Fox Lake's Second Federal Savings and Loan closing for good

Second Federal Savings and Loan in Fox Lake will be closing its doors over the next three months.

A letter is being sent to bank customers this week stating the main lobby of the bank will close on March 15, while the drive-up facility will remain open until May 17. The bank is located at the corner of Grand Avenue and Route 12.

Mark Doyle, president and CEO of Second Federal, confirmed the Fox Lake branch is closing, but would not go into details behind the decision.

In the letter, Doyle stated to customers: "Your relationship with Second Federal has been very important to us and we regret any inconvenience the branch closing may cause. We hope to be able to continue to serve your banking needs in the future."

Trustee Ed Bender said he was informed of the decision to shut the facility Friday night.

"In view of the current economic climate, I'm not really too shocked," he said. "A lot of banks larger than Second Federal are closing, so no, I'm not shocked."

Mayor Cindy Irwin was not available for comment Wednesday morning.

Bender added he would like to see the village replace the bank quickly.

He said a high-end restaurant or a department store would be best suited for the busy corner.

"I haven't spoken with our economic development director yet because he's out of town, but with the hotel coming in as planned, it would be great to have them play off each other to generate further business," he said.

Val Knopp, assistant branch manager for Second Federal, said people with questions regarding their individual bank accounts should contact the facility at (847) 587-6311.