Business History Links
INDUSTRIES: Business History of Savings & Loans
business biographies  

December 2, 1816 - Philadelphia Savings Fund Society opened; first savings bank in United States.

December 13, 1816
- The Provident Institution for Savings, the nation's first mutual savings bank, was chartered for operation.

July 3, 1819
- Bank of Savings in New York City opened In the northeast basement room of the "apartment" controlled by the American Society of Arts in the New York Institution or Old Alms House.

- Town leaders in Frankford, PA established Oxford Provident Building Association established in Philadelphia, PA, with 40 members; first savings association (modeled after mutual building societies in England); April 1831 - provided first mortgage to Comly Rich, local lamplighter, who obtained loan for $375 home on Orchard Street in Philadelphia County, PA.

January 1845 - Group of people formed Leeds Union Operative Land and Building Society in Leeds, UK; 1875 - share holders of original societies formed Leeds and Holbeck (Permanent) Building Society; end of first year - opened 450 accounts opened, distributed £16,000 in mortgage funds; September 12, 2005 - name changed to Leeds Building Society; August 1, 2006 - merged with Mercantile Building Society; 2011 - over 70,000 customers, extensive range of mortgage, investment products; one of UK's top ten building societies (owned by its members).

September 25, 1889 - Group of Seattle's business leaders incorporated Washington National Building Loan and Investment Association as building loan business, after Great Seattle Fire of June 1889; led by Edward Oziel (E. O.) Graves, former assistant treasurer for U.S. Treasury's Bureau of Engraving and Printing; one employee; February 10, 1890 - made first monthly-installment (amortized) home loan ($700) on Pacific Coast to Norwegian-born seaman to build house in Ballard, WA (Seattle neighborhood); June 25, 1908 - name changed to Washington Savings and Loan Association; March 13, 1923 - held first School Bank Day (nearly 17,000 schoolchildren made deposits); July 25, 1930 - acquired Continental utual Savings Bank; February 1962 - installed its first computer (IBM 1401, size of refrigerator with 4k of memory); first savings bank west of Minneapolis to install this advanced computer system (according to The Seattle Times); 1974 - pioneered first shared cash machine network in nation; 1983 - acquired Murphey Favre, full-service securities brokerage firm (Spokane, WA); March 11, 1983 - went public; 1990 - Kerry Killinger, former securities analyst at Murphey Favre, former executive vice present of WAMU, became CEO; 1995-2002 - made at least 14 acquisitions; 1998 - acquired H.F. Ahmanson & Co., California's largest savings and loan, for $6.9 billion; June 2006 - stock peaked at more than $46/share; became largest U.S. savings and loan; April 2008 - raised $7.2 billion from group led by TPG Inc. (David Bonderman) after a first-quarter loss of $1.14 billion (had been profitable every period since 1997); September 2008 - Killinger replaced as CEO, because of losses tied to subprime lending crisis; 8th-worst performing stock in 91-member Standard & Poor's 500 Financials Index over past year (down 90% since early July 2007).

Edward Oziel (E. O.) Graves - Washington Mutual (

October 15, 1890 - W.R. Pettiford founded Alabama Penny Savings Bank in Birmingham, AL with $2,000 in capital; Alabama's first African American-owned bank , first of three banks in nation owned and operated by African Americans in the early 1900s.

1892 - United States League of Savings Institutions established in Chicago to represent thrift industry; June 1, 1992 - merged with National Council of Community Bankers to form Savings & Community Bankers of America; January 29, 1995 - name changed to America's Community Bankers.

April 6, 1909 - First credit union formed in U.S. with passage of first general state credit union act; April 15, 1909 - Massachusetts Credit Union Act became law; served as basis for subsequent state credit union laws, Federal Credit Union Act. 

June 26, 1934 - President Franklin D. Roosevelt signed The Federal Credit Union Act; established Credit Unions.

