Second Federal to close Fox Lake branch

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 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 the 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."

Fox Lake Chamber of Commerce spokeswoman Linnea Pioro said seeing Second Federal close up shop is going to be hard for the community.

"It will always be Second Federal," she said. "They were always there for community events and they wrapped their arms around so many things. They gave back so much to the community."

She added, though, that the open spot brings an opportunity for a new type of business in the village.

"It would be nice to look at what we have in the community and not bring in a duplicate business," she said. "We should take a look and see what we need, then go from there."

Bender said 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.