I was mindlessly scrolling through Facebook one day when an ad caught my eye: Anderson Executive Tower. I’d never heard of it, so I clicked through to the website and immediately burst out laughing. The tower proudly trumpeted its claim to fame as “the tallest structure north of Indianapolis and south of Lafayette!” With such hilariously specific geographical prestige, I knew I had to dig deeper into this so-called skyscraper in the heart of downtown Anderson.
As it turns out, I did know the Anderson Executive Tower- just not by name. In fact, I drive past it every single day without giving it a second thought. Standing at the southwest corner of 10th and Jackson Streets, the building is a blend of modern design and mid-century ambition. Its façade combines reflective glass, sturdy brick, and pre-stressed concrete, creating a stark contrast against its more traditional neighbors like the Art Deco Tower Hotel or the Beaux Arts Carnegie Library.
Now that I had a name to match the tower, I couldn’t help but wonder: What was the story behind this place? Who built it, and why? Perhaps most intriguingly, what exactly qualifies it as a “skyscraper” in central Indiana?
As it turns out, Anderson Executive Tower has a deep-rooted history and traces its origins to the home office of First Savings and Loan Association of Madison County1. Founded by Thomas B. Orr, Francis A. Walker, and Charles H. Ewing, the institution began in 1888 as the Anderson Loan Association2.
In its early days, the association operated out of the county commissioners’ courtroom before securing space in the courthouse basement. By 1894, the ALA had partnered with Anderson’s Masonic bodies to construct a shared building that was completed two years later. Growth continued, and in 1908, Anderson Loan erected an impressive three-story structure at the southeastern corner of 10th and Jackson Street3.
After nearly eight decades in business, the Anderson Loan Association rebranded as First Savings and Loan Association of Madison County in 19674. Just two years later, the company unveiled ambitious plans for a striking ten-story headquarters, designed by the Cincinnati firm Tweddel, Wheeler, Strickland, and Beumer.
The $2.7 million building’s ground floor would house a spacious lobby, savings offices, and a teller island, while the second floor was designated for the mortgage department and executive offices. Data processing operations would occupy the third floor, with the remaining seven stories available for lease5.
The building was erected during a flurry of construction in downtown Anderson, coming on the heels of a new, six-story6 City Hall tower at 8th and Main Streets7. “Because of its height and impressive beauty,” an editorial in the Anderson Herald proclaimed, “the [New First Savings building] has become a very common subject of conversation in the downtown area…Although the building is not ready for occupancy as yet, it seems appropriate to extend a ‘thank you,’ to First Savings for a wonderful addition to the downtown business district8.”
The First Savings building officially opened its doors on December 6, 19719, in an event followed by a four-day open house in January10. However, its grand debut came with unexpected drama: on November 25, 1971, Anderson’s fire department rushed to the tower, believing it was on fire! As it turned out, there was no blaze- just an optical illusion.
A cooling fan had produced moist air, which rose above the building’s electrical sign and condensed into vapor that resembled smoke. To prevent future confusion, firefighters spent the next two days touring the brand-new high-rise, familiarizing themselves with its layout and systems11.
By the time First Savings celebrated its ninety-fifth anniversary in 1983, Madison County’s oldest state-chartered savings and loan association had grown to six locations in Anderson along with branch offices in Alexandria and Fortville12. Unfortunately, the institution’s history becomes less clear from there.
After rebranding again as First Savings and Loan of Central Indiana13, it appears to have been acquired or merged into First of America Bank in the early 1990s14. First Merchants Bank eventually took over the tower’s ground floor, but in 2016, it relocated to the former Citizens Bank headquarters at 800 Main Street15.
Since then, First Savings Tower has struggled to find a major anchor tenant. By 2020, only about 30% of the building was occupied—a challenge made worse by its layout. Designed with large, full- and half-floor offices, the tower lacked the smaller spaces that many modern tenants sought, making it increasingly difficult to fill16.
Hope for First Savings Tower emerged in 2021 when investor Mariusz Kurylo purchased the 77,000-square-foot building at a tax sale. He poured $1.5 million into renovations before selling it in late 2024 to new owners Sid Mahant and Dr. Mahesh Joel. Now, they have ambitious plans for the tower’s future and aim to invest up to $12 million to revitalize the space.
