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 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 after purchasing a controlling share. He renamed the bank The Exchange National Bank of Chicago and moved it to the intersection of LaSalle and Adams Streets.

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. The bank had 10 teller windows and was 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. The Saxony was the very first luxury hotel built in Miami Beach. It was one of the foremost lavish resorts in the country. It was frequently used by heads of state and featured rooms with glorious views, air conditioning, 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.