Foster Bank opened its doors for the first time in February 1989. The Bank was organized by Korean-American businessmen whose desire was to better serve the banking needs of the Korean-American community in the Chicago-Metro area.
Within the first two years of operation, Foster Bank grew rapidly to over $50 million in assets, and in 1992 successfully bid and acquired Mayfair Bank (another Korean-operated institution located on the far north side of Chicago) out of FDIC receivership, adding an additional $20 million in assets.
Foster Bank originally started on the far north side of Chicago on Kedzie Ave. This location, which served as the main facility for over 20 years, was located in the heart of the "Little Seoul" area. Today Foster Bank continues to serve the financial needs of the Korean-American clientele, along with the needs of numerous other ethnic groups. In addition to the ¡°Main¡± and ¡°Mayfair¡± (now known as "Devon") facilities, Foster Bank now has branches in Arlington Heights, Niles, Naperville, H-Mart, Lincolnshire and Rolling Meadows in the Chicago metropolitan area. (Rolling Meadows now serves as our corporate headquarters with our 6-story facility and central location to our branch network). In 2010, Foster Bank opened a satellite office in Annandale, VA, part of the greater Washington, DC metropolitan area, and in the heart of the Korean population.
Foster Bank has traditionally allied itself with small retail businesses, and in order to better facilitate the needs of this customer base, maintains a relationship with the Small Business Administration (SBA).
In today's environment, banking is very competitive. We compete not only against other banks, but other alternative resources such as mutual funds, stockbrokers, insurance companies and an array of other non-financial competitors. In this highly competitive environment, the way Foster Bank chooses to stand above the rest is through service. As we look to the future, Foster Bank's plan is to continue to grow, offer excellent service, and evolve from more than just a bank to a full-service financial institution.