A FEW MEN CONCEIVED OF A PROGRESSIVE WELL MANAGED BANK IN 1913.
In the early part of 1913 a few men conceived the idea that Lyons and its community was entitled to and should be favored with the privileges and opportunities afforded by a progressive and well managed Building and Loan Association. An institution to be a part of the Community, providing a safe and profitable place for Savings and Investment Accounts, in turn those funds to be loaned on homes with the express purpose and ideal of making the community, as nearly as possible, one largely of home owners. With that vision as the goal, 27 citizens of the community purchased $13,500 in capital stock and THE LYONS BUILDING & LOAN ASSOCIATION was organized, obtained its charter and started business on March 12, 1913.
At the first organizational meeting L.E. Needham was named temporary chairman and Arch Hartronft was named temporary secretary. Members of the first board of directors were E.E. Monroe, L.C. Needham, G.G. Saltmarsh, Clark Conkling and Sam T. Harris.
As nearly as could be determined from the old minutes, Charles M. Sledd was the first person approved to receive a loan from the association. The board approved the application (not to exceed $1,400), on August 7, 1913.
Growth over the years has been steady, but the same cannot be said for the interest rate. In 1939 assets totaled $581,198 and the interest rate was three percent. In 1948 assets were $1.29 million, but the interest rate was only two percent. At the $2 million mark in 1952 the interest rate was three percent and in 1959 it reached four percent, when assets were $4 million. In 1970 assets reached $8.5 million and the association was paying six percent. Today Lyons Federal Savings has grown in asset size to over $76 million.
Lyons Federal Savings has always been innovative in the use of new ideas and technology. Over the years we have added a large variety of both deposit and loan products. We no longer offer only savings accounts and home loans. We can meet all of your investment and loan needs from checking accounts to certificates of deposit and from home loans to agricultural and commercial loans. Lyons Federal Savings operates in a "real time" posting environment which means your account balance immediately reflects the transactions as they are posted. A Drive-up ATM was added in 1997 and in 1998 Bank-by-Phone was added. In early 2000 we began offering transactional Internet Banking to our customers.
In the summer of 2009 the directors of Lyons Federal Savings decided that in order to more appropriately describe the multitude of services that the institution provides that the name should be changed to Lyons Federal Bank. The name change along with the move to our newly constructed main bank facility at 200 East Ave South in Lyons all took place at the same time.
Lyons Federal Bank's objective has always been to remain a sound institution for our customers' investment and loan needs. We are proud of the way we are able to meet those needs in a most efficient and friendly way. Lyons Federal Bank is still a locally owned, "hometown" bank with a long history of providing efficient, courteous service to all its customers.