October 1935 - Harold Webster Smith (24) opened First Federal Savings and Loan Association in 11-foot by 38-foot room on second floor of Farrington Building at 135 West Main St., in Waterbury, CT with $25,000 borrowed from family and friends (under federal government's National Housing Act, passed in 1934 to stimulate economy, make housing construction and home mortgages more affordable during Great Depression); second federal savings and loan to open in Connecticut under the National Housing Act, (First Federal Savings and Loan Association of New Haven opened in 1934); one employee; 1938 - assets reached $1 million; 1959 - opened first branch, in Watertown, CT; 1975 - introduced interest-bearing NOW checking accounts; James C. Smith (second son) joined company as assistant secretary (president in 1982); 1986 - converted to public company, formed Webster Financial Corp. as holding company; 1987 - James Smith named second CEO in company's history; 1990 - converted charter to commercial bank status; 1991 - acquired failed Suffield Savings Bank (increased network of branches to 16); 1992 - acquired First Constitution Bank of New Haven ($1.1 billion institution); 1995 - branch network to 63, total assets of $4 billion; June 1995 - all banks merged, rebranded under name Webster Bank; 1998 - first Connecticut bank to buy insurance agency (Damman Associates of Westport and Wallingford); late 2003 - crossed state lines, acquired $465 million First Federal Savings Bank of America (Swansea, MA); 2008 - began divesting non-core businesses, focused on regional banking; 2010 - $17.7 billion corporation; 3,000 employees.

March 31, 1980 - Congress passed Depository Institutions Deregulation and Monetary Control Act (DIDMCA) of 1980 "To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes"; allowed thrifts to invest up to 20% of their assets in combination of corporate debt securities, consumer loans, commercial paper; another 3% of assets could be invested in service corporations.

October 15, 1982 - President Reagan signed Garn-St Germain Depository Institutions Act (Ferdinand St. Germain, D-RI, Jake Garn, R-UT) into law (An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans); allowed investment in: commercial, corporate, business,  agricultural loans (10%), consumer loans (30%), loans secured by non-residential real estate (40%), personal property (10%); diversification of assets for thrift industry meant diversification into assets of greater inherent risk.

March 15, 1985 - Ohio Governor Richard Celeste temporarily halted business at all of state's ailing thrifts; March 21, 1985 - allowed to reopen ($750 cap on withdrawal; designed to prevent all-out assault on deposits); became one of largest fiscal crises of 1980s: plagued by slow-downs in key sectors of  economy, thrifts across country went bankrupt.

January 1, 1986 - Beginning of S & L crisis; first year when FSLIC (federal insurer for thrift industry) was reported insolvent (974 thrifts held 47% of industry assets were insolvent or had tangible capital of no more than 2% of total assets; thrift insurance fund had previously been able to cover losses from thrift failures) = realization that taxpayer involvement in resolving crisis was strong possibility; 1986-1989 - Federal Savings and Loan Insurance Corporation (FSLIC), insurer of thrift industry, closed or otherwise resolved 296 institutions with total assets of $125 billion; 1989-1995 - Resolution Trust Corporation closed additional 747 thrifts with total assets of $394 billion; combined closings of 1,043 institutions holding $519 billion in assets; contributed to massive restructuring of number of firms in industry; 1987 - Congress created Financing Corporation (FICO) to provide funding to FSLIC by issuing long-term bonds (contributed $8.2 billion in financing by 1989); January 1, 1986-December 31,1995 - number of federally insured thrift institutions in United States declined from 3,234 to 1,645 (approximately 50%); realized unprecedented losses on loans, inve3stments.

September 5, 1988 - Robert M. Bass Group, backed by $2 billion in Federal aid and selected by the Federal Home Loan Bank Board, acquired American Savings and Loan Association (Stockton, CA); nation's largest bankrupt thrift; most expensive bailout ever for single savings and loan institution (American reported 2nd quarter loss of $107.5 million in 1984, triggered $6.8 billion run on deposits).

August 9, 1989 - President George H. W. Bush signed Financial Institutions Reform Recovery and Enforcement Act (FIRREA) into law "To reform, recapitalize, and consolidate the Federal deposit insurance system, to enhance the regulatory and enforcement powers of Federal financial institutions regulatory agencies, and for other purposes"; began taxpayers’ involvement in resolution of S&L problem; created Resolution Trust Company (RTC provided with $50 billion to resolve failed institutions, approximately $30 billion from establishment of Resolution Funding Corporation (REFCORP), $18.8 billion from U. S. Treasury, $1.2 billion from Federal Home Loan Banks); total authorized RTC funding for losses raised to $105 billion between 1989-1995 (not all used); closed 747 S & Ls with total assets of $394 billion; 1995 - RTC duties transferred to Savings Association Insurance Fund of Federal Deposit Insurance Corporation.

