The Lincoln Building: A Journey Through Time and Finance
In the midst of economic turmoil, the Federal Home Loan Bank Act of 1932 emerged as a beacon of hope for small banks, offering a lifeline to the savings and loan associations that dotted the American landscape. This period, marked by the Great Depression, saw the rise of these thrifts, each striving to provide essential financial services to their communities. Among them was the National Saving and Loan Association, founded by the visionary A.W. Lindsay in Spokane, which later evolved into the Lincoln Building, a testament to the enduring spirit of community banking.
The Lindsay family's legacy began with A.W. Lindsay, a prominent businessman who, along with his sons Roderick and Donald, established the National Saving and Loan Association around 1920. After A.W.'s passing, the brothers continued their father's work, opening the First Federal Savings and Loan Association in 1934. Their innovative approach to mortgage lending, offering amortized loans from five to 20 years, quickly gained traction, and within three months, they had secured mortgages on 20 homes.
The Lindsay brothers' commitment to community banking was evident in their decision to merge with another thrift in 1950, renaming the institution Lincoln First Federal. This move was not just about avoiding confusion with other organizations; it was a deliberate effort to embody the warm, friendly service that defined their institution. The use of Abraham Lincoln's likeness on letterhead, advertising, and promotional items, such as piggy banks and calendars, further emphasized this commitment to community values.
The Lincoln Building's physical transformation mirrored its evolution. After many years in a building at 120 N. Wall St., the company moved to a more prominent location at Riverside Avenue and Lincoln Street, where it erected an eight-story tower in 1964. This new space became a symbol of the institution's growth and its commitment to serving the community.
However, the Lincoln Building's story is not without its challenges. In the 1970s, high interest rates put a strain on thrifts, leading to the institution's name change to Lincoln Mutual Savings in 1976. Despite these efforts, the Lincoln Building, like many S&L associations in the 1980s, did not survive and was eventually taken over by Washington Mutual, the largest savings and loan in the U.S. at the time.
The Lincoln Building's journey is a fascinating tale of community banking, innovation, and resilience. It is a reminder of the power of local institutions to make a significant impact on their communities. However, it also serves as a cautionary tale, highlighting the fragility of even the most well-intentioned financial institutions in the face of economic challenges. As we reflect on the Lincoln Building's story, we are reminded of the importance of supporting and nurturing local businesses and the enduring value of community-focused banking.
In my opinion, the Lincoln Building's story is a testament to the power of human ingenuity and the resilience of community-driven institutions. It is a reminder that even in the darkest of times, the spirit of cooperation and innovation can shine through. As we move forward, it is essential to remember the lessons of the past and continue to support the institutions that serve our communities, ensuring that the legacy of the Lincoln Building lives on for generations to come.
