isf news
ANNUAL STATEMENT
Given by: Chairman & CEO Norman J. Williams
It was a challenging 2010 for Illinois Service Federal (ISF) as the U.S. economy struggled and was unable to sustain a recovery. The continuing malaise of the financial markets and failures of financial institutions created a level of skepticism and shook the confidence of consumers and businesses. The quicksand of property value decline, especially in ISF's market areas impeded the progress of many financial institutions at a time when local communities were starved for access to credit.
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SMALL IS BEAUTIFUL
When it came time for Mell Monroe and his wife, Angela Higginbotham Monroe, to refinance their mortgage earlier this year, the couple shopped around for attractive rates. One bank offered a nice enough loan, but there was a catch. The bank wanted to charge the couple an extra fee to receive its lowest interest rate. Its representatives explained that they were assessing the fee because Monroe’s credit score had recently dropped 75 points because of a late payment.
Monroe wasn’t happy. He felt he wasn’t the credit risk his slightly blemished FICO score implied.
So the couple kept looking. In the end, the Monroes found a new lender in Illinois Service Federal Savings and Loan Association (No. 16 on the B.E. Banks list with $143.8 million in assets), a small community bank headquartered just five blocks from their home in Chicago’s Bronzeville neighborhood.
SHRED FEST
On Saturday, October 8, 2011, ISF sponsored its semi-annual SHRED-O-RAMA, a document shredding day. This is a free service provided to our customers and the community at both of our locations. More than 350 participants came to drop off their unwanted paper documents and they were able to watch as they were safely shredded and hauled away by Accurate Document Destruction, Chicagoland's largest mobile document destruction service.
IDENTITY THEFT
Shred all of your important documents and personal information once you no longer need them. Thieves steal discarded mail including bank and credit card statements, pre-approved credit card offers, tax information and cancelled checks.
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