Central Federal Savings and Loan Association Records, 1935-1986

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Summary

Creators:
Central Federal Savings and Loan Association.
Abstract:
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.
Extent:
4.5 Linear feet (10 boxes)
Language:
Preferred citation:

Central Federal Savings and Loan Association Records, MS 230, San Diego History Center Document Collection, San Diego, CA.

Background

Scope and content:

This collection contains records relating to the Central Federal Savings and Loan Association dated from 1935 to 1986. Focal documents include a suggested Outline of Procedure, prepared by the Federal Savings and Loan Division; financial statements; loan, insurance, and property appraisal paperwork; and Central Federal newsletters. Scrapbooks contain newspaper clippings, photographs, and correspondence which documents the exponential progress the Association made from 1935 to 1986.

Biographical / historical:

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.

The Association participated in a number of architectural endeavors. In one of its earlier expansions, the dilapidated, yet historical San Diego Gas and Electric building in Downtown San Diego was purchased in 1951. It was renovated into a modern building complete with modern amenities. The Association also took part in the Gaslamp Redevelopment Project, also known as the Downtown Redevelopment Project, which brought the construction of the $15 million, twenty-story Central Federal Tower. The tower opened for business in November 1975 displaying state-of-the-art exterior and interior design, as well as energy efficient technology.

High cost of savings accounts and high interest rates yielded difficult times. Coast Federal Savings and Loan of Los Angeles acquired Central Savings and Loan in the late 1980s; and sometime after, Coast Federal Savings and Loan was acquired by Home Savings of America. Home Savings was then acquired by Washington Mutual Bank. Finally, Washington Mutual was acquired by JP Morgan Chase Bank, National Association.

Acquisition information:
Accession number 2001.126.
Processing information:

Collection processed by Aimee Santos on February 14, 2012.

Collection processed as part of grant project supported by the Council on Library and Information Resources (CLIR) with generous funding from The Andrew Mellon Foundation.

Arrangement:

Collection is arranged into four series:

Series I: Administration

Series II: Loans, Insurance, and Property Appraisals

Series III: Outreach and Publicity

Series IV: Scrapbooks

Items in each series are arranged by subject.

Rules or conventions:
Describing Archives: A Content Standard

Access and use

Restrictions:

This collection is open for research.

Terms of access:

The San Diego History Center (SDHC) holds the copyright to any unpublished materials. SDHC Library regulations do apply.

Preferred citation:

Central Federal Savings and Loan Association Records, MS 230, San Diego History Center Document Collection, San Diego, CA.

Location of this collection:
1649 El Prado, Suite 3
San Diego, CA 92101, US
Contact:
(619) 232-6203
Website