Atlas Savings & Loan Collection, 1979-1990

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Summary

Title:
Atlas Savings & Loan Collection
Dates:
1979-1990
Creators:
Atlas Savings & Loan
Abstract:
The collection contains a small amount of Atlas Savings & Loan business correspondence and records including bylaws, publicity, promotional materials, mailings to shareholders. Atlas Savings & Loan Association was the first financial institution established by and for gays and lesbians in the United States.
Extent:
1 carton 1.0 cubic ft.
Language:
Collection materials are in English.
Preferred citation:

[Identification of item], Atlas Savings & Loan Collection (GLC 48), LGBTQIA Center, San Francisco Public Library.

Background

Scope and content:

The collection contains a small amount of business correspondence and records including bylaws, publicity, promotional materials, mailings to shareholders and stock certificates. There is good press coverage of Atlas through the years especially its opening in 1981 and its financial difficulties in 1985 and 1986. In addition there is a lot of memorabilia and giveaways with the Atlas logo.

Biographical / historical:

Atlas Savings & Loan Association was the first financial institution established by gays and lesbians in the United States. John Schmidt, its chairman, along with ten gay directors, including two women, formed Atlas in 1980 in San Francisco. The savings and loan opened for business in November 1981 and identified the gay and lesbian community as its primary market. In August 1982 Atlas opened a branch on 18th and Castro Streets and by January 1985 had three branches in San Francisco. By June 1985 Atlas began to suffer as a result of bad construction loans, joint ventures and shared loans with two other savings and loans. In August 1985 Atlas was declared insolvent. The Federal Home Loan Bank Board took control of the savings and loan in July 1986 and its assets were sold to Empire Savings of New York.

In September 1986 the Federal Bureau of Investigation began conducting an inquiry into allegations of wrong-doing by former senior management as part of its investigation into three other failed savings and loan associations in Northern California. A group of former Atlas shareholders sued John Schmidt and its auditing firm, Price Waterhouse, in 1989 claiming that they were misled as to Atlas' financial condition. In 1990 Empire of America Bank (formerly Empire Savings of New York) was placed in conservatorship.

Acquisition information:
The Atlas Savings Loan Collection was donated to The San Francisco Public Library by Lester Bruno in 1997. Subsequently, Jim Van Buskirk donated a bank book, Roy Johnson donated a $1 bill signed by Atlas board members and 2 T-shirts were added courtesy of the San Francisco Gay, Lesbian Bisexual Transgender Historical Society of Northern California. In April 2011, Donald R. Reed donated two stock certificates.
Arrangement:

The collection is arranged in three series: Series 1: Business Records and Communications; Series 2: Subject Files; and Series 3: Memorabilia. The material in each series is organized alphabetically by title.

Physical location:
Open for research. The collection is offsite and advance notice is required for retrieval. Material must be requested at least 4 business days in advance of visit.
Rules or conventions:
Describing Archives: A Content Standard

About this collection guide

Collection Guide Author:
Finding aid prepared by Tim Wilson
Date Prepared:
2011
Date Encoded:
This finding aid was produced using the Archivists' Toolkit 2011-04-27T14:44-0700

Access and use

Restrictions:

The collection is open for research and available for use during San Francisco History Center hours. Photographs are available during Photo Desk hours. This collection must be requested at least 4 business days in advance of visit.

Terms of access:

All requests for permission to publish or quote from manuscripts must be submitted in writing to the City Archivist. Permission for publication is given on behalf of the San Francisco Public Library as the owner of the physical items.

Preferred citation:

[Identification of item], Atlas Savings & Loan Collection (GLC 48), LGBTQIA Center, San Francisco Public Library.

Location of this collection:
San Francisco Public Library
100 Larkin Street
San Francisco, CA 94102, US
Contact:
(415) 557-4567
sfhistory@sfpl.org
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