Home Savings Bank history

In 1909, the Home Savings and Loan Association was located at 2 South Carroll Street.

(2) Little Falls Daily Transcript (LFDT), May 8, 1934

With the 1956 move came a report on Little Falls Federal’s assets, which totaled $3,450,000.

A few years later, on November 16, 1959, Little Falls Federal relocated again, to the brick building on the southwest corner of Bank Square newly vacated by American National Bank.

Home Savings Bank was organized in the fall of 1961 and began financing furniture sales contracts from South East Furniture Company.

By 1964, the association had over $8.2 million in assets, with an “all-time high” savings of over $7 million. (4) The upward trend in assets continued into the following year, with over $9.6 million in assets reported. (5)

Home opened its first branch office at 1438 Northport Drive, adjacent to what was Madison's highest volume PDQ convenience store, in 1972.

In 1973, with assets of close to $20 million, Little Falls Federal moved into a brand-new modern building designed by Minneapolis architects Dykins-Handford, Inc., at 35 East Broadway, across from the post office.

The association’s assets continued to rise even after its name changed to Community Federal Savings & Loan in mid-1977.

In September of 1979, Home Savings Bank changed from being a finance company to an industrial loan corporation (thrift and loan), and began taking savings deposits from the public.

The 1980’s marked the first Community Support Award given to Home Savings Bank by the Federal Home Loan Bank of Chicago.

Jim Bradley, who served as President since October 1985, continues as CEO and Board Chair.

Home Savings Bank became a member of the Federal Deposit Insurance Corporation (FDIC) in October 1986.

Telephone banking was introduced in 1993 to ease members’ access to information and funds in their accounts.

In 1994, Home Savings Bank celebrated 100 years of service to Madison and Dane County.

In 1997, Home Savings Bank received an “outstanding” CRA (Community Reinvestment Act) rating for its efforts in meeting the credit needs of Dane County.

Home celebrated 25 years of service in Stoughton in 2002 with an anniversary party at the solar office.

In 2005, Home Savings Bank broke ground for its new green-built branch on East Washington Avenue.

On June 23, 2006, the association filed a certificate of assumed name with the Minnesota Secretary of State’s Office with a slight change.

Through the closing of Home Savings, Little Falls became a community directly impacted by the home mortgage banking scandal that has been a key feature of the severe economic downturn that began in 2007.

(9) “A Small Observation,” Fish Wrap, March 20, 2008, http://fishwrap.wordpress.com/2008/03/20/a-small-observation/

Home Savings Bank was named one of the first Eco-Intelligent banks in the country by SustainLINK in 2009, recognizing our commitment to environmental responsibility and societal stewardship.

An online report from Institutional Risk Analytics showing a Failed Bank History Report for Home Savings indicates that the bank was well capitalized until March 2010.

One year later, in June 2011, it was undercapitalized and by September 2011, it was considered a failed bank.

The OCC closed the bank and the FDIC moved in to take it over in February 2012, causing quite the stir in Little Falls.

In 2020, Home Savings Bank celebrates 125 years serving the residents of Dane County.

The Weyerhaeuser Museum will reopen by appointment on February 4, 2021.