By Kevin Haas
Rock River Current
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ROCKFORD — It may seem like an unlikely group of investors to start a bank.
There was a baker, a car salesman, two attorneys, and the manager of a strip center anchored by a grocery store. They worked together to launch Northwest Bank five decades ago.
But any knowledge they may have lacked in banking they made up for by knowing the needs of their community, said Tom Walsh, president and CEO of Northwest Bank.
“It was an undertaking that took a leap of faith, particularly among a bunch of gentlemen and investors who really hadn’t spent much time in the banking business,” Walsh said. “But they knew what the community needed. They understood the value and benefit of having a local bank here in our neighborhood.”
That original bank branch at 3106 N. Rockton Ave. is still serving customers on the city’s northwest side today, including 40 of its original account-holders. And it has grown to reach more customers across Winnebago County.
“We’ve been here with high interest rates, we’ve been around with low interest rates. We’ve been part of Rockford with strong economies and through recessions,” Walsh said. “We’ve been through all of that, and at the forefront has been a commitment to customer service and really to crafting financial solutions that allow our customers to succeed.”
Thursday marked the anniversary of the opening of the original branch. There are now four additional locations.
“It gives me a lot of satisfaction that they’re doing well and I was a part of it in the early days,” said Ted Ingrassia Jr., one of the five founders. “We were really sincere about being a very good community, commercial bank, and our focus has always been that for 50 years.”
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Ingrassia, who managed the strip mall, along with William Earnest, William McKeever, John Graves and Louis Gilbert founded the bank.
“Unlike a lot of banks, we’re still here 50 years later,” said Steve McKeever, a board member for the bank and the son of one of the founders. “We truly are a community bank and we truly are vested in Rockford.”
The bank continues to focus on filling people’s financial needs, whether it be starting or growing a business, saving for retirement, buying your first home or putting children through college.
“Northwest Bank would just humbly like to say thank-you Rockford for your support,” McKeever said.
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Northwest Bank has two locations in Rockford, one in Machesney Park and one bank office and one mortgage office in Loves Park. It employs 78 people and is the largest locally owned bank in Winnebago County.
“We plan to be a vital part of this community for well into the future,” Walsh said.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas .