Liberty Bank For Savings

What Liberty Bank For Savings does

Liberty Bank for Savings is a mutual community bank founded in 1898 on Chicago's North Side, operating as a savings and loan association with no external stockholders—depositors themselves are the shareholders. The bank serves individual consumers, first-time homebuyers, small and medium businesses, property investors, seniors, and youth across the Chicagoland area through five physical branch locations (Logan Square, Foster, Lincolnwood, Norwood, Park Ridge), a mobile banking application on iOS and Android, an online banking portal, and a dedicated online mortgage origination platform.

The product portfolio spans consumer checking (Liberty, Jumbo, Silver Star for 62+, Affinity, Libby eChecking for ages 16–24), savings (Statement, Passbook, All-Stars Youth), money market accounts, CDs (6-month to 5-year terms), IRAs (Traditional, Roth, IRA CDs), business banking (checking, non-profit, money market, SEP), and a full suite of mortgage products including fixed-rate (10/15/20/30-year), SOFR ARMs (5/6, 7/6), first-time homebuyer programs (10% Down, HomeReady, Downpayment Plus grants up to $10,000), and multi-unit property financing (2–4 units and up to 20 residential units). The technology stack is a traditional core banking platform extended with digital features: mobile deposit, Zelle P2P, Apple/Google/Samsung Pay, biometric authentication (Touch ID/Face ID), multi-factor authentication via one-time passcodes, card control with spend limits and travel notifications, and behavior-based anomaly detection for fraud monitoring. Related services include Liberty Insurance Agency (wholly-owned subsidiary since the 1930s offering home, auto, life, commercial, and multi-unit property insurance as an independent broker) and LBFS Wealth.

Revenue mechanics are dominated by net interest income from a $635.3M mortgage loan portfolio held in-house (portfolio lender model), supplemented by deposit-gathering fees ($6–$10/month on checking accounts, $0.20 per business check), insurance commission revenue, and wealth management fees. As of the Statement of Condition dated February 28, 2026, total assets stood at $867.8M, total net worth at $204.3M, and total deposit accounts at $643.7M. Marketing and go-to-market relies on a community-led motion through five branches, local loan officers, community events (Summer Movie Series at Pickwick Theatre, Shred Events, Farmers Markets), educational seminars, and a content-marketing blog, layered with digital channels (Facebook, Instagram, LinkedIn, SEO, and email newsletters).

Name

Liberty Bank For Savings

Legal name

Liberty Bank for Savings

Website

https://libertybank.com

Company type

Private

Founded year

1898

Operating status

Operating

Headcount range

51–100 employees

Short description

Liberty Bank for Savings is a Chicago-based mutual community bank founded in 1898, serving consumers, first-time homebuyers, small businesses, and property investors in the Chicagoland area with five branches, a full digital banking platform, mortgage lending (portfolio lender), insurance, and wealth management services.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

Savings Institutions, Not Federally Chartered (6036), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Student & Youth Banking (FSABAAAH)

Keywords

• Retail community banking
• Residential mortgage lending
• Consumer deposit accounts
• Insurance brokerage services
• Wealth management advisory

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income - Mortgage Lending: Primary revenue driver through origination and portfolio retention of residential mortgages. Offers fixed-rate (10, 15, 20, 30-year) and adjustable-rate (5/6, 7/6 SOFR ARM) products. Portfolio lending model means loans typically retained in-house rather than sold.
2. Deposit Account Fees: Monthly maintenance fees on checking accounts ($6-$10 depending on account type), with waivers for meeting balance or direct deposit requirements. Transaction fees including per-check charges on business accounts ($0.20 per check).
3. Insurance Products (Liberty Insurance Agency): Commission-based insurance products through wholly-owned subsidiary offering home, auto, life, commercial, and multi-unit property insurance. Independent broker model works with multiple A-rated carriers without commissions.
4. Consumer and Business Deposits: Core deposit gathering through checking, savings, money market, and CD accounts. Deposits fund lending operations and generate interest income spread. Mutual bank structure returns profits to depositors through favorable rates.
5. Business Banking Services: Business checking, non-profit checking, business money market, and SEP IRA accounts generate fee income and deposits for lending activities.
6. Wealth Management: Investment and wealth management services through LBFS Wealth for customers seeking financial planning and investment products beyond core banking.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Liberty Bank for Savings is a mutual community bank that fundamentally accepts consumer and small-business deposits and originates and retains residential mortgages, commercial real estate loans, and personal loans. Its product set spans checking, savings, money market, CDs, IRAs, business banking, fixed-rate and adjustable-rate home mortgages, multi-unit property financing, first-time homebuyer assistance programs, insurance brokerage through its Liberty Insurance Agency subsidiary, and wealth advisory through LBFS Wealth, supported by a five-branch Chicago-area network and full digital banking channels.

