First Federal Bank Of The Midwest history

Assets reached over $100,000 in 1923, 10 years after the founding of the association.

Farmers and Mechanics Savings Bank, located in downtown Minneapolis, was the repository of the school savings of thousands of St Louis Park kids, starting in May 1924.

By 1927, with assets surpassing $10 million, Standard Savings constructed its own headquarters.

During these years were no changes in directors and this was a period of steady growth for Mascoutah Building and Loan as assets amounted to over $250,000 by the end of the 16th year, July 31, 1929.

In 1932, E.R. Schubkegel, contractor, replaced Robert Schubert.

SharePoint was established in 1933 by a group of Red Owl employees and is now open to anyone who lives, works, worships, volunteers or attends school or conducts business in Anoka, Dakota or Hennepin County, Minnesota.

In 1934, Philip Kugelmann, barber, E.A. Karstens, miller, and Sigmund Stock, general store employee, replaced Oscar Hagist, Carl Montag and T.E. Hagist.

In 1936, upon the death of George Draser, Doctor O.F. Reinhardt, general practitioner, was elected as a director.

First Federal Savings Bank was formed in February of 1940 as Lincoln County Building and Loan Association; to serve Lincoln County's mortgage financing and depository needs.

In 1942 the company began sales of war bonds.

In 1945, James Batton, implement dealer and Walter Nenninger, mine worker, replaced E.C. Kamann and Doctor O.F. Reinhardt.

In 1947, the association changed its name to First Federal Savings and Loan Association of Lincolnton.

By 1948, business had expanded enough to warrant multiple facilities, and the first branch office was opened in northwest Detroit.

It opened for business on January 16, 1950.

In 1951 Roland Riess, insurance and real estate agent, was elected to fill the vacancy left by J.D. Mollman.

In 1952, A.S. Lee, mill employee, was elected to fill the vacancy left by James Batton.

The increase in client traffic and demands necessitated additional office space to be constructed at the location in 1955.

In 1956 the association's name was changed to Mascoutah Savings and Loan.

In 1957, with total assets at $100 million, the first branch offices outside Detroit city limits were opened.

1958, the 45th year, marked the beginning of many improvements:

In 1961, the Mascoutah Savings and Loan Association celebrated reaching over $1,000,000 in assets.

In 1962, a group of businessmen in a small town in North Florida united together to form First Federal Savings and Loan Association of Live Oak, as a way to provide home loans and savings accounts to their neighbors.

Board of Directors and Officers were changed in 1963 when Roland E. Riess was elected as Treasurer.

1965 saw the Mascoutah Savings and Loan Association reach its $2,000,000 asset milestone.

Minnesota Federal opened June 24, 1966 at Knollwood Plaza, 8600 Highway 7.

As Elmer Riess anticipated retirement as Secretary and Manager, Ivan DeHart was hired in October 1967.

It opened on June 10, 1969, and at the time it was one of six branches.

In 1970, Birmingham (Michigan) Federal Savings merged with Standard Federal and main offices were moved to Birmingham.

Shelard National Bank received its charter in @ 1971 and was located on the first floor of the first Shelard Park Office Building.

First Western State Bank opened in a new building at 8800 Highway 7 in 1972.

By 1973 the enlarged company had attained $1 billion in total assets and moved into larger headquarters in Troy, Michigan.

On the opposite scale were the unsecured loans to the Jockey Club of Miami, a resort in Miami, Florida, beginning with a $6 million loan in 1975.

The Floyd property on the west side was purchased and a drive-up window facility was added on the west side of the building in July 1979.

Looking forward to expanding to Lebanon, Illinois, the association bought the building in December 1980 at 108 West St Louis Street and started remodeling procedures.

Midwest Federal opened its 19th branch at Knollwood (3670 Aquila) on June 26, 1981.

The bank underwent a major expansion and remodeling in 1982 and had a Grand Expansion Celebration on June 19-26.

An Open House honoring the opening of the office was held in December 1983.

In a series of December 1984 court decisions, K Mart beat down legal challenges to its new financial services and thereby paved the way for banker's services in 29 Florida stores.

In 1985 Standard Federal adopted a mutual savings bank charter, shifting from its status as an "association" to become Standard Federal Bank.

In 1987 the bank converted from a mutual company to a publicly owned stock company listed on the New York Stock Exchange.

The year 1988 saw the acquisition of Tower Federal Savings of South Bend (Indiana), adding eight branch offices to Standard Federal's growing list.

Midwest was $1 billion in debt when it was seized by regulators in February 1989.

By 1990 the Bank’s total assets had increased to in excess of 38 million dollars, its net worth was a healthy $2,807,000.00, which was 7.2% of liabilities.

In 1991 United Home Federal Savings of Toledo (Ohio) was acquired.

Such seminars were attended by more than 6,500 real estate sales people in 1992 alone.

On April 25, 1993, Standard Federal observed its centennial anniversary with cause for celebration.

In the year 1996, after 29 years of service guiding the bank from a small institution with assets slightly more than 2.5 million dollars, to one with assets of more that 57 million dollars.

In January of 2000, the bank changed its name again to First Federal Savings Bank; which reflects the full range of services now being provided to its customers.

In February, 2002, the bank opened its first branch at 2763 East Hwy 27 in Lincolnton.

In March 2008, the company acquired Pavilion Bancorp Inc. and its subsidiary, the Bank of Lenawee.

The Office of Thrift Supervision was converted to the Office of the Comptroller of the Currency (OCC) in 2011, and FFSB became an OCC regulated bank in 2011.

The bank experienced continued growth during this period, and had total assets of $128,284,000 as of December 31, 2012.

However, in April 2014, the merger agreement was terminated.

In February 2017, the company acquired Commercial Bancshares, Inc. and The Commercial Savings Bank for $70.3 million.

In January 2020, the holding company for First Federal Bank of the Midwest and First Insurance Group merged with United Community Financial Corp.