HISTORY
For over one hundred years, First Federal has proved a secure place for investments of savings as well as acquiring a loan of money to build or buy a house for the people of Mattoon and the surrounding area.
The Association was organized on January 3, 1889 and opened for business in the law office of Charles T. Feagin, 1616 Broadway the next day under the name of the National Building and Loan Association of Mattoon. The Association moved to 108 South 17th Street and later to 112 South 17th Street.
In 1921, the Association opened its office in its own building at 1608 Broadway. After occupying the building for seventeen years extensive repairs were done to the building in 1938. For two months, while the repairs were completed, the Association set up temporary quarters at 1719 Broadway. One of the major remodeling phases was the construction of a new front on both floors of the building consisting of black and ivory ceramic glazed brick and glass blocks.
Due to business growth of the First Federal Savings and Loan Association and need for more operating space, Secretary T.E. Storm and the Board of Directors decided to build a new building at 1500 Wabash Avenue. The First Federal Savings and Loan Association was the first financial institution to leave Broadway. The move would provide better parking for its customers besides the new innovation of the day, a drive-up window.
The building was begun in December 1953 and completed September 1954. The Association first operated its offices on the first floor with the second floor leased to the Massachusetts Mutual Life Insurance Company and later to the Metropolitan Life Insurance Company. The bank later moved to its present location on Charleston Avenue.
In 2004, two of Mattoon's century old banking icons completed a merger of their institutions. First Federal Saving and Loan Associations and Okaw Building and Loan merged their institutions to continue to offer superior banking services to the community. The new entity adopted a new logo and retained the First Federal Savings and Loan Association name.
The original charter of the National Building and Loan Association of Mattoon stated that the original purpose of the Association was “to assist its members to accumulate and invest savings by accumulating a fund from periodical payments on its stocks or otherwise to be loaned out to its members.” Today the First Federal Savings and Loan Association of Mattoon is still a thrift institution adhering to the original principles of the original association in saving money and making home mortgages.
First Federal Savings and Loan Association has continuously maintained a policy of good management, with adequate reserves, credit and cash balance to remain a strong and safe financial institution.