November 27, 1991 - Both houses of the U.S. Congress approved legislation authorizing $70 billion in borrowing authority for the Federal Deposit Insurance Corporation (FDIC) because of the savings and loan failures.

1995 - Several reasons cited for S & L industry collapse: 1) high and volatile interest rates during late 1970s, early 1980s exposed thrifts to interest-rate risk (caused by mismatch in duration, by interest-rate sensitivity of assets and liabilities); 2) phase-out, eventual elimination in early 1980s of Federal Reserve’s Regulation Q caused increasing costs of thrift liabilities relative to many fixed-rate assets, adversely affected industry profitability and capital; 3) adverse regional economic conditions; 4) state and federal deregulation of depository institutions allowed thrifts to enter new but riskier loan markets; 5) deregulation of thrift industry without an accompanying increase in examination resources (for some years examiner resources actually declined); 6) reduced regulatory capital requirements allowed thrifts to use alternative accounting procedures to increase reported capital levels; 7) excessive chartering of new thrifts during 1980s; 8) withdrawal in 1986 of federal tax laws (enacted in 1981) that benefited commercial real-estate investments; 9) development during 1980s of brokered deposit market; 10) delays in funding thrift insurance fund during 1980s and RTC during 1990s led to regulators’ failure to close many insolvent institutions in timely manner.

December 31, 1999 - combined total for all direct, indirect losses of FSLIC and RTC resolutions was an estimated $152.9 billion; U.S. taxpayer losses amounted to $123.8 billion (81% of total costs); thrift industry losses amounted to $29.1 billion (19% of total). (source: "The Cost of the Savings and Loan Crisis: Truth and Consequences", by Timothy Curry and Lynn Shibut, FDIC Banking Review (Fall 2000).

(Abbey National Building Society), Berry Ritchie (1989). A Key to the Door: The Abbey National Story. (London, UK: Abbey National, 176 p.). Great Britain Building societies Abbey National Building Society history.

(Abbey National Building Society), Margaret Reid (1991). Abbey National: Conversion to PLC: The Inside Story of Abbey National's Conversion and Flotation. (London, UK: Pencorp Books, 193 p.). Abbey National Building Society.

(Bank for Savings), Charles Edward Knowles (1936). History of the Bank for Savings in the City of New York, 1819-1929. (New York, NY: The Bank for Savings, 197 p.). Bank for Savings in the City of New York.

(Boston Five Cents Savings Bank), George A. Kyle (1926). The Eighteen Fifties; Being a Brief Account of School Street, the Province House and the Boston Five Cents Savings Bank. (Boston, MA: The Boston Five Cents Savings Bank, 106 p.). Boston Five Cents Savings Bank; Province House (Boston, Mass.); Streets -- Massachusetts -- Boston; School Street (Boston, Mass.).

(Bowery Savings Bank), William Dana Orcutt (1934). The Miracle of Mutual Savings: as Illustrated by One Hundred Years of the Bowery Savings Bank. (New York, NY: Bowery Savings Bank, 126 p.). Bowery Savings Bank of New York.

(Bowery Savings Bank), Oscar Schisgall (1975). Out of One Small Chest: A Social and Financial History of the Bowery Savings Bank. (New York, NY: AMACOM, 312 p.). Bowery Savings Bank of New York.

(Co-operative Permanent Building Society), Albert Mansbridge (1934). Brick upon Brick: Co-operative Permanent Building Society 1884-1934. (London, UK: J.M. Dent & sons ltd., 236 p.). Co-operative Permanent Building Society; Savings and loan associations--Great Britain; Housing--Great Britain.

(Credit Foncier), Collectif sous la Direction d’Aline Raimbault et de Henri Heugas-Darraspen ... [et al.]; preface de Franc?ois Mitterrand (1994). Credit Foncier de France: Itineraire d’Une Institution. (Paris, FR: Editions du Regard, 282 p.). Credit foncier (Firm)--History; Credit Foncier de France--Histoire; Mortgages--France--History; Housing--France--Finance--History.

(Credit Foncier), Sudel Fuma. (2001). Un Exemple d’Imperialisme Economique dans une Colonie Francaise au XIXe Siecle: l’Ile de La Reunion et la Societe du Credit Foncier Colonial. (Paris, FR: Harmattan; Saint-Denis Messag: Universite de La Reunion, 156 p.). Credit foncier colonial--History; Land banks--Reunion--History--19th century; Agricultural credit--Reunion--History--19th century; Reunion--Economic conditions--19th century; Reunion--Economic policy--19th century; Reunion--Foreign economic relations--France; France--Foreign economic relations--Reunion.

