You were a big savings and loan...

“The Big Guys.” That’s what one of my colleague Federal Home Loan Bank presidents used to call the biggest savings and loans. Where are they now?

His attitude was a lingering reflection of the great post-World War II US housing boom, when the most important residential mortgage lenders were the savings and loans. In the Golden Age of the S&Ls, from the 1940s through the 1970s, the American home ownership rate increased dramatically, from about 50% in 1944 to over 64% in 1980. (That is the same level it is now.) Waving the banner of housing and home ownership, the S&Ls were politically potent and their trade association, the US League for Savings, a lobbying force to be reckoned with, until the early 1980s. S&Ls had their own government deposit insurance fund, FSLIC (the Federal Savings and Loan Insurance Corporation).

The list of the 25 biggest S&Ls in America in 1983, just three decades ago, contains many names which were famous in housing finance circles in those days. How many do you think still exist? Make your guess before you read the answer.

These 25 formerly famous names are unheard of now, because of the 25, the number still existing as independent companies is zero. Not one. The US League for Savings no longer exists. Neither does FSLIC.

Of the 25 biggest S&S, 17 failed or were acquired by institutions which later failed. The remaining eight were acquired and are merged portions of much bigger banks.

Here they are, or rather, were, for the instruction of the young in the fragility of institutions, and for the nostalgia of old veterans of the housing finance crises of the 1980s and 2000s:

The Biggest Savings and Loans in the United States, 1983


1. American Savings
2. Home Savings
3. Great Western
4. California Federal
5. Philadelphia Savings Fund Society
6. Goldome
7. Glendale Federal
8. First Nationwide
9. World Savings
10. First Federal of Michigan
11. Metropolitan Savings
12. Empire of America
13. City Federal
14. Home Federal
15. Dime Savings
16. Talman Home
17. Anchor Savings
18. Gibraltar Savings
19. Bowery Savings
20. Imperial Savings
21. Dollar Dry Dock
22. Coast Federal
23. Great American
24. Sears Savings
25. Standard Federal
The Big Guys?

“You were a Big Guy, blink and now you’re gone.”

Alex J. Pollock is a resident fellow at AEI.

Also Visit
AEIdeas Blog The American Magazine
About the Author

 

Alex J.
Pollock

What's new on AEI

Rebuilding American defense: A speech by Governor Bobby Jindal
image Smelling liberal, thinking conservative
image Stopping Ebola before it turns into a pandemic
image All too many reasons for pessimism about Europe
AEI on Facebook
Events Calendar
  • 20
    MON
  • 21
    TUE
  • 22
    WED
  • 23
    THU
  • 24
    FRI
Monday, October 20, 2014 | 2:00 p.m. – 3:30 p.m.
Warfare beneath the waves: The undersea domain in Asia

We welcome you to join us for a panel discussion of the undersea military competition occurring in Asia and what it means for the United States and its allies.

Event Registration is Closed
Tuesday, October 21, 2014 | 8:30 a.m. – 10:00 a.m.
AEI Election Watch 2014: What will happen and why it matters

AEI’s Election Watch is back! Please join us for two sessions of the longest-running election program in Washington, DC. 

Event Registration is Closed
Wednesday, October 22, 2014 | 1:00 p.m. – 2:30 p.m.
What now for the Common Core?

We welcome you to join us at AEI for a discussion of what’s next for the Common Core.

Thursday, October 23, 2014 | 10:00 a.m. – 11:00 a.m.
Brazil’s presidential election: Real challenges, real choices

Please join AEI for a discussion examining each candidate’s platform and prospects for victory and the impact that a possible shift toward free-market policies in Brazil might have on South America as a whole.

No events scheduled this day.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.