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President's Letter

January 2023


Dear Friends,

Dane H Cleven
Dane H. Cleven
President &

In the last few years business has continued to be anything but normal. COVID-19, high inflation, and increased financial fraud have all had impacts. It will be interesting to see what 2023 will bring us.

Community has long promoted remote banking. This included the use of ATM networks and telephone banking going back to the 1970s. In more recent years, Community has offered mobile and online banking, including remote bill pay and electronic transfers. One of the things to come out of the pandemic was the increased customer use of remote banking. Customers find it convenient and safe. Electronic transactions avoid the risks of having checks stolen and altered. 

Inflation rose significantly in 2022 and has impacted consumers as well as the bank. Community, however, continues to be very financially sound with a high capital to assets ratio. We continue to put our customers first and follow the Golden Rule established by the bank’s founder in 1944: “The safety and protection of our members’ funds is always our most important consideration.” In addition, deposit insurance from the FDIC according to its rules and regulations continues to add another level of safety for our depositors.

In general, interest rates have also increased. Community continues to pay competitive rates on all deposits. The bank offers several special certificates of deposit which are described. Contact a new accounts representative for more information. In addition, Community offers many no fee services with many of its accounts which help make banking affordable.

Making mortgage loans continues to be Community’s primary lending activity. Mortgage interest rates have risen during the past year, but they are still very affordable by historical standards. Community makes fixed rate loans. The interest rate the borrower pays will not increase if interest rates go higher. In addition Community offers modification programs that enable borrowers to affordably reduce their interest rates should rates decline. Community is a portfolio lender and services all of the loans it has made. Community has money to lend. 

Thank you for taking your time to read our newsletter. Contact us with any questions you may have. We have a live operator who answers all calls during business hours, and she will direct your call appropriately. If you bank with us already, I appreciate your business. If you don’t bank here, give Community a try. We look forward to serving as Your Personal Neighborhood Bank.


Dane H. Cleven, Community Savings Bank, Chicago




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