North Shore Trust and Savings A Historical Brief
The association was founded by a group of civic minded citizens who found they all shared a common problem: home financing. One of the original founders, Math Ivantic (nee: Ivanetich) petitioned the State Auditor on April 4, 1921 to organize as a building and loan association. On May 2, 1921 North Shore Building and Loan Association was officially chartered. The original office was the Ivantic’s family front porch on Park Ave in North Chicago.
On May 7, 1921, the first day of operation, $106.25 was collected in weekly dues and $106.25 was paid in membership fees. The first application for a home loan was received on May 19,1921and approved two weeks later for $500. At the end of the first full year of operation the association had assets of $16,096.18.
North Shore applied for and received its membership certificate from the newly formed Federal Home Loan Bank System on January 3, 1933 and was issued Member account No.13.
In 1936, the first fulltime office was opened on the corner of 11th and Park. By 1950 the Bank moved again to a new building in the heart of the 10th Street business district in Waukegan. Assets at that time had grown to $3.6 million.
By the end of the 1960’s assets had grown to $12 million and the location at 10th Street was becoming obsolete. On December 13, 1971, North Shore Trust and Savings moved to its current location on South Lewis Ave in Waukegan.
North Shore Trust and Savings has been serving the people of Waukegan and surrounding communities since 1921 with savings accounts and loans that people need to make their lives better. Today, North Shore Trust and Savings has assets over $220 million with its headquarters located at 700 S. Lewis Ave in Waukegan and has two additional full service branches located at 1233 Green Bay Road, Waukegan and 3060 Sand Lake Road, Lindenhurst.