NEW CARLISLE - In celebration of their 125th anniversary, New Carlisle Federal Savings Bank is giving back to the community in the tradition of those who founded the bank.
According to Dale Steinlage, NCFS Bank CEO and President, the savings and loan company concept started in Philadelphia in the early 1800's. These associations were created with the idea that a community of people would have mutual ownership, which meant it was owned by the people who were customers and had no stock holders.
These customers would pledge to make a deposit every week and at loan sales people would bid on that money and promise to pay an interest rate in order to buy or build a house. The association continued to grow with more and more loan sales.
"It was a very simple vehicle local people set up for the community and themselves to buy homes. The average loan was $600, half the price of a home in 1886," said Steinlage.
These building and loan associations were only open for a few hours one day a week. They were usually loccated in the back of a general store or attorney's office.
The first New Carlisle Building and Loan Association was started in 1882 by Charles F. King, but the anniversary of the incorporation is August 8, 1883. On this date, an advertisement in the New Carlisle Sun stated the initial assets and requirements for membership, with capital stock set at $100,000 and shares $200 each.
Since then the bank has done business under four different names. The first, New Carlisle Building and Loan Company, was used at the bank's incorporation through 1887. The second name, The New Carlisle Building and Loan Company, was used until 1935, and the third, The New Carlisle Federal Savings and Loan, was used starting December 28, 1935 through 1990. The final name, New Carlisle Federal Savings Bank was taken on July 1, 1990 and remains the same today.
Some of the original members of the Board of Directors from 1883 were Chas A. Bouck, Ben Davis, S. McArthur, E.A. McGrew, J.B. Mohler, David J. Nysewander and John V. Perrine, with E.C. Miller joining in 1887 and J.E. Johnson in 1890.
The first office was in E.C. Miller & Co.'s Drug Store, doing business among dresses, shirts, suits and groceries. The first permanent location was 124 South Main St., which is not part of the Rite Aid parking lot. It was sold to Harshbarger Realty when the current building, located at 400 North Main St., was opened in 1970.
Steinlage joined NCFS Bank in 1980 and became CEO in 1982.
"I guess I've had a little influence on this place," he said.
In the last 25 years banking has been de-regulated allowing savings and loan banks to offer more than home and home improvment loans. They can now maintain checking accounts and give consumer and business loans.
The bank in New Carlisle was the only location until 1990 when the Springfield branch was opened. A branch was opened in Tipp City in 1995. The building next to the New Carlisle branch was purchased in 2005 as the operations office.
"Opening these branches helped establish us as a competitor among the larger regional banks," said Steinlage. "The bank has grown with new customers. It has quadrupled in assets over the last 25 years."
In 1983, thier 100th anniversary, NCFS had a total of six employees and was worth $24 million. Today, it is a $100 million bank with roughly 30 employees.
"Personally, it's been a lot of fun watching the bank grow," said Steinlage. "And I can say on behalf of the board and employees, we enjoy serving the community and enjoy the continued support they give us without the loyalty of our customers we couldn't be successful."
With the changing face of banking, Steinlage reinforces the NCFS Bank motto: More Bank for your Buck.
"Banking used to be face-to-face, but it is hardly that anymore. I already miss people contact. But here we know our customers by name and we use their names. When we say 'more bank for your buck,' we not only mean it, we live it everyday," he said.
While he believes in the future technology will continue to make banking considerably different than what we know today, Steinlage vows that NCFS Bank will make the extra effort to keep their personal touch.
"We are still focused on our community, it's our community that built this. We decided in these tougher economic times to give back to those somewhat less fortunate. We're trying to give back to the community for making us successful," he said.
From now through Sept. 25 customers can bring in non-perishable food items or make monetary donations and the bank will match the amount raised. Anyone who makes a donation will be entered to win $125 during a drawing on the 25th of each month until the end of the food drive. All proceeds from the New Carlisle office will benefit Bethel Churches United food bank. In July they raised $350.
For more information call the New Carlisle Federal Savings Bank in New Carlisle at 845-3636 or visit www.newcarlislefederal.com.
"Ads published on this site are not for republication in print or web
media without the expressed written consent of both the advertiser and
The Brown Publishing Company."
