subsidiary of the Bank

Financial Assurance

BankFinancial's full service insurance agency originally founded in 1962. Financial Assurance is based in Burr Ridge at the bank's corporate center.

Financial Properties

Based in Harvey, Illinois, Financial Properties Inc. worked in the southern suburbs to develop of vacant land, foreclosed homes, and new constructions. In twenty-five years, Financial Properties has built or renovated over 700 homes, townhouses, or condominiums in dis-invested communities.

The experience of Financial Properties shows how a financial institution can intervene successfully with market rate new construction and conventional financing in dis-invested communities. Financial Properties has worked in the southern and southeastern suburban Chicago where, from the 1950s to 1980's, several phases of industrial decline resulting in the loss of much of the manufacturing and industrial jobs which once graced the area. As this industry left, the region lost its population and tax base, leaving some of the poorest areas in Chicago's suburbs.

Financial Properties first project was in south suburban Dixmoor, which is predominantly African-American and with a history of disinvestment. Sixty-five new homes were built and sold, all being financed using an innovative mortgage from then Financial Federal called the Financial Commitment Mortgage. Financial Commitment was a 3 or 5 year adjustable mortgage financing 95% of the value of the home. This development was the first new construction in Dixmoor in over 30 years. Based on the success of this project, other area localities have invited Financial Properties to work in their community. Thorough this innovative program, families and individuals with as little as $25,000 in annual income could afford home ownership. However, most of the buyers of the program were blue and white collar African American Couples whose income was in the $30,000 to $40,000 range.

Financial Title Services

BankFinancial's full service title agency. The head of Financial Title is Livio Valli, Jr.