(Credit Unions), J. Carroll Moody and Gilbert C. Fite (1984). The Credit Union Movement: Origins and Development, 1850-1970. (Dubuque, IA: Kendall/Hunt Pub. Co., 354 p. [2nd ed.]). Credit unions--United States--History.

(Credit Unions), Bill Sloan (1984). Where Credit Is Due: A History of the Credit Union Movement in Texas, 1913-1984. (Dallas, TX: Texas Credit Union League, 354 p.). Credit unions--Texas--History.

(Credit Unions), Lucia Featherstone and Eric Sandahl (1985). A Common Bond: Connecticut's Credit Unions, 1935-1985. (Wallingford, CT: Connecticut Credit Union League, 164 p.). Credit unions--Connecticut--History.

(Credit Unions), Shelly Tenenbaum (1993). A Credit to Their Community: Jewish Loan Societies in the United States, 1880-1945. (Detroit, MI: Wayne State University Press, 204 p.). Credit unions--United States--History; Jews--United States--Societies, etc.--History; Free loan societies--United States.

(Credit Unions), Gary Lewis (1996). People Before Profit: The Credit Union Movement in Australia. (Kent Town, South Aust.: Wakefield Press, 391 p.). Credit unions--Australia; Credit unions--Australia--History; Banks and banking, Cooperative--Australia; Banks and banking, Cooperative--Australia--History.

(Credit Unions), Charles Ferguson and Donal McKillop (1997). The Strategic Development of Credit Unions. (New York, NY: Wiley, 243 p.). Senior Lecturer (Ulster Business School). Credit unions--History; Credit unions--Great Britain. 

(Credit Unions), Ian MacPherson (1999). Hands Around the Globe: A History of the International Credit Union Movement and the Role and Development of World Council of Credit Unions, Inc. (Madison, WI: World Council of Credit Unions, 186 p.). World Council of Credit Unions--History; Credit unions--History.

(Credit Unions), Laura Porter (2001). The Splendid Gift--: The California Credit Union League in the 20th Century. (Rancho Cucamonga, CA: California Credit Union League, 170 p.). California Credit Union League; Credit unions--California--History.

(Detroit & Northern Savings), Sandra Seaton Michel (1980). From the Peninsula South: The Story of Detroit & Northern Savings. (Hancock, MI: D & N Press, 241 p.). Detroit & Northern Savings--History.

(Dwelling House Savings and Loan), Robert A. Wauzzinski (2003). The Transforming Story of Dwelling House Savings and Loan: A Pittsburgh Bank's Fight Against Urban Poverty. (Lewiston, NY: Edwin Mellen Press, 283 p.). Ball State University. Dwelling House Savings and Loan History; Savings and loan associations Pennsylvania Pittsburgh History; Housing Pennsylvania Pittsburgh Finance History; Urban renewal Pennsylvania Pittsburgh History. 

(East River Savings), Dorcas Elisabeth Campbell (1949). The First Hundred Years, The Chronicle of a Mutual Savings Bank. (New York, NY: East River Savings Bank, 105 p.). East River Savings Bank (New York, N.Y.); Savings banks -- New York (State) -- New York.

(Farmers and Mechanics Savings Bank of Minneapolis), Marion E. Cross (1949). Pioneer Harvest. (Minneapolis, MN: Farmers and Mechanics Savings Bank of Minneapolis, 18 p.). Farmers and Mechanics Savings Bank of Minneapolis.

(Financial Corporation of America), Michael A. Robinson (1990). Overdrawn: The Bailout of American Savings. (New York, NY: Dutton, 303 p.). Financial Corporation of America; Savings and loan associations -- California -- Corrupt practices.

(First Federal Savings and Loan Association of Minneapolis), Doniver A. Lund (1976). 50 Years, a History of First Federal, Minneapolis. (Minneapolis, MN: First Federal Savings and Loan Association, 95 p.). First Federal Savings and Loan Association of Minneapolis.

(Freedman's Savings and Trust), Carl R. Osthaus (1976). Freedmen, Philanthropy, and Fraud: A History of the Freedman's Savings Bank. (Urbana, IL: University of Illinois Press, 257 p.). Freedman's Savings and Trust Company (Washington, D.C.) -- History.

