History
Peru Federal Savings Bank has been serving the financial needs of those residing in the Illinois Valley since 1887. First founded as the Workmen’s Loan Association of Peru on October 8, 1887, the association elected its first Board of Directors on October 31, 1887. The first board members were:
- Joseph Heuser
- William Verzagt
- Pat T. Keegan
- Servatius Krummeich
- Wilhelm Koch
- Leonard Wagner
- Bernard Bierbrodt
- William Beckmann
- Dave Goerg
The Bank was established as an association of persons to raise funds to be loaned only among the members of such association. This form of ownership is known as a mutual institution. The term Mutuality stems from the world of 1800’s America, a period in history when philanthropic individuals set about to improve the quality of life for the citizens of a rapidly changing country. The need to set a portion of one’s savings aside for future use was a need not met by larger banks, and it was for this need that Mutual Savings Banks were formed. Due to this emphasis on providing a service not previously met, Mutual Savings Banks played an important role in communities throughout the United States. The original intent was not to earn a profit for the founders of the bank. Instead, the earnings would go to or benefit the depositors. Profit not directly paid to depositors in interest benefits the depositors by being held in reserve as retained earnings. This reserve ensures that even in adverse situations for the bank, the depositors’ principal can be paid on request. It is upon these principles that today’s Mutual Savings Banks operate. The Workmen’s Loan Association of Peru continued in operation until September 18, 1935 at which time it began the process of converting the association to Peru Federal Savings and Loan Association. On December 12, 1935 the Peru Federal Savings and Loan Association received its charter and began operations. The first board of Peru Federal Savings and Loan Association consisted of:
- Harry J. Debo
- Peter J. Trompeter
- Roger E. Lee
- Andrew A. Hebel
- Charles Fleming
- Herbert W. Bekermeier
- Henry Willmeroth
Initially the offices of Peru Federal Savings and Loan Association were located at 1812 Fourth Street until 1939 when the association purchased property at 1800 Fourth Street. In 1962 the Association purchased property at 1730 Fourth Street and constructed the present building which houses the main offices of Peru Federal. In 1974 the Association purchased property at 914 Shooting Park Road in Peru. On January 16, 1997 the association changed its name and charter to be known as Peru Federal Savings Bank. On September 28, 2023, Peru Federal Savings Bank officially converted from a mutual savings bank to a stock owned bank. The philosophy continues to remain the same which is to serve the families of the Illinois Valley for all of their financial needs.
