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A Savings and Loan is ! The reasons for any financial institution started are normally the same, interested residents of an area feel the need for additional financial facilities. So, in the 1950's a groupi of civic minded citizens including Dr. Urban V. Comes, William Pries, Peter Justen, Joseph X. Waynne, J. Albert Roesch, Claude McDermott. Dr. Stanley Dowait, Clyde Bailey, Harry James and John J. Neuharth began making plans. After overcoming many obstacles they were granted a charter to open for business and the temporary offices were officially opened in December 1955. In June ' of 1956 the directors authorized a contract for the building of a new building, to be located at 3611 W. Elm Street, McHenry. Only two of the original organizers and directors are stiH ..active with McHenry Savings and Loan, they are Arnold Rauen; chairman of the board and Richard Freund; director. The present members of the board of directors in addition are; Charles "Bud" Adams; E. Roger Collins; John Flint; William Nye; and Le- Roy Olsen all local residents striving to improve our community. \t the very outset, the board of directors adopted a rule of paying the highest rate of earnings on the money deposited for savings by the patrons, consistent with safety and availability. During 1956 our customers earned 3 percent on their savings accounts. This earning rate was only accomplished in the first year of business by thorough and efficient management. McHenry Savings and Loan Association is pleased to announce that our grand opening will be broadcast live over WCLR in Crystal Lake, that's 850 on your dial. We hope to see everybody at our Grand Opening on Saturday, June 3rd....You could WIN a Color Television, Stereo with Am/Fm Radio or a. Bicycle for the children. No purchase necessary, but you must be 18 yeara or over to enter. Board of Directors Look Over Plans For The New Building During the month of January the board of directors of the association let the general contract on the work to be done to the old American Legion building. A short time afterwards the directors invited Mayor Donald Doherty to look over the plans for the new building. Pictured left to right are: LeRoy Olsen, director, John Flint; vice-president, Mayor Doherty, E Roger Collins; president, and William Nye; director. During the day Mayor Doherty was given a rundown on the proposed work and tenative opening date. 1 ongratulation McHENRY SAVINGS & LOAN ASSOCIATION YOUR NEW QUARTERS ARE TESTIMONY TO THE PROGRESS AND GROWTH OF YOUR FINANCIAL INSTITUTION. WE ARE PROUD TO BE ASSOCIATED WITH SUCH AN OUTSTANDING ORGANIZATION May we extend our best wishes on your GRAND OPENING Saturday, June 3,1967 mmidl Coxx^jpmisii^f Riverside Plaza Building 400 West Madison Street Chicago, Illinois 60606