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McHENRY SAYINGS BANK Present McHenry Location It was 1965 and the world was in the midst of change. In America, U.S. armed forces had recently finished the war in Korea. Here at home, Dwight David Eisenhower was in the White House and Americans were experiencing a prosperity they had not known since prior to the Great Depression. In McHenry too, there was a change on the business scene. That year, McHenry Savings and Loan received its charter to begin business. We were the first to receive charter in Illinois under the new Guaranty and Shares Loan Act, signed into law that year. McHenry's newest financial institution was located at 522 W. Main Street and offered savings rates of 3 percent and home mort­ gages at 5.75 percent Arnold J. Rauen was a member of the initial board of directors and Dr. Urban V. Comes was named president McHenry Savings and Loan was formed to promote "thrift and home ownership" and it proceeded to do Just that as it was weU received by McHenry residents who opened savings accounts and fi­ nanced their homes. Original McHenry Location