 The idea of creating a municipal financial institution was expressed in 1893 by mayor Floduardo Grandoli, citing the proliferation of "centers of usury" that exploited those in need of credit, especially the poor (something not addressed by the profile of the Provincial Bank of Santa Fe, which granted loans only to demonstrably solvent persons).Acting on this, the municipal Counseling Commission passed a bill (on 1 February 1895) dictating an "Organic Charter of the Municipal Bank of Loans and Savings Accounts".The bank opened exactly one year later.