Academic journal article ABA Banking Journal

How a Friendly Game of Cards Turned into a 100-Year Mutual

Academic journal article ABA Banking Journal

How a Friendly Game of Cards Turned into a 100-Year Mutual

Article excerpt

When Rosedale Federal Savings & Loan Association started in 1908, it didn't have the trappings a de novo institution of 2008 would have. Indeed, it didn't even have an official office. Today's $606.7 million-assets thrift began with a county level charter from Baltimore County, Md., and the first meeting of what began as Rosedale Permanent Building and Loan Association was held m the Seward General Merchandise Store.

Holding that and subsequent meetings in an area between the store proper and the residence it was connected to was natural. Many of the initial board members and officers first got to thinking about starting the B&L in the course of friendly evening card games, according to 100 Years of Neighborly Trust: The Story of Rosedale Federal Savings and Loan Association, 1908-2008.

Rosedale was a working-class neighborhood outside of Baltimore, and the growing community needed a ready source of credit. Initially, members of the building and loan had to buy shares--weekly installments of 25 cents were one means of doing so-before they could qualify for mortgages. Early passbooks were printed with both English and German text, reflecting the area's predominant ethnic mix of the day.

During the Great Depression rising foreclosures caused the organization to form Elm Realty Co., to hold and rent foreclosed properties. …

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