Draft:Dearborn Federal Savings Bank
Submission declined on 1 May 2024 by Funnyfarmofdoom (talk).
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Dearborn Federal Savings Bank is a federally chartered mutual savings bank that was established in 1936. With its headquarters located in Dearborn, Michigan, the bank operates three branches in the City of Dearborn and two branches in the City of Dearborn Heights.
DFS ranks as the 52nd largest bank within the state of Michigan and the 2,642nd largest nationally. The bank has expanded to employ 41 individuals across five locations as of December 2023.[1]
Dearborn Federal Savings Bank primarily focuses on residential mortgage lending, with a significant portion of its retail deposits coming from residents of Dearborn and Dearborn Heights. These deposits are reinvested into the community through mortgage-related loans tailored to local credit needs. The bank's size relative to larger competitors allows for greater flexibility in responding to market changes, and its mutual form of corporate governance has contributed to its longevity.
The bank's decision-makers and customer service staff are all based in Dearborn and Dearborn Heights, underscoring its commitment to the local community.
History[edit]
The bank was founded by 20 local residents of Dearborn during the Great Depression. Each of these individuals invested $1,000 to open the first office of Dearborn Federal Savings and Loan Association. Recognizing the need for a secure place for their neighbors to invest savings and obtain long-term financing for homes, the founders took action.
In 1986, the association converted to a Federal Mutual Savings Bank Charter and changed its name to Dearborn Federal Savings Bank. Throughout its 83-year history, the bank has remained faithful to its founders' vision while expanding its branch network and introducing new products and services to meet customer needs.[2]
References[edit]
- ^ "Dearborn Federal Savings Bank - Overview / Commentary". DepositAccounts by lendingtree. May 1, 2024. Retrieved May 1, 2024.
- ^ "Dearborn Federal Savings Bank - About Us". www.mydfsb.com. Retrieved 2024-05-01.
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