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Capitol Federal Savings Bank

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Capitol Federal Financial Inc.
Company typePublic
IndustryFinancial services
FoundedSeptember 16, 1893; 131 years ago (1893-09-16) in Topeka, Kansas, U.S.
Headquarters
Topeka, Kansas
,
U.S.
Number of locations
46 traditional branches, 5 in-store locations (2024)
Area served
Key people
ProductsBanking
ServicesSavings and loans
Revenue
  • Decrease US$188.3 million (2023)
  • US$302.4 million (2022)
  • Decrease -US$101.7 million (2023)
  • US$84.5 million (2022)
Total assets
  • Increase US$10.2 billion (2023)
  • US$9.6 billion (2022)
Total equity
  • Decrease US$1.0 billion (2023)
  • US$1.1 billion (2022)
Number of employees
  • Decrease 649 (2023)
  • 733 (2022)
Websitewww.capfed.com
Footnotes / references
[1][2]

Capitol Federal Savings Bank (CapFed) is a federally chartered and insured savings bank founded in 1893 and headquartered in Topeka, Kansas. Capitol Federal has 51 locations serving both the Kansas and Missouri sides of the Kansas City metropolitan area with personal and business financial services. It is owned by holding company Capitol Federal Financial Inc. for trading on the Nasdaq.

History

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On September 16, 1893, during the Panic of 1893, fifteen men formed the Savings and Loan Association of Topeka, including "bankers, insurance agents, attorneys, railroad employees, the president of a dry goods store, the Topeka City School Superintendent and a physician." Their first office was located above a Rock Island Railroad ticket office.[3]

In July 1899, the organization's name changed to the Capitol Building and Loan Association. In 1926, Henry Bubb was hired as a clerk. In 1938, the organization underwent another name change, becoming the Capitol Federal Savings and Loan Association. They also adopted a federal charter, with deposits insured by the Federal Savings and Loan Insurance Corporation. The association's board of directors named Bubb the association's president in 1941.[4]

In 1943, Capitol Federal was named the largest federally insured association in Kansas. Its assets reached $100 million in 1958 (equivalent to $1.1 billion in 2023). John C. Dicus joined Capitol Federal in March 1959. On December 9, 1961, Capitol Federal opened a new headquarters location in Topeka, complete with a fallout shelter as a civil defense measure during the Cold War. In 1975, Capitol Federal became the second savings and loan institution to offer its customers account access outside of its buildings. Two years later, in 1977, its assets reached $1 billion (equivalent to $5 billion in 2023).[5]

Bubb died in 1989, leading to John C. Dicus being named chairman. In October 1996, John B. Dicus was elected president, with John C. Dicus remaining chairman and CEO. On March 31, 1999, Capitol Federal finished a plan to convert from a mutual savings association to a stock savings bank, becoming known as Capitol Federal Savings Bank. As part of this plan, the Capitol Federal Foundation was also established. Capitol Federal introduced its online portal, True Blue Online, in 2001.[5]

In January 2009, John C. Dicus reached 50 years of employment with Capitol Federal, the board's mandatory retirement age. He retired as chairman, leading to John B. Dicus's election as chairman, president, and CEO.[5]

In 2014, the headquarters of the University of Kansas School of Business was announced to be renamed Capitol Federal Hall after Capitol Federal donated $20 million through its foundation to the school. This decision faced some criticism, with many people opposing the growing trend of corporate names on school buildings.[6]

Capitol Federal was named one of the Forbes Top 50 Most Trustworthy Financial Companies in 2014.[7] In 2015, Capitol Federal upgraded its debit cards to include EMV chips and Apple Pay support. Capitol Federal acquired Capital City Bank on August 31, 2018, finishing its integration into Capitol Federal on April 12, 2019.[5]

As of July 2024, Capitol Federal has 46 traditional branches and 5 in-store locations, totaling 51 locations in the Kansas City metropolitan area.[8]

Capitol Federal Financial

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Capitol Federal is owned by holding company Capitol Federal Financial Inc., which is traded on the Nasdaq Stock Market as CFFN.[1]

Lines of business

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Capitol Federal Savings Bank offers a range of personal and business services.

Personal banking and investments

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Capitol Federal provides checking accounts, savings accounts, certificates of deposit, and individual retirement accounts for personal use.[9][10] They have options for mortgages[11] and consumer loans,[12] and they work with Sallie Mae to provide student loans.[13] Capitol Federal also offers trust management services for families.[14]

Business banking

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For businesses, Capitol Federal provides banking accounts and loan options.[15] They also offer payment processing for merchants.[16]

Insurance

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Capitol Federal refers customers to Capitol Agency, a separate subsidiary that provides home, vehicle, business, and life insurance.[17][18]

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  • Capitol Federal Savings Bank buildings
  • The Capitol Building and Loan Association's first office in Topeka, Kansas
    The Capitol Building and Loan Association's first office in Topeka, Kansas
  • Capitol Federal's current headquarters in Topeka
    Capitol Federal's current headquarters in Topeka

References

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  1. ^ a b "Capitol Federal Financial, Inc. Common Stock (CFFN) Financials". Nasdaq. 2023-09-30. Retrieved 2024-07-28.
  2. ^ "Capitol Federal Financial Number of Employees 2010-2024 | CFFN". Macrotrends. 2023. Retrieved 2024-07-28.
  3. ^ "A Thrift Is Born In 1893 Kansas". Office of the Comptroller of the Currency. United States Department of the Treasury. Retrieved 2024-07-28.
  4. ^ Duncan, Spencer L. (2005). "Capitol Federal Savings". Historic Shawnee County. San Antonio, Texas: Historical Publishing Network. pp. 80–81. ISBN 978-1-893619-43-2. LCCN 2004117164. OCLC 60970983 – via Google Books.
  5. ^ a b c d "History". Capitol Federal Savings Bank. 2023. Retrieved 2024-07-28.
  6. ^ Weinberg, Cory (2014-06-23). "Not Everyone Is Happy With Company Names on Business School Buildings". Bloomberg. Retrieved 2024-07-28.
  7. ^ Dill, Kathryn (2014-04-01). "America's 50 Most Trustworthy Financial Companies". Forbes. Retrieved 2024-07-28.
  8. ^ "About Capitol Federal". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  9. ^ "Checking". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  10. ^ "Savings". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  11. ^ "Home Loans". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  12. ^ "Consumer Loans". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  13. ^ "Student Loans". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  14. ^ "Trust Services from CapFed". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  15. ^ "Commercial and Small Business Loans". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  16. ^ "Merchant Card Services and Processing". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  17. ^ "Capitol Agency Insurance". Capitol Federal Savings Bank. Retrieved 2024-07-28.
  18. ^ "Welcome Home". Capitol Agency. Capitol Federal Savings Bank. Retrieved 2024-07-28.
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