The Federal Savings Bank said this week it is hiring many for Chicago finance jobs.
The announcement came from Mayor Rahm Emanuel and Steve Calk, chairman and CEO of The Federal Savings Bank, with regard to Chicago jobs and the funding of a national home loan center.
The TIFWorks grant to The Federal Savings Bank is the largest ever awarded by the City of Chicago and will support the Bank’s creation of a national home loan center in Chicago.
With the grant from the city the company expects to hire about 400 employees.
The Federal Savings Bank has received an Economic Development for a Growing Economy (EDGE) incremental income tax credit from the Illinois Department of Commerce and Economic Opportunity for the next 10 years, which could amount to as much as $9.5 million.
This could make it the largest employer in its area.
The bank is owned and operated by military veterans.
The new loan center will be located at 300 N. Elizabeth St, in the city’s West Loop. Hiring for the new center already has begun.
“The Federal Savings Bank is proud to help build the Chicago economy through local job creation and creating a standard of excellence around safe and sound lending to home buyers through intensive education,” said Steve Calk, chairman and CEO of The Federal Savings Bank. “I commend Mayor Emanuel and his economic development team’s work with TIFWorks, World Business Chicago and the Illinois Department of Commerce and Economic Opportunity for bringing The Federal Savings Bank, new jobs and sound lending practices to Chicago.”