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Guide to the Central Federal Savings and Loan Association Records MS 230
MS 230  
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Collection Details
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  • Conditions Governing Access
  • Conditions Governing Use
  • Processing Information
  • Separated Materials
  • Preferred Citation
  • Biographical / Historical Notes
  • Scope and Content
  • Arrangement
  • Immediate Source of Acquisition

  • Title: Central Federal Savings and Loan Association Records
    Identifier/Call Number: MS 230
    Contributing Institution: San Diego History Center Document Collection
    Language of Material: English
    Physical Description: 4.5 Linear feet (10 boxes)
    Date (inclusive): 1935-1986
    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.
    creator: Central Federal Savings and Loan Association.

    Conditions Governing Access

    This collection is open for research.

    Conditions Governing Use

    The San Diego History Center (SDHC) holds the copyright to any unpublished materials.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

    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.

    Separated Materials

    Original photographs of property appraisals separated to SDHC Photograph Collection.
    Original mounted certificates separated to SDHC Object Collection.

    Preferred Citation

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

    Biographical / Historical Notes

    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.

    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.


    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.

    Immediate Source of Acquisition

    Accession number 2001.126.

    Subjects and Indexing Terms

    Brown, James E.
    Busenberg, Elmer O.
    Central Federal Savings and Loan Association.
    Central Savings and Loan.
    Chapman, R. A.
    Coast Federal Savings and Loan of Los Angeles.
    Downtown Redevelopment Project.
    Federal Savings and Loan Associations.
    Federal Savings and Loan Insurance Corporation.
    First Savings and Loan of Fresno.
    Frost, Albert
    Gaslamp Redevelopment Project.
    Golden, Morley H.
    Heller, W. S.
    Holliday, Charles
    Home Savings of America.
    Jessop, Arthur J.
    JP Morgan Chase & Co..
    McGahey, Harry C.
    McSweeney, Daniel T.
    Miner, H. L.
    North Hollywood Savings and Loan.
    Park, D. Frank
    Quirk, William E.
    Rosenfeld, T. M.
    San Diego Gas and Electric Company.
    Schafer, Donald J.
    Sievert, O. Morris
    Stalder, Fred
    Strand, Bert
    United States. Dept. of the Treasury.
    United States. Office of Thrift Supervision.
    Walton, Richard S.
    Washington Mutual, Inc..
    Woodward, C. Harry
    Zitlau, Walter A.
    Chula Vista (Calif.)
    Gaslamp Quarter (San Diego, Calif.)
    Home loan banks
    Home loans
    Real estate appraisers
    Real property
    San Diego (Calif.)
    Savings accounts
    Savings and loan association failures
    Savings and loan associations