George D. Sax

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For the metallurgist, see George Sachs.

George D. Sax (April 14, 1904 - March 12,1974) was the chairman of the board of the 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 revolutionary 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, which became the Exchange National Bank of Chicago after it moved to the legendary intersection of LaSalle and Adams. After becoming chairman of Exchange National, he also became the majority shareholder. His bank was the first to see the inception of revolutionary banking practices that have since been adopted worldwide. Drive-through banking and instant loans were first implemented at Exchange National during Sax's time there. In addition to 10 teller windows, Sax's bank was also the first in the Loop to feature show windows. Later in his banking career, Sax devised such practices as open credit accounts.

After World War II, Sax was involved in another business venture - the building of the Saxony Hotel. Not only was the Saxony the very first completely air-conditioned hotel built on Miami Beach, but it was also one of the most lavish resorts in the country. It was frequently used by heads of state and featured rooms with glorious views and complementary meals. It is still standing in Miami Beach today and is set to reopen in 2008 after its restoration.

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 and Ronald Reagan, McDonald’s founder Ray Kroc and former Astronaut Buzz Aldrin.

External links and references

[The Horatio Alger Association of Distinguished Americans: George D. Sax] - biography from the association
[The Saxony Hotel]

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