American State Bank (Berwyn, Illinois)
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 1902 |
| Founder | Frank Topinka (established as Twenty-Second Street Bank in 1925) |
| Defunct | 1932 |
| Fate | Placed under receivership |
| Headquarters | Berwyn , United States |
Area served | Berwyn, Illinois |
Key people | Frank Topinka |
The American State Bank, which has also been identified as the First American National Bank and the Berwyn National Bank, is a notable historic banking establishment located in Berwyn, Illinois, United States. Constructed in 1925, this institution significantly contributed to Berwyn's economic growth and embodies the city's Central European cultural roots. The bank was placed under receivership in 1932.
History
Incorporated in 1902, Berwyn, Illinois experienced rapid population growth, rising from 5,800 residents in 1910 to approximately 47,000 by 1930. This surge was largely fueled by industrial facilities in nearby Cicero, which attracted immigrants from Chicago's western neighborhoods. The city became a center for Czechs, who were typically skilled artisans with a relatively high socioeconomic standing. Local progress was further driven by building and loan associations led by the Czech community. Additionally, land acquisitions by Joseph Cermak and Albert Novotny stimulated expansion and increased the need for home mortgage lending.
Established by Frank Topinka in October 1925 under the original name Twenty-Second Street Bank, the American State Bank was among five financial institutions operating within Berwyn at that period. Between 1921 and 1928, investments exceeding $5 million were made into residential and commercial real estate in Berwyn; the American State Bank was responsible for financing nearly $2 million of these loans. Topinka also held leadership roles at Oakwyn State Bank in Berwyn and First State Bank of Fox River Grove. By 1929, the bank’s assets were valued at about $1.9 million.
The effects of the Wall Street crash of 1929 dealt a heavy blow to the bank's stability. In an effort to remain solvent, it merged in 1930 with Ridgeland State Bank, Oakwyn, and First National Bank & Trust, operating thereafter as First American National Bank & Trust within this same building. Nevertheless, these measures failed to prevent receivership in 1932. During the Great Depression, all banks in Berwyn collapsed, with no local financial institutions reopening until July 1937 when Frank Skala established Berwyn National Bank in the original American State Bank premises.
On October 5, 2000, this building earned a place on the National Register of Historic Places and was later recognized as a Berwyn Historic Landmark in 2008 alongside the Berwyn State Bank Building.