December 2, 1816
- Philadelphia Savings Fund Society opened; first savings bank
in United States.
13, 1816 - The Provident Institution for
Savings, the nation's first mutual savings bank, was chartered
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.
1831 - 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
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
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 (http://www.skagitriverjournal.com/RR/Sk-What/GravesEO-SedroSeattleBanker.jpg)
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.
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.
1934 - President Franklin D. Roosevelt signed The
Federal Credit Union Act; established Credit Unions.
- 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
- 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.
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
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.
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.
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
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).
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
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.
- 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
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
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
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
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;
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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
(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
A Common Bond: Connecticut's Credit Unions, 1935-1985.
(Wallingford, CT: Connecticut Credit Union League, 164 p.).
(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
(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,
(Credit Unions), Charles Ferguson and Donal
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), 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
(Detroit & Northern Savings), Sandra Seaton
From the Peninsula South: The Story of Detroit & Northern
Savings. (Hancock, MI: D & N Press, 241 p.). Detroit &
(Dwelling House Savings and Loan), Robert A.
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
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(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
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(Financial Corporation of America), Michael A.
Overdrawn: The Bailout of American Savings. (New York,
NY: Dutton, 303 p.). Financial Corporation of America; Savings
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(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.
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.)
(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
(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 --
(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)
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
(Philadelphia Saving Fund Society), James M.
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 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
(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
(Savings Bank of New London), Gertrude E.
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
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
(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
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
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
(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
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(West Bromwich Building Society), Carl Chinn
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
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.
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
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
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
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
Alan L. Olmstead (1976).
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Hill, NC: University of North Carolina Press, 236 p.). Savings
banks--New York (N.Y.)--History.
Stephen Pizzo, Mary Fricker, and Paul Muolo
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
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:
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.