Question 1

What is First Federal Savings and Loan of Central Illinois?

Accepted Answer

First Federal Savings and Loan of Central Illinois is a mutual savings bank serving East Central Illinois communities. With approximately $222 million in assets and 3 branches, the institution provides traditional savings and loan services with a focus on home financing and community banking.

Operating as a state-chartered stock savings bank supervised by the FDIC, First Federal has built a reputation for sound financial management, earning a 5-star rating for safety and soundness. The bank is structured as a mutual institution, meaning it is owned by its depositors rather than shareholders.

Question 2

When was First Federal Savings and Loan of Central Illinois founded?

Accepted Answer

First Federal Savings and Loan of Central Illinois traces its origins to 1905 when it was originally chartered as the "Peoples Mutual Loan Association of Shelbyville" under a state charter. The institution was formed as a cooperative home financing organization to provide a safe place for members to invest savings and borrow funds for home purchases or construction.

Following many years of dedicated service, the institution received its federal charter during the Great Depression, becoming First Federal Savings and Loan Association of Shelbyville. In 2008, Charleston Federal Savings and Loan Association (originally chartered as the "Charleston Homestead and Loan Association" in 1882) merged with First Federal of Shelbyville to form First Federal Savings and Loan Association of Central Illinois. In January 2011, a third branch opened in Windsor to better serve customers in Coles and Shelby counties.

Question 3

Where is First Federal Savings and Loan of Central Illinois headquartered?

Accepted Answer

First Federal Savings and Loan of Central Illinois is headquartered in Shelbyville, Illinois. The main office is located at 200 West Main Street.

Question 4

Where does First Federal Savings and Loan of Central Illinois operate?

Accepted Answer

First Federal operates 3 full-service branches serving East Central Illinois, including locations in Shelbyville, Charleston, and Windsor. The bank primarily serves Shelby County and Coles County, with a service area that extends throughout the east-central region of Illinois.

The institution maintains a strong local focus, concentrating its operations in communities where it can develop deep relationships with customers.

Question 5

What services does First Federal Savings and Loan of Central Illinois offer?

Accepted Answer

First Federal provides comprehensive banking services including savings accounts, checking accounts, certificates of deposit, and money market accounts. The institution specializes in residential mortgage lending, including 1-4 family residential loans, commercial real estate financing, and construction and development loans.

Business services include commercial real estate loans, small business loans, commercial and industrial loans, and consumer lending products. The bank offers competitive rates on deposits and customized loan products to meet individual needs.

First Federal also operates First Fed Insurance Services, a subsidiary that provides a broad range of insurance products for individuals and businesses through offices in Shelbyville, Stewardson, and Charleston.

Question 6

What makes First Federal Savings and Loan of Central Illinois unique?

Accepted Answer

First Federal distinguishes itself through its mutual ownership structure, which aligns the institution's interests directly with those of its depositors. The bank's mission emphasizes building lasting, mutually beneficial relationships between members, employees, and the community.

With a history spanning over 120 years when including its Charleston Federal predecessor, the institution has demonstrated remarkable stability and commitment to its communities. The bank survived and thrived through the Great Depression and numerous economic cycles, maintaining its focus on providing sound financial solutions and exceptional customer service.

The addition of insurance services through First Fed Insurance Services provides customers with comprehensive financial and risk management solutions under one umbrella.

Question 7

What type of financial institution is First Federal Savings and Loan of Central Illinois?

Accepted Answer

First Federal Savings and Loan of Central Illinois is a State-Chartered Stock Savings Bank (S&L) supervised by the FDIC. Despite being classified as a stock savings bank, it operates with a mutual ownership structure.

As a traditional savings and loan association, First Federal specializes in accepting deposits and providing mortgage loans, particularly for residential real estate. This institutional type historically focuses on promoting home ownership through accessible lending programs.

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