(Howard Savings Bank), Paul Luscombe (2003). Howard Powerless: The Rise And Fall Of The Howard Savings Bank. (Chatham, NJ: Pal Publishing Company, 238 p.). Former Senior Vice President of Morgan Stanley & Co. Howard Savings Bank; bank failures. 

(Lincoln Savings & Loan), Michael Binstein and Charles Bowden (1993). Trust Me: Charles Keating and the Missing Billions. (New York, NY: Random House, 420 p.). Keating, Charles H.; Lincoln Savings & Loan Association -- Corrupt practices; Savings and loan association failures -- California; Securities fraud -- United States.

(Montreal City and District Savings Bank), T. Taggart Smyth (1946). "The First Hundred Years": History of the Montreal City and District Savings Bank, 1846-1946. (Montreal, QU: Montreal City and District Savings Bank, 180 p.). Montreal City and District Savings Bank; Savings banks -- Québec (Province) -- Montréal; Banks and banking -- Québec (Province) -- Montréal.

(Olympia Federal Savings and Loan), L. Beth Yockey, Ross Yockey (2006). Olympia Federal Savings and Loan: The First Hundred Years. (Seattle, WA : Abecedary Press, 153 p.). Authors. Olympia Federal Savings and Loan; Savings banks --Washington (State) --Olympia; Banks and banking --Washington (State) --Olympia.“Sticking to business” pulled hometown bank through Great Depression, S&L crisis, merger frenzy; one of nation’s few remaining mutuals. 

(Peoples Savings Bank), Barry Provorse (1987). The PeoplesBank Story. (Bellevue, WA: Documentary Book Publishers Corp, 245 p.). Peoples Savings Bank--History; Peoples Bank and Trust Company--History; Peoples National Bank of Washington--History; Peoples Bancorporation--History; Banks and banking--Washington (State)--History.

(Philadelphia Saving Fund Society), James M. Willcox (1916). A History of the Philadelphia Savings Fund Society, 1816-1916. (Philadelphia, PA: J.B. Lippincott Company, 239 p.). Philadelphia Saving Fund Society.

(Point Pleasant Federal Savings & Loan), Maye Smith and Faye Hudson with Leslie Whitaker (1997). Maye and Faye’s Building & Loan: The Story of a Remarkable Sisterhood. (New York, NY: HarperCollins, 209 p.). Smith, Maye; Hudson, Faye; Point Pleasant Federal Savings & Loan--Biography; Bankers--West Virginia--Biography; Savings and loan associations--West Virginia.

(Provident Institution for Savings), Walter Muir Whitehill (1966). The Provident Institution for Savings in the Town of Boston, 1816-1966: A Historical Sketch. (Boston, MA: Provident Institution for Savings, 122 p.). Provident Institution for Savings, Boston.

(Savings and Loan Bank), C. J. W. Eldridge and Edward H. Leete (1966). The Bank That Led the Way: Savings and Loan Bank of the State of New York; The First Fifty Years, 1915-1965. (New York, NY: Savings and Loan Bank of the State of New York, 268 p.). Savings and Loan Bank of the State of New York.

(Savings Bank of Baltimore), Peter Lester Payne and Lance Edwin Davis (1976). The Savings Bank of Baltimore, 1818-1866: A Historical and Analytical Study (New York, NY: Arno Press, 188 p. [orig. pub.  1956]. Savings Bank of Baltimore.

(Savings Bank of New London), Gertrude E. Noyes (1977). The Savings Bank of New London at 150, 1827-1977: Published in Commemoration of the One Hundred and Fiftieth Anniversary of the Savings Bank of New London. (New London, CT: The Bank, 11o p.). Savings Bank of New London, New London, Conn.--History.

(Savings Bank of South Australia), Greg McCarthy (2002). Things Fall Apart: A History of the State Bank of South Australia. (Melbourne, AU: Australian Scholarly Publishing, 267 p.). State Bank of South Australia--History; Savings Bank of South Australia--History; Banks and banking--Australia--South Australia--History; Bank failures--Australia--South Australia--History.

(Savings Banks Trust Company), Adolf Augustus Berle (1959). The Bank That Banks Built; The Story of Savings Banks Trust Company, 1933-1958. (New York, NY: Harper, 109 p.). Savings Banks Trust Company (New York).

