The globe-independent. (Hagerstown, Md.) 1943-19??, 1948-01-29
First Federal Has
Successful Year
Makes Home Loans To ITO
New Home Owners In Com
munity, Including 70 War Vet
Grams.

nunity, Including 70 War Vet
Grams.
AT the annual stockholders meet
ing of Hagerstown's First Federal
Savings and Loan Association, held
Wednesday, january 81, it was dis
closed that 70 veterans obtained
home loans aggregating $500, 299. so
during 1947.
The ASSOCIATION gained nearly $780,
10000 in assets during 1947; helped
ITO new home owners in this com
munity; distributed dividends out of
earnings to 739 different persons. and
released the mortgages on 81 prop
critics which the owners now hold
free and clear. The year 1947 prov
ed to be one of the most productive
in the long history of the organic
alton.
Of the ITO new home owners to
whom the association rendered SER
vice, 70 were veterans and 81 non
veterans, all in this vicinity. Loans
totaled over $830,00000 for an av-
erage of approximately $4,90O.0O.
The association has helped make it
possible for families of modest means
to buy their homes and, through a
systematic reduction of their loans
over a period of a few years, own
these homes debt-free.
Services rendered in 1947 includ-
ed loans for building new homes. for
the purchase of existing homes, and
remodeling and improving existing
homes.
The association to date has writ
ten 1876 CT. loans, totaling over
$780,O0O.O0, and takes pride in the
effort made to guide veterans, con-
sulting with them as to their means,
and steering them away from buying
in excess of their budgets and in
comes. The average CT. will pay
off his loan in ten to fifteen years.
Many are able to pay ahead of this
schedule and more rapidly than
contemplated. In most cases vet
Grams have been found to be very
reliable.
The association closed its year
with total assets of $3.50, 268.27 and
savings and investment accounts
totaling $1,228,326.O9, as compared
with $685., 880.49 a year ago.
Dividends totaling well over $685.
10000 were distributed in the two
dividend periods of the year, at an
annual rate of interest of 21a per
cent.
Joseph w. Byron was again select
ed to head the association as its
president for the coming year.
Other officers and directors, incum-
bent and elected. were as follows:
vice-president, William E. Foltz;
vice-president, William H. Miller;
vice president, Samuel E. Phillips;
.vice-president, Harvey H. Heyser,
Jr.; secretary treasurer, M. H. Heess;
assistant secretary, 1. G. White; dir
ectors, E. Stuart Bushong, P. j. Pot
ter, AS. Bendell, Jr., A.E. Reecher
and William L. Beard.
The First Federal Savings and
Loan Association of Hagerstown was
established as a federal institution
in 1888, with assets of approximate
ly $32,000.00 and has experienced a
steady and sound growth during its
existence. It's saving program with
the Federal Insurance guarantee OF
all accounts up to $5,O000O, has en-
couraged hundreds of families and
individuals to save securely and reg
ularly.
With assets of over one million
six hundred thousand dollars and
adequate reserves, the association is
planning on another banner year in
1948, helping people help themselves
in the communities which the as
ISOLATION serves. The associations
financial statement appears else
where in this issue.