In 1879, H. A. Haugan and John R. Lindgren, highly esteemed throughout Chicago's Swedish colony, opened their bank on 37 - 59 Lake Street, which is to be a financial center for their countrymen. The priginal name of the bank was Haugan and Lindgren, Bankers. The capital resources were fifty thousand dollars. The two were well-known as trustworthy, energetic, and ambitious men in whom our countrymen had unlimited faith.

The aim of these two financial figures was to establish a stable and trust-worthy Scandinavian bank. This ideal brought about a steady increase in the number of customers and depositors, until 1891, when the bank was incorporated and the capital stock raised to $500,000.00 and changed the name to State Bank of Chicago, with H. A. Haugan as president and John R. Lindgren as treasurer.

In 1883, the bank moved into larger quarters at LaSalle and Lake Streets, 2and in 1897 the capital was one million dollars, all stocks being sold and paid for and the bank moved into the modern quarters in the Chamber of Commerce building at 142 Washington Street.

The recent report of the State Bank of Chicago was very good. Among the figures submitted were the following: capital and reserve fund $1,750,000.00; deposits $15,696,878.21. The savings department shows 23,000 depositors whose deposits on May 1, 1906 amounted to $7,709,417.12. On January 1, 1906, the interest paid on these deposits amounted to $$98,017.11.

At present, the bank has eighty-five employees who are thoroughly trained to carry out the ideals of the founder of the institution, and who have developed one of the most highly esteemed and fundamentally solid banks in the United States.

The State Bank of Chicago, whose every official and employee is a Swede and whose stockholders are practically all Swedes, is the ideal bank, not only of Chicago's Swedish colony, but of Scandinavians from coast-to-coast. So well is the bank known.