The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1937-12-07

After several months OF prelim-
finary preparation, Federal Saw
lings and Loan Bank Association
came step nearer reality at a
meeting of a local group of inter-
ested citizens last Saturday night
at the Island Inn, when a tenn
porary organization meeting was
held and a temporary committee
elected to guide the organization
toward completion.
Hugh Williams was elected
chairman, Fred j. Dion is vice
chairman, and E. A. Ramsey, Sec
iretary.
Those present were advised of
the Federal act creating the Home
Loan Bank Board at Washington
and the Regional Bank at Win
ston-Salem, N. c., and of the rules
and regulations necessary to fol-
low to secure a charter for such
an organization.
Necessity of Bank Shown
The matter of the necessity and
advisability of having such an as
ISOLATION in Key West was point
ed out, showing that it would
make money available for the
building of homes in the Key
West area on long-term mortgage
loans, which permit the borrow-
ers to pay back these loans on a
monthly basis. thereby making it
possible for many citizens of Key
West who own homes to pay for
them like paying rent. 1t was
realized by those present that
such a step as this is necessary to
create greater building activities
here to take care of not only many
citizens in Key West desiring to
build homes, but also to create ac-
commodations for the people who
are coming to Key West in great
er numbers with each passing
month.
A Federal Savings and Loan
Bank Association will be mutual
organization and one in which
every citizen should be vitality in
terested, and it is hoped that many
hundreds of Key West citizens
will cooperate with the organiza-
ton of this association, those in
terested state.
Organization Begun
The meeting Saturday night was
the elimination of many months
of effort in order to secure per
mission from the Home Loan
Bank Board at Washington to or
rganize a Key West association,
and after all of the initial require
,fnentS of the rules of the Home
Lean Bank Board were met, the
Board al Washington last week of
fieially granted permission to the
Key West group to organize; and
this meeting was held for the pur-
pose of electing officers to serve
for the temporary organization
until such time as the charter is
granted after which a meeting of
all shareholders will be held, at
which time, in accordance with
the rules of the Home Loan Bank
Board, permanent directors viii
be elected. who in turn will elect
the permanent officers of the Key
West Association.
Hugh Williams informally adj
dressed the meeting. pointing out
the need in Key West for such an
association. and its purposes, how
il would be substantial influ-
ence in creating greater building
activities here. and at the same
time provide the means for many
citizens 60 secure homes; and il is
expected, in line with the divi-
dend record Of other like asSocia-
lions ia Florida, 10 pay suhstan-
tial dividends. Ia
Organizer Arrived
Joseph I. Davis. of Miami who
handled the application for per-
mission 20 organize with the Home
Loan Bank Board. arrived in Key
West Saturday afternoon in order
to present the matter TO the group
Saturday evening. and discussed
the matter in careful detail as 10
the requirements TO be met and
fulfilled in the organization.
The growth Of the Federal Saw
MT AMnN NNw~ -