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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Jan. 13, 1953)
PAGE SEVEN First Federal Savings & Loan Ass'n Was Organized in Klamath Falls To Fill A Definite Need for Financing of Homes A group of far-sighted business and professional man mat PAr 1RT0N LUMBER CO. "WE KNOW OUR CURRENTS'' RAY BIGGER'S ; EAST SIDE ELECTRIC 62S Klamath Ave. Phona 3114 CONTRACTORS INDUSTRIAL and COMMERCIAL Installations INDUSTRIAL and COMMERCIAL Supplies Agents for Westinghouse Industrial Equipment 125 Pixfpe Klomoth Falls fr O ;'. Manufacturers of ulc:::2s cut stock kit::" , WESTERN JUST! PINE Phone 2-2533 LUMBER Philippine HARDWOODS for this purpose on August 79, 1934, laying tha ground work today, this association la tha fourth Itrgttf In Oregon and largatt outside tho city of Portland Raaourcaa evar I'j-milllort dollari. IIKRALD & NEWS. KLAMATH FALLS. OREGON RID FIR WHITE FIR AH . AD. CO COMPANY V.- ..,,, m m m mm m mm m m 'W Manufacturers of Kiln, dried lumber " Cttuldingt, window tash and frames. PONDMOSA PINE SUGAR PINE Iht Klomoth Basin ,NHMalMWrld Newt Telephone 8111 Etplonode juit off Main L:'J Millworli and Supply Manufactures MOWS MOULDLING FRAMES OUSS HOCK PLATE and WINDOW GLASS . ' ; THIMOPANE GLASS Phone 6671 MARCH TIRE SERVICE Ivnwt K. Tttd, Ownir SINCE 126 'e Still Have A Good Supply Of ttClHTER TREAD CAPS mm By Factory Trained ' EXPERTS IE Family In FOUR Has a Hospital Bill Every Year KlM.lt. Pays Per SURGICAL HOSPITAL DOCTOR SERVICE ; ' ' -.'f for YourMlf and Your Family JOJMt If you art a r.iidcnf of the Klamoih baiin, tmployed (or self-employed), to age 65, bio for KMSB protection (or yourtll olon. or lor vou ond your lomily. Mcmberi of your torn rllofble to foln art: Spouit. to age 65, depandant unmarried children Irom 6 months of age to lately acuta .m.ra.ritlM. mdl) Medical Service Bureau ina St., L, A, frown, Mqr. (Mtmber Blut Shield Plan) iMATII LUMBER & BOX CO. -if ; Helping to build the Klamath Country dor present management - Since January, 1920! ngton Addition Phone 4212 FTr'yCUl FFIINP3 yMf ' -t: p : fOH lOR J I By R. KENNETH EVANS Residents of the Klamath Falls region have had the onnortunitv to make substantial savings and finance homes for 18 years through the facilities provided by the First i Federal Savings & Loan Association of Klamath Falls. During the time when the worst depression ever leveled : on a nation was at its worst stages, a situation arose in the I financial field in Klamath Falls whereby thrifty people i , were unable to finance homes or make home purchases. A group of 16 far-sighted business and professional men real- j ized that this caused a critical condition and held a meeting ; August 29, 1934 to try and iron out the difficulties. At that n.r.ntinrf it u'i (Wirier! to take advantage of an act of the j i Congress, passed in June. 1933, which provided for federal b ' savings and loan associations 10 ie organueu wim ui port of the government. This proved to be the solution to the financial problem facing the jsidjcjojrjhwjrgion The Firm Federal Savings ti i rlUo j,, tlmes trie imount of Lonri association of Klamath FU locll money Invested. Through the was chartered, and Charles I. Roo-1 rmert fuvings and Loan Insur ers elecieq prrMiirm w.m v. wi. , Honerir-on secretary. Tlie board of directors consisted of C. B. Rob erlon, E, M. Vannlce, Chan. I. Roberts. Alfred Collier. M P. ! Evans, Olert Hoiit, Claude McCol- ' loch, Clifton Richmond and Henry Semon. All of these director were I well known as aound local buainess men of the community. Today, Al- , Ired Collier and Henry Semon con tinue to serve the association. Iniree of the original board of di rectors hve passed away: Chas. I Roberta. C. 8. Robertson and M P. Evans. E, W. Vannlcc. Clauds Mc-Colloch, Glen Hout and Clifton Richmond resinned from the board when they moved Irom Klamath Falls to other communi ties. Four months after the association was formed the secretary reported on January 16. IMS. the date of I the first annual meeting, that the I association had assets over $5,000 , and that forty-two first mortgage i loans hsd been made and that there were 15 shareholders who hsd placed their savings with the v socianon. With a soundness and 1 safety for Uie large or small in ! vestor in this region, which Is rec- l nmii,Mi - ihe mMi seasoned ever Insintuiated In the nation, the First rerierai Savinas & lxan as sociation, locisy, lias assets total ing SMiSJM.'il. l"' savings ac counts totaling J7.137.533.13 ss of December 31, maz. m: coinpan son. without doubt, emphasiws what a sound and liberal financial Institution can accomplish by good miniffrmrni In a erowins and ex- i pnnding community like Klamath MANY HOMKS FIN ANTED In Hist short period ol less than twenty years, this association has nnanced many homes In the area nd. with the semi-annual dividend paid to shareholders m December i of IBM of over H03.47S, total earn ' uiks hnva een paid amountlnu to $1,095,700. Never hs a semi-annual dividend been missed, and, today this association Is the lourm lat est In the state of Oregon and, the largest outside the city of Port land. This enviable situation Is dLe. direcUy. to good management and . appreciation by the people of the Klamath Falls area of the oppor tunity offered by this financial In stitution lor sound savings and home financing. The growUi of the First Federal Savings Si Loan association has been normal, due perhaps, to the recognised sound economy of this clly and the Klamath Basin. After the first six years of Its operation bv 1040 Uie association had a membership of 2.500 shareholders and had completed 347 first mort gage loans