Guaranty Mortgage Services

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Guaranty Mortgage Services
312 East Broad St., Suite B
Cookeville, TN 38501
PH: (931) 526-9942 FX: (931) 526-9960

Guaranty Bank was founded in 1923 by one man with a vision and a set of values he lived and worked by. Today, the bank he created is a strong federally-chartered financial institution that has grown from just one location in Milwaukee to hundreds of offices throughout the country. Every aspect of it’s business is based on the core values of: Hard Work. Integrity. Superior Service. Commitment. Respect for Others. Guaranty Bank has remained secure and stable in an ever changing banking industry because of its rich history of sound decision-making, entrepreneurial spirit and vision.

1923.
Lou Gehrig’s first homerun. Time Magazine debuts.

A young Russian immigrant named Joseph Saffro came to America in 1898 to begin a new life, full of opportunity. There were plenty of opportunities, but also much hardship. Times during the Depression were tough, especially for immigrants trying to make a life here.

Adversity often births new ideas, however. It was in this challenging time that Joseph and other immigrants from his neighborhood pooled their money together and took turns using the funds to purchase homes for their families. It was an unusual path to homeownership, but soon other families wanted to be part of the same dream. Joseph formalized their arrangement by forming Guaranty Building and Loan and began lending money to others. This visionary thinking would be the catalyst to Guaranty’s future growth.

Guaranty survived the lean years of the Depression, the stock market crash, and World War II and continued to lend money to families. When the war ended and soldiers began to return home, it set off a housing boom and Guaranty was ready.

1952.
Micky Mantle hits his first grand slam. The average home cost $16,800.

During the Great Depression and stock market crash, many people lost their savings. To ensure that could never happen again, the government created the Federal Deposit Insurance Corporation (FDIC), which guaranteed bank deposits. Entrepreneurial-minded Joseph saw an opportunity to capitalize on the desire to rebuild savings, so he converted Guaranty Building and Loan to Guaranty Savings and Loan in 1952, and began offering deposit products.

Shortly thereafter, Joseph’s son Samuel took over leadership of Guaranty. With a sure and steady hand, Samuel maintained the commitment to the bank’s vision and in 1959, brought his son-in-law, Jerry Levy, into the Bank. By the early sixties, Guaranty began to expand, opening a new, larger headquarters in the heart of Milwaukee‘s north side.

1970.
Legal voting age drops to 18 years. A gallon of gas costs 36 cents.

In the 1970s, Guaranty opened its second office. It also completed the only merger ever done in its history with a small local savings and loan. In a world that sees bank mergers happen daily, we are proud that our expansion is a result of committed employees who helped launch new business units, subsidiaries and retail branches – all from the ground up.

1984.
The first Apple Macintosh computer is sold. The average home costs $97,600.

Sixty years after it was founded, Guaranty Savings and Loan remained an independent, strong institution often on the cutting edge of new ideas. In these years, many successful strategic decisions were made. The Bank opened operations in retail and wholesale mortgage lending, a growing and profitable area. Shelter Mortgage was created in 1984 and Guaranty National Mortgage, which later became GN Mortgage, was a wholesale lending company that became a full subsidiary of Guaranty Savings in 1987. Today, both companies remain powerful, profitable entities recognized as market leaders. GB Home Equity was also created in 1994 to offer home equity products, which was a relatively new product. GN Mortgage and GB Home Equity combined in 2007 to become GB Mortgage.

Almost 25 years after Jerry joined the family business, he welcomed his son and daughter to Guaranty. Jill Levy-Belconis and Doug Levy made an immediate impact by taking leadership roles in the company. Jill joined Shelter Mortgage and now serves as its president. Doug Levy joined Guaranty as Senior Vice President and now serves as CEO.

1990s
Michael Jordan announces his first retirement. Dow Jones hits 6,000 for the first time.

In 1993, Guaranty Savings and Loan became Guaranty Bank. Much more than a name change, this conversion opened up many new business opportunities. Soon, the bank was lending over $1 billion a year.

Guaranty Bank began to differentiate itself by offering conveniences other banks did not: In 1996, Guaranty opened it first grocery store branch and offered bank hours seven days a week. More Guaranty Bank grocery store branches were opened throughout the Midwest in Wisconsin, Illinois, and Minnesota. Guaranty then began opening branches under the name of Best Bank in Michigan and in its newest market, Atlanta, Georgia.

2003.
I-pods sell at a rate of 1.79 per minute. The average home costs $243,756.

The widespread use of the internet and a desire for faster, more convenient services fit Guaranty Bank’s business plan. It continued to expand its grocery store locations as well as technologies like online banking. However, the old-fashioned values of Joseph Saffro remained a vital aspect of the Bank.
Today

Guaranty Bank has over 170 branches in five states. Shelter Mortgage, GB Mortgage continue to be strong, well-known forces in the lending market. Guaranty Bank remains focused on the future and is structured to remain strong, locally owned, and independent for the long term.

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