The Daily Alaska empire., 1937-12-16
FEDERAL LOAN WILL OPEN NEW
 OFFICES HERE
R. H. Stevens Is to Have Charge of Headquarters
 at ll9Seward Street

. Signalizing increased activities in its thrift campaign and augmented investment operations, the Alaska Federal Savings and Loan Associa- tion is moving into it's own home at 119 Seward Street and will be open for business in it's new location to- morrow. it was announced today by Thomas A. Morgan, President.
 R. II. Stevens, for many years assistant cashier of the First Ma tional Bank of this city, will super wise it's operations as manager.
 Is Eight Months Old
 The association is the only pure ly savings institution in Alaska, limited to accepting savings &C., counts and it's investments to resi- dential mortagage loans. Its age, eight months, makes it the baby bank bank of the Territory.
 It is chartered by the Federal Government through the Federal Home Loan Bank Board, and IS subject to the same degree of Gov ernment supervision that is extend ed to all national banks. All of it's accounts are insured up to $5,000 for each individual account through membership in the Federal Savings and Loan Insurance Corporation.
 Controlled by Local Group
 The association was formed and is controlled by local residents through stock subscriptions. Our stockholders, realizing the need for a conservatively managed and oper- ated savings and loan association in this city, started plans for ob- taining charter about a year ago." MT. Morgan said "The organiza- tion was perfected early this year and we began business actively on April 1.
 During the first few months it was felt wiser to curtail operating costs as much as possible. so we did not open uptown quarters and employed no separate staff. Mem bers donated office space and of their own time in handling the business that developed. This prac- tice was continued as long as it was efficient, but, with volume increas- ing, it has become necessary to move into larger and separate quarters and put ( full-time ex- ecutive in charge of operations.
 Hcme Building Stimulated
 Tn the first eight months" MT. Morgan continued, we have in- vested approximately $125.0O0 in residential mortgage loans, all of which were made to residents of Juneau. Most of them were made on newly constructed homes, al- though a few represented loans to individuals buying existing prop critics and to others refHancing old-style mortgages which they al- ready had on their homes.
 Our savings S department has shown a gratifying growth, and the rate of inceaSe in the numbers and size of such accounts is very pleas ing. This circumstance, we feel is largely the result of the fact that each individual account is insured up to $5,000 by the Federal Gov ernment; that the institution is under the supervision of the Fed eral Treasury Department; and hat our current rate on savings IS four per cent"
 All Mortgages Insured
 Since the inception of it's opera tions the Alaska Federal Savings and Lean Association has confined its mortgage lending to loans in- sured by the Federal Government through the Federal Housing Ad- mlnistration. Thus we are able to offer double insurance to our depositors," MT Morgan pointed out. First our depositors' accounts are insured. Second, all of our loans are insured up to their full amount.
 Before We make advances on mortgage loans, which are the only kind of loans we make, we first obtain from the Juneau Insuring Office of the FILA, a firm commit ment they will insure the loan. Upon that commitment, or promise, we advance money for construction for purchase of existing construc- 1 tion, or to refinance existing mort gage loans"
 Advantages Are Obvious The advantages offered by the FILA insured mortgage program are obvious from the standpoint of our institution as well as to the bor- rover. Through the FILA system of examinations We are insured of economically sound loans on we'll