(Silverado Banking, Savings and Loan Association), Steven K. Wilmsen (1991). Silverado: Neil Bush and the Savings and Loan Scandal. (Washington, DC: National Press Books, 208 p.). Bush, Neil, 1955- ; Silverado Banking, Savings and Loan Association -- History; Savings and loan associations -- Colorado -- Denver -- Corrupt practices; Children of presidents -- United States -- Biography; Bank directors -- Colorado -- Denver -- Biography; Real estate development -- Colorado -- Denver.

(Texas Credit Union League), Bill Sloan (1984). Where Credit is Due: A History of the Credit Union Movement in Texas, 1913-1984. (Dallas, TX: Texas Credit Union League, 354 p.). Texas Credit Union League.

(TSB Group), Michael Moss and Iain Russell (1994). An Invaluable Treasure: A History of the TSB. (London, UK: Weidenfeld and Nicolson, 336 p.). TSB Group plc--History; Savings banks--Great Britain--History; Banks and banking--Great Britain--History.

(Twin City Federal), Doniver A. Lund ; foreword by Harvey M. Kuhnley (1980). Billions for Homes: The TCF Story. (Minneapolis, MN: Twin City Federal, 191 p.). Twin City Federal--History.

(United States Savings Bank of Newark NJ), The Bank (1976). History of the United States Savings Bank of Newark, NJ. (Newark, NJ: The Bank, 92 p.). United States Savings Bank of Newark, N.J.

(Vernon S&L) James E. O'Shea (1991). The Daisy Chain: How Borrowed Billions Sank a Texas S&L (New York, NY: Pocket Books, 351 p.). Vernon Savings & Loan; Savings and loan associations--Corrupt practices--Texas; Savings and loan associations--Deregulation--Texas.

(West Bromwich Building Society), Carl Chinn (1999). From Little Acorns Grow: 150 Years of West Bromwich Building Society. (Studley, Warwickshire, UK: Brewin Books, 206 p.). West Bromwich Building Society--History; Building and loan associations--Great Britain--West Bromwich--History.

(West Newton Savings Bank), Edward Lee Marmon (1987). From the Back Room into Community Life: West Newton Savings Bank, 1887-1987. (Boston, MA: Graphic Chronologies, 76 p.). West Newton Savings Bank--History; Banks and banking--Massachusetts--Newton--History.

James Ring Adams (1990). The Big Fix: Inside the S & L Scandal: How an Unholy Alliance of Politics and Money Destroyed America's Banking System. (New York, NY: Wiley, 308 p.). Savings and loan associations -- Corrupt practices -- United States; Banks and banking -- Corrupt practices -- United States.

William K. Black (2005). The Best Way To Rob a Bank Is To Own One: How Corporate Executives and Politicians Looted the S&L Industry. (Austin, TX: University of Texas Press, 329 p.). Former Director of Litigation (Federal Home Loan Bank Board). Savings and loan associations--Corrupt practices--United States; Savings and loan association failures--United States; Savings and Loan Bailout, 1989-1995. Control fraud.  

Kitty Calavita, Henry N. Pontell, Robert H. Tillman (1997). Big Money Crime: Fraud and Politics in the Savings and Loan Crisis. (Berkeley, CA: University of California Press, 263 p.). Savings and loan associations -- Corrupt practices -- United States; Savings and Loan Bailout, 1989- ; Commercial crimes -- United States.

Kathleen Day (1993). S & L Hell: The People and the Politics Behind the $1 Trillion Savings and Loan Scandal. (New York, NY: Norton, 416 p.). Savings and loan associations--Corrupt practices--United States; Savings and loan associations--Deregulation--United States; Savings and Loan Bailout, 1989-1995; United States--Economic conditions--1981-.

Ned Eichler (1989). The Thrift Debacle. (Berkeley, CA: University of California Press, 163 p.). Board of Governors of the Federal Reserve System (U.S.)--History; Thrift institutions--United States--History--20th century; Banks and banking--United States--State supervision--History--20th century.

M. Manfred Fabritius and William Borges (1989). Saving the Savings and Loan: The U.S. Thrift Industry and the Texas Experience, 1950-1988. (New York, NY: Praeger, 161 p.). Savings and loan associations -- Texas -- History -- 20th century; Savings and loan associations -- United States -- History -- 20th century.

