George D. Sax
Encyclopedia
George D. Sax was the chairman of the board
of Exchange International Corporation and Chicago's former Exchange National Bank (now part of LaSalle Bank
). He was president of Sax Enterprises, Inc and was a business entrepreneur who owned the Saxony Hotel
, the first luxury hotel to be built in Miami Beach.
Sax was born and raised in Peoria, Illinois
. He graduated from Brown's Business College (now Midstate College
) in Peoria.
In 1944, Sax took over Halsted Exchange National Bank after purchasing a controlling share. He renamed the bank The Exchange National Bank of Chicago and moved it to downtown Chicago.
Sax is credited with the innovation of several banking practices that have since been adopted worldwide - drive-through
banking and instant loan
s. Later in his banking career, Sax devised such practices as open credit accounts. The Exchange National Bank had 10 teller windows and was the first in the Loop to feature show windows. The Sax family maintained control of Exchange for over thirty years.
After World War II, Sax was involved in another business venture - the building of the Saxony Hotel. The Saxony was the very first luxury hotel built in Miami Beach and was the first hotel to have central air-conditioning. Among the most lavish resorts in the country, the Saxony was frequently used by heads of state and featured rooms with glorious views, air conditioning, and complementary meals.
In 1965, Sax received the Horatio Alger Award, an honor given to those who have achieved the American dream through hard work and adversity. Other notable Horatio Alger Award winners include former U.S. Presidents Dwight D. Eisenhower
, Gerald R. Ford, and Ronald Reagan
, McDonald’s founder Ray Kroc
and former astronaut
Buzz Aldrin
.
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
of Exchange International Corporation and Chicago's former Exchange National Bank (now part of LaSalle Bank
LaSalle Bank
LaSalle Bank Corporation was the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. . With $116 billion in assets, it was headquartered at 135 South LaSalle Street in Chicago, Illinois...
). He was president of Sax Enterprises, Inc and was a business entrepreneur who owned the Saxony Hotel
Saxony Hotel
The Saxony Hotel is a hotel at 3201 Collins Avenue Miami Beach. It was built and owned by George D. Sax. Designed by architect Roy F. France, it was completed in 1948 as one of the first luxury resorts on Miami Beach. Following the success of the Saxony, other hotels emerged on the opulent beach...
, the first luxury hotel to be built in Miami Beach.
Sax was born and raised in Peoria, Illinois
Peoria, Illinois
Peoria is the largest city on the Illinois River and the county seat of Peoria County, Illinois, in the United States. It is named after the Peoria tribe. As of the 2010 census, the city was the seventh-most populated in Illinois, with a population of 115,007, and is the third-most populated...
. He graduated from Brown's Business College (now Midstate College
Midstate College
Midstate College is a small, private vocational school and proprietary college in Peoria, Illinois.- History :Midstate College's origins date back to 1857, when a commercial school was started in Peoria. In 1865, a similar school opened, and the two schools combined in 1868. In 1888, the merged...
) in Peoria.
In 1944, Sax took over Halsted Exchange National Bank after purchasing a controlling share. He renamed the bank The Exchange National Bank of Chicago and moved it to downtown Chicago.
Sax is credited with the innovation of several banking practices that have since been adopted worldwide - drive-through
Drive-through
A drive-through, or drive-thru, is a type of service provided by a business that allows customers to purchase products without leaving their cars. The format was first pioneered in the United States in the 1930s but has since spread to other countries. The first recorded use of a bank using a drive...
banking and instant loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s. Later in his banking career, Sax devised such practices as open credit accounts. The Exchange National Bank had 10 teller windows and was the first in the Loop to feature show windows. The Sax family maintained control of Exchange for over thirty years.
After World War II, Sax was involved in another business venture - the building of the Saxony Hotel. The Saxony was the very first luxury hotel built in Miami Beach and was the first hotel to have central air-conditioning. Among the most lavish resorts in the country, the Saxony was frequently used by heads of state and featured rooms with glorious views, air conditioning, and complementary meals.
In 1965, Sax received the Horatio Alger Award, an honor given to those who have achieved the American dream through hard work and adversity. Other notable Horatio Alger Award winners include former U.S. Presidents Dwight D. Eisenhower
Dwight D. Eisenhower
Dwight David "Ike" Eisenhower was the 34th President of the United States, from 1953 until 1961. He was a five-star general in the United States Army...
, Gerald R. Ford, and Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
, McDonald’s founder Ray Kroc
Ray Kroc
Raymond Albert "Ray" Kroc was an American fast food businessman who joined McDonald's in 1954 and built it into the most successful fast food operation in the world. Kroc was included in Time 100: The Most Important People of the Century, and amassed a fortune during his lifetime...
and former astronaut
Astronaut
An astronaut or cosmonaut is a person trained by a human spaceflight program to command, pilot, or serve as a crew member of a spacecraft....
Buzz Aldrin
Buzz Aldrin
Buzz Aldrin is an American mechanical engineer, retired United States Air Force pilot and astronaut who was the Lunar Module pilot on Apollo 11, the first manned lunar landing in history...
.
External links and references
- The Horatio Alger Association of Distinguished Americans: George D. Sax - Biography from the association.
- Historic Peoria: George D. Sax - Biography