a small local option in Chicago with a laser focus on mortgage lending
People have certain misconceptions about “traditional” banking. Neighborhood banks are, on the whole, being left behind by the modern consumer, as mega banks dominate the market with many online and mobile banking options. While it’s true that the history of banking is one of exclusion and racism, there’s also great value in local neighborhood banks which truly understand the needs of their customers. Traditional banking options also often focus on one of the most important types of wealth-building loans: mortgage lending.
Pulaski Savings Bank in the Bridgeport neighborhood of Chicago is a great example of a traditional bank excellently serving their community. The Bridgeport neighborhood is one of the more racially diverse in the city, with significant white, Asian, and Latinx populations, and residents’ median income is just below the average income of city residents. Pulaski has been faithfully serving residents of the area for more than a century, and they take pride in their excellent service and personal touches.
Since their opening as Pulaski Savings and Loan in 1890, they have strived to provide consistent banking products and build relationships with their customers. When looking at the Google reviews for this business, it’s clear they’ve succeeded. One customer calls them a “sweet little neighborhood bank where the tellers know your name.” Although they don’t offer online or mobile banking options, they make up for this with an intimate knowledge of the customers they serve.
Pulaski Savings Bank is more than just a great community bank, however. Their lending portfolio demonstrates their commitment to making their neighborhood a better place to live. Almost all of their lending is devoted to mortgages, and although we can’t tell to whom these are being given, the fact that they’re located in a working-class neighborhood indicates these likely are going to working-class families. This is also inherent in their CDFI designation, which is given to banking institutions who make a certain percentage of their loans to low- and moderate-income households. Additionally, when you look up Chicago in our search engine, they’re the second option to come up.
This Better Banking Option is yet another example of local banks being the best option if you have access to them. If you’re located in the Bridgeport neighborhood of Chicago, there’s honestly not a better choice, and you can be sure that your deposits are being used to expand home ownership in your community. Although only those in Chicago are able to bank with Pulaski Savings Bank because they don’t have online banking options, if you are in the area, we cannot recommend them more. Check out their website to learn more, and if you’re in Chicago, consider stopping by their brick and mortar location to open an account with them today.