In 1944, Sax took over Halsted Exchange National Bank after purchasing a controlling share.
After World War II, Sax was involved in another business venture - the building of the Saxony Hotel.
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.
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, Gerald R. Ford, and Ronald Reagan, McDonald's founder Ray Kroc and former astronaut Buzz Aldrin.