Citizens Financial Service

During the early 1930's, the depths of the Great Depression gripped the nation, and bank deposits and cash reserves were falling. Loans that financial institutions had booked could not be collected to keep up with the withdrawal demands of savings clients. Many institutions around the country failed. New legislation was passed in 1932 enabling citizens of a community to apply for a federally chartered savings and loan association. Thirteen prominent businessmen of Hammond decided to pool their resources to organize a new financial institution.