Ben Franklin Bank of Illinois

Ben Franklin Bank of Illinois was established on January 1, 1893, originally named Douglas Savings and Loan Association. Over the years, the institution underwent several name and structural changes. It became Douglas Savings Bank on September 27, 1989, and was rebranded as Ben Franklin Bank of Illinois on April 30, 1998. The bank transitioned to a Mutual Savings Bank on July 22, 1993, and later changed its organization type to a Stock Savings Bank on October 18, 2006. In 2011, the bank changed its primary federal regulatory agency to the Office of the Comptroller of the Currency. A significant shift occurred in 2014 when it reverted to a Mutual Savings Bank. The bank moved its main office to 830 East Kensington Road in Arlington Heights, Illinois, on December 18, 2007. By September 30, 2020, Ben Franklin Bank of Illinois had voluntarily relinquished its Federal Deposit Insurance Corporation insurance, changed its primary regulatory agency and chartering agency to state authorities, and transitioned to the status of a Non-FDIC Insured Thrift. The bank ultimately closed voluntarily and liquidated its assets on the same date.

Below is a list of some important events in banks history, including mergers and acquisitions.

1893-01-01Institution established. Original name: Douglas Savings and Loan Association.

1989-09-27Changed Institution Name to Douglas Savings Bank.

1993-07-22Changed Organization Type to Mutual Savings Bank.

1998-04-30Changed Institution Name to Ben Franklin Bank of Illinois.

1998-05-12Changed Chartering Agency to Ots.

1998-05-12Changed Primary Federal Regulatory Agency to Ots.

2006-10-18Changed Organization Type to Stock Savings Bank.

2007-12-18Main Office moved to 830 East Kensington Road, Arlington Heights, IL 60004.

2011-07-21Changed Primary Federal Regulatory Agency to The Office of the Comptroller of the Currency.

2014-06-25Changed Organization Type to Mutual Savings Bank.

2020-09-30Voluntarily relinquished FDIC insurance.

2020-09-30Changed Chartering Agency to State.

2020-09-30Changed Bank Class to Non-FDIC Insured Thrifts.

2020-09-30Changed Primary Federal Regulatory Agency to State.

2020-09-30Closed voluntarily and liquidated its assets.