History of The Equitable Bank

Equitable’s history started over 100 years ago, when Charles Pittelkow, a hard working German immigrant, fled the Chicago fire and came to Milwaukee looking for work. He first tried his old-world trade as a mason but decided to start his own insurance company in 1878.

Pittelkow's insurance business was very successful. Helping out fellow immigrants was a major focus of his business. He made mortgages to immigrants so they could buy homes. His source of funds was simple. People brought their savings to “Uncle Honest Charlie,” as he was known, for safe keeping until they saved enough to buy steam ship tickets to bring their loved ones over from the fatherland.

Many times these immigrants came from the old country with one tag of identification labeled, “Steerage - Pittelkow - Milwaukee.” Upon arrival, they somehow found their way to the little office.

He thought it would be advantageous to bring a partner to run the business. Unfortunately, the partner was dishonest and pocketed the repayments of loans.

Charles thought he was ruined but refused to go through bankruptcy. Instead he sold all of his and his wife's assets and paid off every trusting soul. A short time later he took his son, Robert J. Pittelkow, into business with him. Not long after that last debt was paid off, he died at the age of 59 in 1912. Robert J. Pittelkow struggled with the small and overburdened business and had a family to support.

In the mid-nineteen twenties, R.J. dreamed of opening a building and loan association, as they were known then, to expand the money lending business portion of the insurance agency. Equitable was formed and commenced business on May 24, 1927.

Robert C. Pittelkow, son of R.J., became president in 1941 and Charles R. Pittelkow, son of Robert C., became president in 1982. In December of 2002, John P. Matter was appointed President and Chief Operating Officer and promoted again in 2004 to Chief Executive Officer. John has been an employee of the bank since 1980 and held numerous positions with Equitable throughout the years. During his tenure, the bank has grown and continues to provide superior customer service. The Pittelkows are proud to have John following their family in the leadership of the bank. Charles Pittelkow remains as the Chairman of the Board.

Equitable’s primary purpose today is the same as “Uncle Charlie’s” business back in the early 1900’s; providing a safe, secure place for people to save and loans for the purpose of purchasing homes.

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