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Itasca Bank & Trust celebrating 70th anniversary

Q: Tell us a little bit about how and when the bank started.

A: We are very proud to be celebrating our 70th anniversary this year. The bank was started in 1948 when the existing bank in Itasca decided to move to Bensenville. My grandfather and great grandfather decided that Itasca needed a bank to survive and grow. Every strong, growing community needs a good bank behind it. The bank has been supporting the local community ever since.

Q: What have a couple of the big changes been at the bank over the years?

A: Leadership of the bank has passed through 4 generations with my brother and I both being president. In 2011 we opened our first branch in Roselle to expand locally.

When I started in 1999, my first big project was to introduce internet access and email so we could implement Online Banking. The speed of change in banking technology has accelerated since then. An example is mobile banking. This year we are planning to remodel our main lobby to better respond to the needs of modern banking.

Q: What has been the edge for Itasca Bank & Trust to survive when so many others have failed?

A: The bank has always been run conservatively and stuck to its mission of serving Itasca and the communities surrounding Itasca. Our goal has never been to be the biggest bank, just the best; as it serves our shareholders, customers and communities. The last recession was hard, but the diversification of our loan portfolio, the strength of our communities and our willingness to help businesses survive the recession was key. When other banks just bailed out of certain industries, we continued to work with businesses that were fundamentally viable. We picked up many good customers that were pushed out of other banks.

Q: How long have you been at the bank? How did you get in the industry?

A: I have been with the bank for more than 18 years and banking for 32 years. I finished my MBA and started as a management trainee with a local bank group.

I felt that if I ever decided to go to Itasca Bank & Trust Co., I wanted to have some experience in banking first. I also thought it was important to me to enjoy some success on my own and see other ways of running a bank. Working in all the departments of a bank was very helpful.

Q: Who is your typical client?

A: On the consumer side, it is a resident of one of our local communities. One of our biggest marketing expenditures is supporting our local communities. People in the communities recognize that and want to do business with us.

On the commercial side, we work with many small and medium size businesses. We work with businesses that recognize the importance of having a strong relationship with their bank. They count on us to help them grow and weather the storms.

Q: What are plans for the future?

A: We plan to stick to our mission of serving our communities, customers and shareholders. We want to be Chicagoland's best community bank, not the biggest. Keeping up with changes in technology is very important. The way people bank is evolving quickly.

Q: What is one thing about the bank that most may not know?

A: We have a niche in serving homeowners' associations. We work with associations all over Chicagoland and are one of the top banks serving that market in Chicago.

Q: What is one of the biggest changes the industry has seen?

A. The recession caused many banks to fail and has driven a significant number of banks to consolidate. There are very few true community banks left. In one way, it makes it easier for us to differentiate ourselves with personal service and the ability to adapt solutions for customers.

People tend to assume that all banks are the same. They are pleasantly surprised when they learn that the experience of banking with a community bank is easier and more personalized.

Q: What is one question I forgot to ask?

A: I would say, “What makes banking fun?” Bankers get to help many people reach their dreams. Owning a home, saving for a child's education, starting and growing a business, and retiring comfortably are all dreams people have. Being able to help and watch our customers achieve their goals is very rewarding.

— Kim Mikus

Itasca Bank & Trust once operated in this building on Walnut in Itasca. The building is still there, across the street from the current Starbucks. Courtesy of Itasca Bank
Itasca Bank & Trust today

Itasca Bank & Trust Co.

<b>308 W. Irving Park Road Itasca IL 60143</b>Year business started: 1948 (70-year anniversary)

Web address: itascabank.com

Top executive: Jim Mensching, president

Number of employees: 96

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