Historical Newspapers of South Carolina

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1:1 We Are Proud To Be A Part Of Newberry County And Extend Our Best Wishes To South Carolina On Its 300th Anniversary v HISTORY In 1831 in Frankford, Pennsylvania, a suburb of Philadelphia, some 37 persons met to organize a savings fund. Week by week, these 37 people paid into the fund a stipulated amount which was saved from their wages. As soon as enough money had accumulated in the treasury to assist a member in borrowing enough money to build a home, this was allotted him as a "home loan." He paid the money back in monthly installments, with interest. The plan was continued for the purpose of assisting all 37 members to secure a home. How ever, the idea and the plan grew; new members were added, and more savings associations were organized. The business had its ups and downs, growing to a total of one-half billion dollars in assets by 1893 and to reach one billion dollars by 1911. Thus was born the Federal Savings and Loan Association idea. The savings and loan business was as severely affected by the depression of 1932 /tewS&iJiu. o/Mror mtoucTto** as any other financial institution. However, in 1932, the Federal Home Loan Banking System was organized; it consisted of the Home Loan Bank Board exercising control over 11 Federal Home Loan Banks under the Federal Home Loan Banks, more than 4,000 savings associations operate throughout the United States, more than SO per cent of the people own their own homes. The Newberry Federal Savings and Loan Asso ciation, which has moved into its expanded new facilities, was organized in May of 1935, receiving Federal Charter No. 860. Charter officers and directors of Newberry Federal were John Clarkson, president; M. O. Sum mer, vice president; J. K. Willingham, secretary- treasurer; E. B. Purcell, director; C. D. Weeks, director; and C. C. Hutto, director. Newberry Federal opened and operated 34 years in its former location, 1223 College Street. rm* 1670-1970 • * ««M • ' 'avijvgs and Loan Association iNSIMD; A V I N r. T I T U T I O N O U N O t Q The building was remodeled twice, and a parking lot, located in the site of the former warehouse of G. B. Summer and Sons, was purchased from G. B. Summer and Sons in 1953. Through the years, Newberry Federal Savings and Loan Association also expanded its area cov erage by opening a branch office in Batesburg. Present officers of the Association are Jonn F. Clarkson, chairman of the board; J. K. Willingham, president; James M. Smith, Jr., vice president and treasurer; E. 8. Purcell, vice president; John E. Smith, Jr., vice president; and Harold 8. Folk, secretary. C. M. McAlister is vice president and manager of the Batesburg branch office. Members of the Board of Directors are John Clarkson, J. K. Willingham, A. E. Morehead, E. 8. Purcell, W. C. Huffman, P. M. DeLoache of Saluda and Dr. Robert W. Owen of Batesburg. SOUTH CAROLINA TRICENTENNIAL ’ 'MM, Syi-A-A-iAg: