STOCKTON SAVINGS BANK
BY JUDI HACHMAN
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Many Stocktonians remember the four local offices of Guaranty Bank as Stockton Savings Bank.
At the time it was sold in 1997, Stockton Savings had assets of $1.3 billion and a net worth of $87 million, 23 branches, 13 loan offices and 25 automated teller machines, with 260employees serving 58,800 households.
In 1887, Stockton Land, Loan & Building Association filed for incorporation. Extolling the virtues of thrift, the business opened its doors, targeting wage earners with small amounts to save, and providing funds for those who needed to build or purchase a home.
Different from banks, the principle of this venture was straightforward: pool money by selling shares, and loan it out to the highest bidder. Early meetings were held downtown in the Masonic Temple, and the first loan was secured by Mr. H. R. Standhouse.
In the first 12 years of business the Association loaned $1,500,000, which added 350 buildings, principally homes, to Stockton. The directors soon adopted new bylaws, streamlining the process by making loans on a straight rate of interest.
In the mid-1950s, 36-year-old David K. Rea took the helm as managing officer. At that time Stockton was growing rapidly. So was the Stockton Land, Loan & Building Association, and their assets grew from $4 million to $6 million.
Under the guidance of Marian Jacobs Advertising, Rea set out to improve the identity of the Association. They molded public identity of the institution with an enlightened corporate policy of civic involvement, encouraging employees to volunteer service in the community, and funding an enormous array of community programs. The relationship with Jacobs lasted twenty-five years, and produced much good in the area.
In 1961, to better identify itself as part of the savings and loan industry, the Association’s name was changed to Stockton Savings and Loan Association. Although 75 years had passed, the institution remained true to its founding mission: encourage thrift, safeguard savings and provide economical home financing.
During the 1970s Stockton Savings and Loan Association opened its first branch office in north Stockton, bringing its services to the ever-expanding northern sector of the city. Four additional Stockton branches soon followed before it branched out into other Valley towns. In the ’70s and ’80s the Association introduced computerized services and new consumer products such as retirement accounts, student loans and checking accounts.
During the 1980s, as its second century of business started, Stockton Savings and Loan Association went public with the sale of capital stock. It introduced the adjustable mortgage loan, automated teller machines, FHA loans and equity credit lines, and expanded its business into the foothill towns.
In the ’90s the company changed its name to Stockton Savings Bank and was converted to a federally charted institution.
With all its growth and change in its 110 years of business, Stockton Savings Bank never lost sight of its original commitment to finance the American dream of home ownership.
At the time it was sold in 1997, Stockton Savings had assets of $1.3 billion and a net worth of $87 million, 23 branches, 13 loan offices and 25 automated teller machines, with 260employees serving 58,800 households.
In 1887, Stockton Land, Loan & Building Association filed for incorporation. Extolling the virtues of thrift, the business opened its doors, targeting wage earners with small amounts to save, and providing funds for those who needed to build or purchase a home.
Different from banks, the principle of this venture was straightforward: pool money by selling shares, and loan it out to the highest bidder. Early meetings were held downtown in the Masonic Temple, and the first loan was secured by Mr. H. R. Standhouse.
In the first 12 years of business the Association loaned $1,500,000, which added 350 buildings, principally homes, to Stockton. The directors soon adopted new bylaws, streamlining the process by making loans on a straight rate of interest.
In the mid-1950s, 36-year-old David K. Rea took the helm as managing officer. At that time Stockton was growing rapidly. So was the Stockton Land, Loan & Building Association, and their assets grew from $4 million to $6 million.
Under the guidance of Marian Jacobs Advertising, Rea set out to improve the identity of the Association. They molded public identity of the institution with an enlightened corporate policy of civic involvement, encouraging employees to volunteer service in the community, and funding an enormous array of community programs. The relationship with Jacobs lasted twenty-five years, and produced much good in the area.
In 1961, to better identify itself as part of the savings and loan industry, the Association’s name was changed to Stockton Savings and Loan Association. Although 75 years had passed, the institution remained true to its founding mission: encourage thrift, safeguard savings and provide economical home financing.
During the 1970s Stockton Savings and Loan Association opened its first branch office in north Stockton, bringing its services to the ever-expanding northern sector of the city. Four additional Stockton branches soon followed before it branched out into other Valley towns. In the ’70s and ’80s the Association introduced computerized services and new consumer products such as retirement accounts, student loans and checking accounts.
During the 1980s, as its second century of business started, Stockton Savings and Loan Association went public with the sale of capital stock. It introduced the adjustable mortgage loan, automated teller machines, FHA loans and equity credit lines, and expanded its business into the foothill towns.
In the ’90s the company changed its name to Stockton Savings Bank and was converted to a federally charted institution.
With all its growth and change in its 110 years of business, Stockton Savings Bank never lost sight of its original commitment to finance the American dream of home ownership.