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NRY Richmond Location Huntley Location Savings opened a second branch in the Huntley Center on Route 47 in Huntley (above right). Ilie Huntley branch allowed McHenry Savings to offer its services to all of McHenry County, from north to south. With the repeal of Illinois usury laws, home loan rates rose to the then unbelievably high rate of 9 percent. place to save for and finance the pur­ chase of a home. Despite repeated efforts to educate the public, many continued to assume that unless the word "bank" appeared in a financial institution's name, commercial and personal loans, checking accounts, auto loans and more were all unavailable. For that reason, and in order to emphasize our many services, we at McHenry Savings are using our 30th anniversary to announce a name change. Under our new name, we will continue to offer the same ex­ cellent service our customers have come to expect over the last 30 years plus full commercial checking, charge account services and com­ mercial loans for area businesses. Ownership, leadership, dedication and direction remain unchanged, as of course does FSLIC insurance of accounts. Our new name em­ phasizes our commitment to future growth and diversity. We are proud to formally present our new name. tough times for many people in the world. In 1974, OPEC raised crude oil prices more than 500* percent above the 1973 levels, It was a time of gas shortages and 4ong lines at service stations and it spiurked infla­ tionary increases that would ultimately threaten the financial stability of the nation. For a while, however, a home loan remained a bargain as real estate appreciated at rates typically in excess of loan rates. McHenry County began a real growth spurt that would last the decade. Savers began to enjoy the higher interest rates available in long-term certificates of deposit. In 1975, McHenry Savings and Loan opened its first branch office in Richmond, constructing a contem­ porary building at the intersection of Routes 173 and 12 (above left). It grew rapidly, becoming highly suc­ cessful while serving the housing and savings needs of the VUlage of Richmond and the surrounding area. Just two years later, McHenry variable rates in an effort to lower borrower costs. Many banks and thrift institutions failed, but McHenry Savings pro­ spered, retaining the confidence of its customers throughout McHenry County. Unlike many, we did it without acquisitions, mergers or regulatory restraints. We did it with hard work, common sense and the dedication to provide our customers with the best possible service. Then, in 1983, a bill was introduced in the U.S. Senate by Sen. Jake Garn, R-Utah, and in the House of Representatives by Rep. F.J. St. Germain, D-R.I., to help thrifts com­ pete more effectively in the marketplace. The net effect of the Garn-St. Germain bill was to give savings and loans the ability to offer essentially the same services as commercial banks. Unfortunately, despite heavy advertising, business and the private sector continued to think of McHenry Savings as primarily a The Swing Era was becoming passe and the new sound of rock n' roll was sweeping the nation. Stars like Elvis Presley and Bill Haley were coming into their own. In baseball, Mickey Mantle and Willie Mays were the American and Na­ tional League homerun champions, respectively. In the fall of 1956, construction was completed on a new home for the McHenry Savings and Loan, this one located at 206 W. Elm Street, that same building is more familiar to McHenry residents today as the City Wide Carpet Store. The Sixties saw a continuation of the wave of change that had started earlier. Cuba, now in the hands of Fidel Castro, was negotiating with Russia for missile bases. The Peace Corps was created and the Organiza­ tion of Petroleum Exporting Coun- . tries (OPEC) held its first meeting in 1960. In McHenry, our young savings and loan was making mortgage loans at 6 percent, while savers earned a whopping 4.25 percent on their savings accounts. On May 22, 1967, after 12 years of growth, McHenry Mayor Donald Doherty attended the grand opening of another riew home for McHenry Savings and Loan at 1209 N. Green Street, in what was previously the American Legion building. It is still our main office and it continues to beautify Green Street with its land­ scaping and lighting. Arnold Rauen was chairman of the board at this time, serving with E. Roger Collins, president; John Paul Flint, vice- president; and board members Charles Adams, LeRoy Olsen, Richard Freund and William Nye. Mortgage rates were still at 6 per­ cent, but savings rates had climbed to 4.5 percent Unable to offer per­ sonal loans or checking accounts, customers still needed the services of area banks to complete their portfolios. The Seventies would prove to be During the early '80s, many smaller banks and savings and loans were finding it hard to compete for funds. Savings rates soon rose into the mid-teens and inflation ran wild. New products like six-month cer­ tificates of deposit, money market funds, NOW and super NOW ac­ counts, IRA accounts and all-savers certificates were released on an almost daily basis as the result of government deregulation of the banking industry. Home loans became essentially unaffordable and home values actually began to drop as interest rates hit the high teens. Fixed rates were swapped for * K /