World Financial Data

On May 3, 1883, the Iroquois Building and Loan Association, the predecessor of Iroquois Federal Savings and Loan Association, was chartered by the State of Illinois. These types of cooperative home financing organizations referred to in the laws of 1879 as “mutual building, loan and homestead associations” were just beginning to flourish. By November 1883, the Iroquois Building and Loan Association had accumulated $300, which it offered to bidders, as then required by the charter, and a loan of that amount was made to a Watseka photographer and Justice of the Peace, at 6 percent interest and 25 percent premium.