Product overview

Liberty Bank For Savings is a mutual community bank offering a comprehensive suite of banking products and services. The core offerings include checking accounts (Liberty, Jumbo, Silver Star, Affinity, and Libby eChecking for youth), savings accounts (Statement, Passbook, and All Stars Youth), money market accounts, certificates of deposit (CDs) in terms from 6 months to 5 years, and IRAs (Traditional, Roth, and IRA CDs). Business banking includes Business Checking, Non-Profit Checking, Business Money Market, and SEP retirement accounts. Mortgage products feature fixed-rate mortgages (10, 15, 20, and 30-year terms), adjustable-rate mortgages (7/6 and 5/6 SOFR ARMs), first-time homebuyer programs including 10% down loans, HomeReady 3% down, and Downpayment Plus grants up to $10,000, plus multi-unit property financing. Digital banking services include Online Banking, Mobile Banking App, Mobile Deposit, Bill Pay, Card Control, Mobile Wallet (Apple Pay, Google Pay, Samsung Pay), Zelle P2P payments, Real-Time Account Alerts, and eStatements. Related services include insurance through Liberty Insurance Agency (home, auto, life, commercial, multi-unit property), wealth management, safe deposit boxes, and coin counting. As a portfolio lender, Liberty retains most loans in-house for ongoing servicing relationships.

Differentiator

Problem solved

Functional benefit

Brands

• Liberty Insurance Agency: Wholly owned insurance subsidiary offering home, auto, life, commercial, and multi-unit property insurance through independent brokers. Operates as an independent insurance agency since the 1930s.
• LBFS Wealth
• All-Stars Youth Savings
• Libby eChecking Basics
• Silver Star Checking

Products and services

• Liberty Checking Traditional do-it-all personal checking account for general consumers with full banking features including Bill Pay, Zelle, debit card, and Real-Time Account Alerts. $300 minimum opening balance, $10 monthly fee waivable with balance or direct deposit conditions.
• Jumbo Checking Interest-bearing personal checking account that pays higher interest on higher balances for customers maintaining larger deposits. $1,000 minimum opening, $6 monthly fee if balance falls below $1,000.
• Silver Star Checking Personal checking account for customers age 62 and older with no minimum balance requirement and no monthly service charge, providing a complete suite of services and features for free.
• Libby eChecking Basics Youth and teen checking account for ages 16-24 with customizable safeguards, no monthly fees, no minimum balance, and mobile banking capabilities to guide young adults toward financial independence.
• Affinity Checking Interest-bearing checking account for consumers who want to earn higher interest while keeping money liquid, with full benefits and services. $300 minimum opening, $6 monthly fee waivable with balance or total deposit relationship.
• Statement Savings Easy-access interest-bearing personal savings account with monthly interest payments, ATM card availability, and direct deposit/recurring transfer support. $500 minimum to open and earn interest.
• Passbook Savings Traditional passbook savings account with daily compound interest and quarterly interest payments for consumers preferring traditional account tracking. $500 minimum opening.
• All Stars Youth Savings Youth savings account for children under 18 to build financial literacy and savings with $10 minimum opening balance.
• Money Market Account Hybrid personal account combining checking-account flexibility with savings-style interest, allowing limited check-writing access while still earning interest on balances.
• Certificate of Deposit (CD) Fixed-rate, fixed-term savings product with FDIC-insured deposits and higher returns than easy-access savings. Available in terms from 6 months to 5 years with $5,000 minimum and daily compounding interest.
• Traditional IRA Pre-tax individual retirement account offering tax-deferred contributions, with withdrawals taxed upon distribution. Used by consumers building retirement savings.
• Roth IRA After-tax individual retirement account available to all individuals with earned income regardless of age; qualified withdrawals are tax-free. Used by consumers seeking tax-free retirement growth.
• IRA Certificate of Deposit Tax-advantaged CD combining IRA tax benefits with FDIC-insured CD security and guaranteed returns, available in 1, 1.5, 3, and 5-year terms.
• Business Checking Business checking account for small and medium businesses with $300 minimum opening, no minimum balance required, $7.50 monthly maintenance fee, and $0.20 per check written.
• Non-Profit Checking Simple checking account designed to support the specific banking needs of non-profit organizations.
• Business Money Market Flexible business savings account providing money market services for businesses seeking higher interest on operating cash.
• SEP (Simplified Employee Pension) Small business retirement option providing a simplified employee pension plan from employer to employees, available to small business clients of Liberty Bank.
• 30-Year Fixed Mortgage Fixed-rate residential mortgage with consistent monthly payments over 30 years. Quoted at 6.125% / 6.222% APR with 60-day rate lock; portfolio-retained by Liberty Bank.
• 20-Year Fixed Mortgage Fixed-rate residential mortgage with consistent monthly payments over 20 years. Quoted at 5.750% / 5.877% APR.
• 15-Year Fixed Mortgage Fixed-rate residential mortgage with consistent monthly payments over 15 years. Quoted at 5.500% / 5.659% APR.
• 10-Year Fixed Mortgage Fixed-rate residential mortgage with consistent monthly payments over 10 years. Quoted at 5.125% / 5.349% APR.
• 7/6 SOFR ARM Adjustable-rate residential mortgage with an initial fixed period of 7 years, adjusting semi-annually thereafter based on SOFR. Quoted at 6.000% / 6.323% APR.
• 5/6 SOFR ARM Adjustable-rate residential mortgage with an initial fixed period of 5 years, adjusting semi-annually thereafter based on SOFR. Quoted at 5.875% / 6.332% APR.
• 10% Down First-Time Homebuyer Loan First-time homebuyer mortgage requiring as little as 10% down with competitive rates, for well-qualified borrowers with minimum 740 credit score and no income limits.
• HomeReady Mortgage Fannie Mae low down payment mortgage option offering 3% down with income limits at or below 80% of Area Median Income and flexible consideration of non-traditional income sources.
• Downpayment Plus Federal Home Loan Bank of Chicago grant program administered by Liberty Bank providing up to $10,000 toward down payment and closing costs for eligible buyers meeting HUD income guidelines.
• Multi-Unit Property Financing Commercial financing for multi-family and mixed-use properties supporting up to 20 residential units, including 2-4 unit properties and larger investment properties, delivered through VP of Lending Louis Polychronos.
• Home Insurance Homeowners insurance offered through Liberty Insurance Agency (a wholly-owned subsidiary) covering dwelling, personal property, liability, and additional protections, sourced from multiple A-rated carriers.
• Auto Insurance Auto insurance brokerage service through Liberty Insurance Agency comparing top carriers to match customers with coverage appropriate for their vehicle and driving habits.
• Life Insurance Life insurance brokerage through Liberty Insurance Agency providing flexible coverage options to protect customers and their families.
• Commercial Insurance Commercial insurance brokerage through Liberty Insurance Agency for businesses covering liability, property protection, and business interruption.
• Multi-Unit Property Insurance Landlord insurance for multi-unit buildings covering property damage, tenant liability, and loss of rent, offered through Liberty Insurance Agency.
• Wealth Management Investment and financial planning services for customers seeking wealth advisory beyond core banking, delivered through LBFS Wealth (accessible at lbfswealth.com).

