Banking on Marina City

The teller windows were at least a year away from being built, but on August 3, 1962, it was learned there were plans for a bank at Marina City. Jacob M. Arvey, chairman of the bank, William Fuller Gregson, president, Patrick H. Hoy, vice president, along with Theodore K. Lawless, R. S. Holsom, and Thomas F. Flannery, would start Marina City Bank with $2 million in capital.

Arvey (1895-1977) was senior partner in the Chicago law firm of Arvey, Hodes & Mantynband (now known as Arvey, Hodes, Costello & Burman). He was Chairman of the Cook County Democratic Central Committee from 1946 to 1950, and Democratic National Committeeman from Illinois from 1950 to 1972. 175 pages of correspondence between him and President Truman are kept at the Harry S Truman Library and Museum.

Hoy (1884-1973) was president of the Material Services division of General Dynamics Corporation. He would be indicted in 1970 on charges of concealing liabilities from banks that loaned him $2 million between 1962 and 1966 for an insurance venture that failed. (Left) Board of directors of “the ultra-modern bank,” seen here in the November 1964 issue of Ebony magazine. (Left to right) Gregson, Lawless, Arvey, and Johnson.

Theodore K. Lawless (1892-1971) was a noted dermatologist and philanthropist.

The Illinois Department of Financial Institutions announced on October 29, 1962 that a charter had been issued to Marina City Bank. In June 1963, some familiar names were added to the bank’s board of directors. Elected at a special shareholders meeting were William McFetridge and Charles Swibel.

Among the bank’s 13 directors were John H. Johnson, publisher and editor of Ebony magazine, Raymond Shoessling, president of Teamsters Joint Council Number 25, and Thomas F. Flannery Jr., president of Whitney Electric Sign and Maintenance Company.

Marina City Bank opened on February 25, 1964 at the east end of the office building, on the main floor. Electric adding machines were out for customers to use. A sweeping circular wrought iron staircase, with a round, brushed stainless steel elevator in the middle, led to the vault in the basement. (Right) Lobby of Marina City Bank in 1964.

Drive-in and walk-up windows were available outside the bank. Papers and money were sent back and forth through pneumatic tubes. You could see the teller on closed-circuit television. This “Teleview Teller” was also near the apartment towers for use by Marina City residents. (Left) A customer uses the Teleview Teller located near Item 14 in the map below, near the tunnel to the office building.

The bank had been accepting deposits since December 1963 and by opening day they totaled $372,575. By March 1964, Marina City Bank had $12 million in deposits and was, according to American Banker magazine, one of the 2,800 largest banks in the U.S. (Right) Chicago Daily News photo by Ray Burley of William Fuller Gregson, president of Marina City Bank, and Louanna Rix of T.V. Bank Corporation. (Click on image to view larger version.)

On Friday, September 10, 1964, James Douglas Bell, age 30, walked up to a teller at Marina City Bank and demanded money. Bell did not appear to have a weapon and the teller refused. The would-be robber fled but was soon caught by the bank’s chief guard, Maurice Walsh. Bell was arraigned on federal charges later that same day.