George D. Sax (April 14, 1904 – March 12, 1974) was the

chairman of the board The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

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 Faena Hotel Miami Beach is a historic resort hotel located at 3201 Collins Avenue Miami Beach. History The Saxony Hotel, completed in 1948, was one of the first luxury resorts on Miami Beach. Following the success of the Saxony, other hotels e ...

, the first luxury hotel to be built in

Miami Beach Miami Beach is a coastal resort city in Miami-Dade County, Florida. It was incorporated on March 26, 1915. The municipality is located on natural and man-made barrier islands between the Atlantic Ocean and Biscayne Bay, the latter of which sep ...

Biography

Sax was born and raised in

Peoria, Illinois Peoria ( ) is the county seat of Peoria County, Illinois, United States, and the largest city on the Illinois River. As of the United States Census, 2020, 2020 census, the city had a population of 113,150. It is the principal city of the Peoria ...

. 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 A drive-through or drive-thru (a sensational spelling of the word ''through''), is a type of take-out service provided by a business that allows customers to purchase products without leaving their cars. The format was pioneered in the United ...

banking and instant loans. 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. His granddaughter, Anita Sax, is a children's book author and publisher. Anita Sax was born in Chicago, Illinois and raised in Mexico City, Mexico. Her passion for writing began at a young age after a school project led her to write her first short story. She has been writing ever since.

Accolades

In 1965, Sax received the

Horatio Alger Award The Horatio Alger Association of Distinguished Americans is a nonprofit organization based in Alexandria, Virginia, that was founded in 1947 to honor the achievements of outstanding Americans who have succeeded in spite of adversity and to emphas ...

, 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 The president of the United States is the head of state and head of government of the United States, indirectly elected to a four-year term Term may refer to: * Terminology, or term, a noun or compound word used in a specific context, in pa ...

Dwight D. Eisenhower, Gerald R. Ford, and

Ronald Reagan Ronald Wilson Reagan ( ; February 6, 1911June 5, 2004) was an American politician, actor, and union leader who served as the 40th president of the United States from 1981 to 1989. He also served as the 33rd governor of California from 1967 ...

, McDonald's founder Ray Kroc and former

astronaut An astronaut (from the Ancient Greek (), meaning 'star', and (), meaning 'sailor') is a person trained, equipped, and deployed by a human spaceflight program to serve as a commander or crew member aboard a spacecraft. Although generally r ...

Buzz Aldrin.

External links and references

The Horatio Alger Association of Distinguished Americans: George D. Sax
- Biography from the association.
Historic Peoria: George D. Sax
- Biography American financial businesspeople American bankers American hoteliers People from Peoria, Illinois 1904 births 1974 deaths 20th-century American businesspeople {{US-business-bio-1900s-stub