Bank bringing 400 jobs to West Loop
Federal Savings Bank will get millions in tax breaks from city, state to move to Chicago
06/28/2012 6:15 PM
A mortgage company is moving to the West Loop’s Fulton Market district, bringing 400 jobs along with it and getting millions of dollars in incentives from city and state government along the way.
Federal Savings Bank, a mortgage-focused lender, is opening a national home loan center in an office building at the intersection of Fulton Market and Elizabeth Street.
In exchange for setting up shop in Chicago, the bank will get $9.5 million in tax breaks from the state over 10 years, according to a press release from Mayor Rahm Emanuel’s office. They’ll also get $4 million in tax increment financing cash from the city if they create at least 300 new jobs in their first two years in the city, the mayor’s office said.
The owners of Federal Savings Bank also run another bank, Chicago Bancorp, out of the same building.
Roger Romanelli, head of industrially-focused neighborhood group the Randolph/Fulton Market Association, said he’s excited to see Federal Savings Bank come into the neighborhood, and thinks they’ll fit in well.
“Office-related uses are very compatible with the industrial uses in that part of the market. Office workers really are coming to and from a building at a specific time, like a truck delivery,” he said. “And they understand the rhythm and tempo of shipping. It’s not like someone driving from Portage Park into Randolph-Fulton Market to buy shoes. They don’t know their way around and they have to drive around the block a few times.”