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Guide to the Central Federal Savings and Loan Association Records MS 230
MS 230  
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Collection Overview
 
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Description
This collection contains documents related to the Central Federal Savings and Loan Association. Records include administrative papers; loan, insurance, and property appraisal paperwork; newsletters and publications; and scrapbooks.
Background
On January 2, 1935, the Central Federal Savings and Loan Association began under the new “thrift and home-lending” chartered by the United States Government, Office of Thrift Supervision. Every investor’s holdings in the Association were fully insured up to $5000 by the Federal Savings and Loan Insurance Corp., Washington, D.C. It was also a member of the Federal Home Loan Bank System and was therefore eligible for the full credit facilities of the Bank System. Large or small savings accounts were opened in the Association. The original headquarters was a one-room office, Room 324, located on the third floor of the Bank of America building in Downtown San Diego. Beginning total assets listed were $7,610. Elmer O. Busenberg, who for many years served as president of the California Ranch & Home Co., headed the organization. Charles Holliday served as Manager. In 1935 he stated in a local newspaper that “the ultimate goal of home financing is home ownership, free and clear, and that home ownership is the backbone of a sturdy, prosperous community. It will be the aim of the Central Federal Savings and Loan Association to encourage thrift among the city’s population, and to find ways to help attain home ownership.” Through the financing of a multitude of residential construction projects, assets increased, and by 1936, they outgrew their small one-room office. In 1958, the Association’s first branch was opened in Chula Vista. Many more branches followed in San Diego, and a merger with North Hollywood Savings and Loan in 1976 brought the number to twenty-five. It became known as one of California’s top Savings and Loan institutions. In 1979, the Association announced the attainment of a billion dollar amount in assets. In 1981, they once again merged with another Savings and Loan Association, First Savings and Loan of Fresno. In 1983, the members of the Association voted to approve a change from a Federal mutual charter to a State of California mutual charter. As a result, the institution changed its name to Central Savings and Loan Association.
Extent
4.5 Linear feet (10 boxes)
Restrictions
The San Diego History Center (SDHC) holds the copyright to any unpublished materials. SDHC Library regulations do apply.
Availability
This collection is open for research.