The building’s new owners foresee opening a restaurant on the first floor, maintaining office spaces, and transforming the upper stories into modern apartments. Hopefully, their investment will breathe new life into the long-standing Anderson landmark17.
I wish their efforts the best, but advertising the tower as “the tallest structure north of Indianapolis and south of Lafayette” still has me in stitches. It’s the kind of oddly specific claim that makes you pause for a second, wondering just how many buildings were even in the running for that title. Anderson itself has the old Tower Hotel, which stands at 152 feet18.
Just thirty minutes up the road, downtown Muncie boasts the 165-foot AT&T Building and Ball State’s Teachers College, a high-rise that stretches about 140 feet into the sky. Beyond that? Well, the developers aren’t entirely wrong: between Indianapolis and Lafayette -a 45-mile stretch- there aren’t many buildings that come close. So, while the claim might be a bit of a reach, it’s not without some truth. Besides, marketing is all about finding the right angle!
Whether or not it officially claims the title of the tallest building between Indianapolis and Lafayette, the ten-story silhouette of the Anderson Executive Tower has defined the downtown skyline for more than half a century. It’s a testament to an era when Anderson’s financial institutions were thriving and ambitious. Compared to much of downtown -and Central Indiana in general- it truly seems to scrape the sky. That’s as solid a definition of a skyscraper as any I’ve come across.
Beyond its height, though, the Anderson Executive Tower represents the ebb and flow of the city’s fortunes. Built during a period of optimism, it once symbolized progress and economic confidence. These days, it’s a quieter presence- still standing, but with fewer tenants to fill its once-bustling offices.
With plans for renovation and redevelopment, the tower has a chance to reclaim its relevance, not just as a structure but as a space that brings energy back to downtown. Whether or not it remains the tallest in its region, Anderson Executive Tower’s real significance lies in what happens next.
Sources Cited
1 It’s Finished (1971, December 8). The Anderson Herald.
2 The Loan, Anderson, Ind. (n.d.). Indiana Memory. Web. Retrieved March 2, 2025.
3 (See footnote 2).
4 New Name For Anderson Loan (1967, January 12). The Pendleton Times-Post. p. 1.
5 New 10-story Office Building Slated For Construction In Downtown Area (1969, October 16). The Anderson Daily Bulletin. p. 1.
6 Brasch, W. (1969, February 10). Anderson Skyline To Rise Six Stories (1969, February 10). The Anderson Daily Bulletin. p. 8.
7 Civic’s ‘Mame’ To Help Dedicate New City Hall (1970, June 29)). The Anderson Daily Bulletin. p. .68.
8 Thanks It’s Great- (1971, September 7). The Anderson Herald. p. 4.
9 It’s Finished! (1971, December 5). The Anderson Herald. p. 11.
10 Open House Time (1972, January 16). The Anderson Herald. p. 49.
11 Vapor, Not Smoke, Prompts Fire Run (1971, November 27). The Anderson Herald. p. 2.
12 First Savings Anniversary (1983, November 30). The Alexandria Times-Tribune. p. 7.
13 Superior Court 1 (1990, February 8). The Elwood Call-Leader. p. 10.
14 Superior Court 1 (1993, February 17). The Elwood Call-Leader. p. 10.
15 First Merchants to move downtown branch (2016, November 6). The Anderson Herald Bulletin. Web. Retrieved March 2, 2025.
16 Knight, A. (2020, June 27). Officials”: Future of First Savings Tower may lie in tech firm tenants. The Anderson Herald-Bulletin. Web. Retrieved March 2, 2025.
17 De la Bastide, K. (2024, November 30). DOWNTOWN ANDERSON REDEVELOPMENT: New owners hope to revitalize former First Savings building. Indiana Economic Digest. Web. Retrieved March 2, 2025.
18 Tower Place Apartments in Anderson (n.d.). SKYDB. Web. Retrieved March 2, 2025.
Commercial buildings seem to hit an awkward “tween” phase, when they’re old enough that they’re no longer modern, but not old enough to be classic.
And thanks for this factoid- I wonder how soon I will have the opportunity to identify the tallest building between Indianapolis and Lafayette!
I’m glad to provide the occasional tidbit of useful, relevant info!
I was on the top floor one time, probably 1973. The building was completed just as Anderson was starting it’s long slow decline. Bad timing.
That would be a great view!