on homes and had assets of more than one-half a million dollars. Al the Insistence of the leading building and loan men throughout the nation, the Congress of the unit ed Stales passed an act In June, 1033, providing for federal savings : and loan associations. This act em- bodied the soundest principles that have ever been developed for the I protection of savings In American I thrift Institutions such as the First I Federal Savings k Loan assocla- tlon of Klamath Falls. So wide was this scope of service and safety that the United States Treasury was authorised to purchase shares ' In these federal associations at WHEN THE QUESTION K Fire Auto Special Risks the answer is KLAMATH COUNTY IrKIIRAMfF AftFMK W ASSOCIATION am- corooratlon aavings were in sured up to 15.000 dollars for the individual account. in leuerai sav ings and loan associations in the nation have developed such a rec ord lor reliability that little more than two years ago this Insurance waa raised to 110.000 per Individual account which applies to uie aaie- ly structure of the First leoerai Savings and Loan association of Klamath Falls. OTHER HAFETY FACTOR!) Other safety factors which enter , into the sound operation of this fi nancial institution is that they are limited to loans on property locat ed within a radius of 50 miles of 1 Klamath Falls. This permits an accurate knowledge of properties, t First Mortgage loans and liens on real estate total, today, 18,163, 378 61. Due to the character of the First ' Federal Savings k Loan associa tion of Klamath Falls and, the ; men who direct Its alfalrs, a low 1 over-head expense for operation Is . maintained which strengthens the savings Investor's opportunity for , reasonable earnings on his savings. Available money for financing: , the purchase of homes In the Klam- atn rails area, money lor new construction or modernizing. Is to be had. The affiliation of this sav- i ings and loan association with the Federal Home Loan Bank, a linan- clal organisation similar to the red-; eral Reserve bank, provides that ; the mortgages held by tne First Federal Savings 1; Loan associa tion of Klamath Falls to secure ihe salety of the savings accounli may be used as collateral lor long-1 term advances from the Federal i Home Loan Bank. While this local association has never had occasion to take advantage of this opportun ity It still remains that this can be done If the growth and develop ment of this region demands such financial assistance. In 1938. C. S. Robertson was made president of the First Fed eral Savings i Loan association of Klamath Falls and. Chas. I. Rob-; erta was named chairman of the board. C. S. Robertson passed away due to a heart attack on i June 13, 1945. On June 36, 1945. the board of directors elected i Ocorge W. Mclntyre as president. He has served In the capacity of ; president and manager since that time. Other officers serving with ! Mr. Mclntyre and Mary Both-! well, treasurer, who has been a ' member of the staff since June ; 1937. Van S. Molltson, secretary, became identified with the associa-, tlon In 1946. Following his gradua-1 lion from the University of Ore-j son In 1950. James D. Bocchi be came assistant treasurer. CHANGES IN THE DIRECTORATE Changes in the directorate of the association have been made since ' its foundation. This has brought new business men into the board. Fred Hetlbronner and D. D. Reeder were first elected to the board of directors In January, 1939. They are both serving on the board to day. C. A. Henderson Joined the board or directors In 1944. Verne Moore became a board member liquidity that la really something in May of 1947. Percy Murray was elected as a member of the board in October 194 and, J. Vern Owens in July of 1949. Continued en Page II Consolidated Freightvays HOME-TO-HOME MOVING SERVICE 645 Broad Phone 4151 WEDGEWOOD AUTOMATIC Gas Range Tha finest name in cookinej IS SUPERIOR FEATURES KLAMATH GAS CO. Sill Stappa, Mar. Main St. at Link River Phono 2-2541 Manufacturers of Quality LUMBER and BOX SHOOK SINCE 1929 KLAMATH BASIN PINE MILLS CO; Offict Mtdical-Dental Buildinq Telephone 413S For The BEST. . . In REST For LBS See Carlson's "Factory to you" Mattresses Buy Direct . . . From "Factory to You" and save ' You Save miUlm ' You Save JKE Carlsons MATTRESS I UPHOLSTERING CO. 2405 Saurh rh Phont 4510 ' You StweZ? O RADIATORS CLEANED - RECORED - REPAIRED Wo are equipped to handle the heaviest INDUSTRIAL RADIATORS at well ai Pasitnqer cars and Trucks OFFICIAL AUTOLITE ELECTRIC SERVICE SPECIALIZED SERVICE CO. 1434 MAIN Ph. S103 OFFICIAL UNITED MOTORS SERVICE 887 New Savings Accounts Opened Evidence of the ever increasing number of folks who are choosing this way to happier, more'eonfident living through our safe, profitable savings facilities. $1 ,095,709 Paid Savers since 1 934 Every dividend dales since its organization the Association has paid earnings to its members. This huge amount has gone back into this community, and to the people who made the association possible. $183,454.' . Earnings Paid Savers in 1952 Worthwhile returns, compounded semi-annually, to help our members reach long-range goals faster give them a real incentive to save more for extra income. $807,103 Required and General Reserves This substantial sum . . . among the several safeguards maintained for protection of funds ... to give our savers added confidence and assurance of the safety of their savings. $8,628,984 . . . Total Resources of Association This final reflection of financial growth is proof of the widespread satisfaction with the benefit made possible by our thrift and home financing services. FlWT FEDEiTAlAVINB? ALOAN ASSOCIATION M0 MAIN STRUT