Quantifiable outcome

• 96% on-time mortgage closing rate
• +2 more outcomes

Named customers6 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability1 record

Feature5 records

Scale indicators10 records

Expansion highlights5 records

Direct peers

• North Shore Trust and Savings: Mutual savings bank headquartered on Chicago's North Shore, serving similar suburban communities with deposits, mortgages, and community-focused banking. Closest comparable in geography, charter type, and product mix.
• Byline Bancorp: Chicago-based community bank focused on small business lending, commercial real estate, and retail deposits across Chicagoland. Comparable product mix with stronger commercial emphasis and publicly traded holding company structure.
• Third Federal Savings & Loan: Mutual savings and loan association headquartered in Cleveland, OH with similar mutual ownership structure and concentration in residential mortgage lending and retail deposits. Closest structural analog outside Illinois.
• Dollar Bank: Mutual savings bank headquartered in Pittsburgh, PA with similar mutual structure, community banking focus, and emphasis on residential mortgages and retail deposits. Comparable in size, charter, and operating philosophy.
• Cambridge Savings Bank: Mutual savings bank serving the Greater Boston area with retail deposits, residential and commercial lending, and community-focused relationship banking. Comparable mutual structure, size class, and product portfolio.
• East Boston Savings Bank: Mutual savings bank serving the Greater Boston region with similar community banking model emphasizing retail deposits, residential mortgages, and personalized service. Comparable in mutual charter and customer-focused positioning.
• Dime Community Bancshares: New York-based community bank (formerly Dime Savings Bank of Brooklyn) with deep roots in multifamily lending and retail deposits. Comparable in mutual heritage, multifamily mortgage emphasis, and community bank positioning.
• Northwest Bank (Northwest Bancshares): Mutual holding company community bank with Pennsylvania and Ohio footprint, strong residential mortgage platform, and community-focused retail banking model. Comparable in size, mutual heritage, and mortgage-deposit mix.

Broad incumbents

• Wintrust Financial: Large Chicago-area community banking holding company with $60B+ in assets across multiple community bank charters. Overlaps with Liberty in Chicagoland geography but operates at vastly larger scale with broader product suite and wealth management franchise.
• Flagstar Bank: Regional bank with strong residential mortgage origination platform and retail deposit franchise. Overlaps with Liberty in mortgage focus but operates nationally at much larger scale under different ownership structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/LibertyBankChicago
• LinkedInlinkedin.com/company/liberty-bank-for-savings
• Instagraminstagram.com/libertybankforsavings

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liberty Bank For Savings