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President's Letter

January 2024


Dear Friends,
Community is an independent, locally managed, mutual financial institution. All decisions are made from its office at Cicero and Belmont Avenues in Chicago, as they have been for almost 80 years. Community opened its doors in this neighborhood in October 1944 in order to help area residents own homes and save for the future. Its mission remains the same today.

Though a lot has stayed the same, Community has kept up with how consumers bank. Affordable online, mobile and telephone banking are offered, and Community is part of several surcharge-free ATM networks. In-person banking is available at the bank’s main office and drive-thru facility. Community offers many no fee services, and personal service is provided by a knowledgeable staff.

Consumers have faced many challenges in the last few years. The pandemic upended most everything in life. Interest rates were pushed down to historically low levels, housing prices rose rapidly, and then inflation hit causing the Federal Reserve to raise interest rates. Through this time Community continued to be financially sound and well capitalized, and remains a stable bank where area residents can place their savings.

Community is a housing lender that makes mortgage loans for the purchase or refinance of single family homes, 2-4 unit income producing properties, and multi-family buildings. Interest rates are higher than during the pandemic, but they are still very affordable by historical standards. If you are in the market to buy or refinance a home or building, give us a call.

Community also continues to pay competitive interest rates on deposits of all terms. Due to Federal Reserve action the economy now has an inverted yield curve in which shorter term rates are higher than longer term rates. As a result, Community offers a high yielding short term special account which many savers find appealing. The bank also offers several longer term certificates with very competitive rates for those willing to invest for a slightly longer period. Community’s strong capital makes it a very safe place at which to save, and all deposits are backed by deposit insurance from the FDIC according to its rules and regulations. The bank continues to follow the philosophy established by its founder, which makes the safety of its depositors’ funds its highest priority.

If you bank at Community already, thank you for your patronage. If you don’t, give us a try. We look forward to serving as Your Personal Neighborhood Bank.

Dane H. Cleven, Community Savings Bank, Chicago




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