[2] The legal basis for the bank is essentially the Kreditwesengesetz (KWG)[3] and the Sparkassengesetz for Schleswig-Holstein.

The savings bank was founded in 1817[5] under the name "Spar- und Anleih-Kasse" as a dependent Gesellschaft zur Beförderung gemeinnütziger Tätigkeit (institution of the society for the promotion of charitable activity).

The core task of the new bank was to give the city, which was devastated by the Napoleonic occupation and the following wars of liberation, and its inhabitants an opportunity "to secure the return on their savings or their purchases safely and affordably",[6] thus at the same time to act as a capital collection point.

In 1912, the bank moved into the newly built commercial building Breite Straße 18 next-door.

[5] From its interest and dividends, the foundation supports charitable and benevolent projects in Lübeck with millions each year.