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 12th, 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 Banks 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