Edward M. Gramlich with a foreword by Robert D. Reischauer (2007). Subprime Mortgages: America’s Latest Boom and Bust. (Washington, DC: Urban Institute Press, 120 p.). Former Federal Reserve Governor. Mortgage loans--United States. New mortgage market - loans at low interest rates, for little or no money down to low-income people pursuing American dream of homeownership. The resulting wave in home buying promised to stabilize neighborhoods and families, boost the economy, reduce crime. Less than fifteen years later,  subprime mortgage market has collapsed, threatening to take  rest of the housing sector with it. Author analyzes how subprime market emerged, why it is in crisis, how we can reform public policy to avert disaster; examination of rental market offers recommendations for shoring up what may be best housing option for some families. 

Martin Lowy (1991). High Rollers: Inside the Savings and Loan Debacle. (New York, NY: Praeger, 321 p.). Savings and loan associations -- Corrupt practices -- United States; Savings and loan associations -- Deregulation -- United States; Savings and loan associations -- United States -- State supervision.

David L. Mason (2004). From Buildings and Loans to Bail-outs: A History of the American Savings and Loan Industry, 1831-1995. (New York, NY: Cambridge University Press, 349 p.). Professor of History (Young Harris College). Savings and loan associations United States History; Savings and loan association failures United States History. 

J. Carroll Moody and Gilbert C. Fite (1984). The Credit Union Movement: Origins and Development, 1850-1970. (Dubuque, IA: Kendall/Hunt Pub. Co., 354 p. [2nd ed.]). Credit unions--United States--History.

Alan L. Olmstead (1976). New York City Mutual Savings Banks, 1819-1861. (Chapel Hill, NC: University of North Carolina Press, 236 p.). Savings banks--New York (N.Y.)--History.

Stephen Pizzo, Mary Fricker, and Paul Muolo (1989). Inside Job: The Looting of America's Savings and Loans. (New York, NY: McGraw-Hill, 443 p.). Savings and loan associations -- United States; Savings and loan associations -- Deregulation -- United States.

L. William Seidman (1993). Full Faith and Credit: The Great S & L Debacle and Other Washington Sagas. (New York, NY: Times Books, 300 p.). Federal Deposit Insurance Corporation -- History; Resolution Trust Corporation (U.S.) -- History; Savings and Loan Bailout, 1989- ; Savings and loan associations -- State supervision.

Compiled by Pat L. Talley (1993). The Savings and Loan Crisis: An Annotated Bibliography. (Westport, CT: Greenwood Press, 162 p.). Savings and loan association failures--United States--Bibliography; Savings and loan associations--United States--Bibliography; Savings and Loan Bailout, 1989-1995--Bibliography.

Lawrence J. White (1991). The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation. (New York, NY: Oxford University Press, 287 p.). Arthur E. Imperatore Professor of Economics at Stern School of Business (New York University), Former Board Member of the Federal Home Loan Bank Board. Thrift institutions --Corrupt practices --United States; Thrift institutions --Government policy --United States; Thrift institutions --Deregulation --United States. Thrift industry - from Federal Home Loan Bank Act of 1932 to efforts to restructure: what happened, how it happened, why it happened, what must be done so that it never happens again; rooted in highly unusual economic conditions of early 1980s, poorly thought-out deregulatory policies, flawed accounting practices - tightly regulated thrifts were locked into portfolios of long-term mortgages, limited in interest rates they could pay to depositors, experienced heavy losses when interest rates soared; economic deregulatory policies implemented in early 1980s were long overdue; should have been accompanied by strengthened safety-and-soundness regulations (also deregulated) = deadly combination of opportunities, capabilities, incentives for risk-taking that spelled disaster for hundreds of thrifts, FSLIC insurance fund, U.S. taxpayer; reform - better methods of gathering information about thrifts before they become insolvent, risk-related net worth requirements, risk-based insurance premiums (deposit insurance treated more like other forms of insurance), stronger powers of early intervention by regulators.


Business History Links


Causes of the S&L Crisis: Bibliography                                                

World Savings bank Institute                                                                                        

1924 - International Savings Banks Institute was founded in Milan at the occasion of the First International Thrift Congress, organised by the Cassa di Risparmio delle Provincie Lombarde; 1994 - dissolved; June 9, 1994 - World Savings Banks Institute (WSBI) was established in Brussels to be managed by a World Savings Banks Institute - European Savings Banks Group (WSBI-ESBG) common secretariat.

1963 - The European Savings Banks Group was founded as the 'Savings Banks Group of the European Economic Community'; changed its name to European Savings Banks Group.


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