Estate sale find, original vintage Western Savings and Loan paper dime kitty piggy bank advertisement, circa 1954.
Western Savings and Loan was an American financial institution founded by the Driggs family who came to Arizona in 1921.
After trading everything they owned—a bank, drugstore, hotel, and wheat farm in Driggs, Idaho—for a section of cotton land in Maricopa County. Their timing was unfortunate as cotton prices plummeted just as their crop came in and they were forced to take jobs selling building and loan certificates. In 1929, the Driggs family pooled $5,000 to found the Western Building and Loan Association, which became Western Savings.
Since it was formed by the Driggs family in the Spring of 1929, six months before the historic stock crash, Western Savings had at that time grown to become the largest savings and loan association in Arizona and among the 100 largest in the United States.
The major objectives of the association were the encouragement of thrift and the promotion of home ownership. Over the years up to that point, more than 30,000 first mortgage loans had been made, totaling more than 390 million dollars, thus providing an important factor in the growth and development of Arizona.
But in 1989, Western Savings was in second place — not for its size, but for the amount of its losses, with a $1.06 billion net deficit. Western Savings was taken over by the Resolution Trust Corporation, the federal depositor for the savings and loan crisis bailout in June 1989.
In June 1990, Bank of America paid the Resolution Trust Corporation $81 million for Western Savings' $3.5 billion in deposits in 60 branches in Arizona and one branch in Salt Lake City, Utah, and converted the thrift into commercial bank called Bank of America Arizona.
The item measures approximately 3.5" X 5.25" (Unfolded), approximate shipping weight 3 ounces.
PLEASE SEE DESCRIPTION AND PHOTOS FOR ADDITIONAL DETAILS - The item appears to be in overall Fair to Good Minus used condition, signs of wear, creases, fading, tears, chipping, sunning and age toning, soiling, stains, writing, no odors, please see images.
(PH7-205)