UNION FEDERAL SAVINGS AND LOAN ASSOCIATION - SINCE 1890 - where People are important
 
About Us About Us

History

In November of 1890, Union Federal Savings and Loan Association was organized in the city of Kewanee, Illinois with a State Charter and capitalized with $11,000. The original name of the association was Union Building and Loan Association. It was started by six people with the purpose to encourage home ownership. Since Union Federal was established as a mutually owned thrift, it allowed members to pool their savings to provide home ownership. In 1936, the Association changed to a Federal Charter and became federally insured by the Federal Deposit Insurance Corporation (FDIC).

In 1925, the Association built a two story building at 106 N. Tremont Street in Kewanee. This building served the Association well until growth necessitated an expansion. In 1959, plans were announced for a new building to be built adjacent to the existing building. This building provided over 4,400 square feet of much needed space. Additionally, in 1991, the corporate office was added onto as part of a drive-up expansion. The addition more than doubled the size of the corporate office, and provided a unique feature with a 5,000 gallon five star atrium located in the building's mid-section. This atrium provided a home for two North American river otters named Oscar and Andy.

In 1974, Union Federal initiated a branching strategy by opening an associate office in Milan, Illinois which expanded the savings and lending opportunities for the Association. In the next three and a half years, Union Federal opened four additional associate offices in Moline, East Moline, Viola, and Orion. The original Orion and Viola offices were replaced with new brick buildings in 1997 and 2004 respectively. Union Federal has been actively involved in lending in the Madison area since the early 90s. In 2006, Union Federal opened an associate office in Madison, Wisconsin. This new office allowed the Association to expand this lending, and also establish a savings presence in the area.

Union Federal has always offered mortgage products, but has expanded upon them over the years by offering many new and different lending products from home equity loans to savings account loans.

Historically, the primary vehicle for savings was the savings passbook account. Union Federal still offers a savings passbook account today. The Association has added many savings products over the years to keep pace with our customer's ever changing needs. In the 60s, Congress passed legislation to allow us to offer Certificate of Deposit accounts. Today, we offer maturities ranging from 91 days to 5 years. In 1979, again Congress passed legislation allowing Union Federal to begin offering checking accounts to its customers. The Association now offers many different types of checking accounts designed to meet customer's needs. In 1995, Union Federal installed its first Automated Teller Machine, and began offering ATM cards and Debit cards. ATMs were added in Milan, Moline, Viola, Orion, and East Moline over the next two years. After receiving many requests from its customers, the Association began offering on-line banking in 2007.

Union Federal has evolved and adapted as a financial institution since 1890. The Association has been proactive in serving its customer needs. Union Federal has continued to fulfill its original mission of promoting thrift and low cost home ownership, while always trying to live up to its motto of being "Where People are Important".