Evening star., 1937-04-17
j. SLOAN UNITS
CROSS BORDERS
Federal Savings Associa-
ti0nS Now Located in
Territories.

Less than four years old, the net
work Of Federal savings and loan
associations has spread out into the
farthest corners Of the United States
and into its distant territories.
Since June, 1888, when Congress
authorized their formation, their num-
Der has rapidly grown until today the
total has reached 1,248. The names
and locations of these thrift and
home-f1nancing institutions plainly in
dicate the variation in the geography,
customs and life Of the different sec
tions of the country.
In Caribou, in the tip of Maine, is
the Federal association farthest north
east. In Homestead, Fla, below
Miami, is the one farthest southeast.
Cutting across to Texas, in Browns
Vile, is the association farthest south
In the central part of the Nation.
On the West Coast San Diego has
4 group of Federals which are the
farthest southwest in the United
States. On up the coast one comes
to Bellingham, Wash, the farthest
northwest on the mainland in this
network
Unit in Alaska.
Way up in Juneau there is Fed
eral association doing its part in the
financing Of home building in the
far-away territory of Alaska. This
institution is under the supervision
OF the eleventh district Federal Home
Loan Bank, located in Portland,
Greg.
Out in Uncle Sans mid-Pacific
paradise Of Hawaii one finds more of
these Federal thrift associations. They
are supervised by the twelfth district
Federal Home Loan Bank in Los
Angeles, Calf
Federal associations are to home
financing what national bank are to
commercial financing. They are "the
national banks" Of the building and
loan business. All are local, mutual
thrift institutions, privately of1cered
and managed but subject to Federal
supervision and examination. They
are modelled on the basic features of
building and loan associations and of
mutual savings banks because expert
ence has shown thas these types of
institutions are best fitted to finance
home ownership
Colorful Names in Group.
Glancing over the long list of cities
and towns where these associations
are located, the eye finds colorful and
pungent names such as these:
Andalusia, Ell Dorado, Hope, Piggott,
Escondido. Rock Ford, Tupelo. Deer
Lodge, Cogad, Tucumcari, Arcanum
PaWhuska, Wewoka, The Dalles,
Windsor, Tavares, Toccoa, Nampa,
Momence, Loogootee, Oelwein, Wakee-
ney, Cheraw, Tullahoma, Cuero.
Quanah, Yoakum, Chehalis, Hazard,
Natchitoches, Glen Burnie, Natick
and Owosso
These and many more are ulustra-
tive OF the extent of this network. In
these communities, financing of the
construction, purchase and recondi-
tlonlng OF home is fostered and aided.
Inc borrower, as well as the investor
or shareholder, has a right to vote and
participate in the meetings of these
Federal institutions.
Borrowers are given mortgage loan
contracts that are easily understood,
by which they can compute their total
oongatlons month by month, and
which encourage them to make as
rapid progress as their means permit
toward the attainment Of that goal
winch every home owner cherishes a
debt-free home.
The borrower reduces the original
principal OF his loan with easy
monthly payments. He pays interest
only on the continually decreasing
amount OF principal, not on the orig
1nal face value of the mortgage.
Charters Of Institutions.
More than half of the Federal insti-
tutions were originally chartered as
such. Others have been State-char-
tered associations which have con-
verted their business into Federal as
soclatlons. While this conversion is
continuing, many associations, RETAIN
Ing their State charters, are gradually
changing their thrift and lending
programs to conform more and more
70 tne pattern set by the Federals.
All Federal and many State char
tered associations are members of the
Federal Home Loan Bank System. ad-
mlnStered by the Federal Home Loan
Bank Board in Washington. Accounts
In all Federal associations are insured
up to $4,000 each by the Federal Saw
nes and Loan Insurance Corp. Many
state-chartered associations also pro-
v1oe insurance for their accounts
through the same CORPORATION