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Perry Federal Savings and Loan Association Supplement of
The Butler Herald
THE BUTLER HERALD, BUTLER, GEORGIA, JUNE 15, 1961
Perry Federal's Growth
Steady in Last 25 Years
In November, 1935, a group of
forward thinking men gathered in
Perry to discuss forming a savings
and loan association. The group
felt that this area needed an agen
cy to provide funds for financing
new homes on a long term basis.
As a result of this meeting, oth
er meetings were held and the
Federal Home Loan Bank Board
was contacted. The Home Loan
Bank sent a representative to
Perry to assist in the organiza
tion.
This was in late 1935 and early
1936, and dollars were not as
plentiful as they are in our pre
sent day economy. Twenty-three
residents of this area put up
$3,880. and this group was allow
ed to organize with this amount,
plus $8,000.00 placed in the asso
ciation by the Home Owners Loan
Corporation. The money from
Home Owners Loan Corporation
has long since been repaid, and
now, 25 years later, Perry Federal
has enjoyed a quarter of a cen
tury of service to savers and home
owners of this area.
The date of March 19, 1936, was
one of significance in the associa
tion, because that was the date
that the first loan was made. This
first loan was in the amount of
$2,500.00 and has long since been
paid; however, that homeowner
is still a customer of the associa
tion.
First Dividend 1936
Times were hard, but through
conservative management by the
board of directors, the first divi
dend was paid all savers on June
30, 1936, in the sum of 4 per cent
per annum for the first months of
1936, that the association opera
ted. The formal organization had
been developed on February 21 of
that year when S. A. Nunn, J.
Meade Tolleson, Lewis M. Houser,
W. K. Whipple, Max Moore,
George C. Nunn, and C. E. An
drew were named by the organ
izers to administer the business
of the Association as a Board of
Directors.
Officers elected at that time
were S. A. Nunn, president; J.
Meade Tolleson, vice president;
and Lewis M. Houser, secretary-
treasurer.
At first the business office of
the association was located in the
insurance office of Lewis M. Hous
er on Carroll Street. Lewis Hou
ser served as the administrative
head of the association until his
death in 1939.
A major part of the organiza
tion work, and the constant nur
sing any business needs in its
infancy, was provided by S. A.
Nunn, J. Meade Tolleson and Lew
is Houser, and it is only fitting
that much of the credit for Perry
Federal’s growth and success be
given to these men.
Board of Directors
The present Board of Directors
includes S. A. Nunn, J. Meade
Tolleson, Marion L. Brown, G. F.
Nunn, W. K. Whipple, C. E. An
drew, A. W. Pratt, Mayo Davis,
and Malcolm Reese. Present of
ficers include S. A. Nunn, presi
dent; J. Meade Tolleson, vice pre
sident; Marion L. Brown, vice pre
sident; Malcolm Reese, secretary-
treasurer; and Miss Leonora Hou
ser, assistant secretary-treasurer.
Other personnel includes Mrs. Eve
lyn Eaton, Mrs. Bonnie Ann Curry
and Charles A. Jay.
Several men have served this
institution as directors. Those
who have served and are not on
the present board include, the late
F. M. Culler, from 1940 to 1951;
the late Lewis M. Houser, from
1936 to 1939; the late S. W. Hick
son, from 1947 to 1950; the late
F. Marion Houser, from 1939 to
1960; and Max Moore, from 1936
Modern New Building of Perry Federal Savings and Loan Association
until he voluntarily retired in j is still in that location today.
1953. I During the last 25 years, Perry
The institution has had three Federal has never failed to pay a
administrative heads since its
founding. After the death of
Lewis M. Houser in 1939, the as
sociation was managed by F. Mar
ion Houser until his death in
1960. In June, 1960, Malcolm
Reese, who was formerly mana
ging officer of Fitzgerald Federal
in Fitzgerald, Georgia, assumed
management as Secretary-Treasur
er.
New Building in 1954
In 1938, the association moved
into a building at 1009 Jernigan
Street to house its offices; how
ever, a disastrous fire destroyed
the building in 1939. In 1940 the
building was reconstructed on the
same site.
In April, 1954, Perry Federal
moved into its modern new quar
ters at 1007 Jernigan Street and
Office Personnel at Perry Federal Savings and Loan Association
Left to right, Mrs. Mack Edward Curry, Charles A. Jay, Secretary-Treasurer Malcolm Reese, Assist- sent total $6,060,450.91, holding dustry through loans on real es-
- M - - -- --- - ■ -- 2549 accounts. Over the years divi- tate.
dividend to its savers. The cur
rent rate of dividend is 4 per cent
per annum, compounded semi-an
nually on June 30, and on Decem
ber 31, each year. Perry Federal
has paid 4 per cent since 1957.
From the beginning of operation,
savers have had the extra protec
tion of all savings accounts hav
ing been protected by being in
sured by the Federal Savings and
Loan Insurance Corporation, an
instrumentality of the federal gov
ernment.
Of course, the big plus factor
has been the constant addition the
association has made to its re
serves, carrying in its reserves to
day over $625,000.00. This reserve
position has been brought about by
constant vigilance in the handling
of the affairs of the business.
Serves Wide Area
This savings and home financing
institution has attempted to serve
the entire area, having in its loan
portfolio loans in Houston, Peach,
Crawford, Macon, Dooly, Pulaski
and Taylor counties. The associa
tion is constantly making loans
on properties that meet the re
quirements of the regulations by
which it is governed, to those peo
ple in the Peach Belt area who
meet the qualifications. The ma
jor portion of its loans are in
single family, owner occupied re
sidences, however, a small portion
of its loans are in rental and com
mercial properties.
The Perry Federal story is one
of service by investing the funds
of its savers in the homes of its
borrowers, thereby providing in
sured savings accounts and home
ownership to residents of this
area. From its humble beginning,
Perry Federal now boasts over
$7,000,000.00 in assets, having
made a total of 2325 loans since
its founding aggregating a total
of $11,057,648.12. At the present
time, the association holds first
mortgage real estate loans, primar
ily on single family dwellings,
amounting to a total of $6,037,-
966.04. Savings accounts at pre-
dends paid to savers have amount
ed to a total of over $1,000,000.00,
and the June 30, 1961 semi-annual
dividend is expected to be over
$120,000.00.
The sound of Perry Federal has
truly been the sound of progress.
What started 25 years ago as a
dream of progressive minded busi
nessmen has now made it their
business to help make the dreams
of families of this area come true
—the dream of home ownership—
while providing savers a place
that they might put their savings
in insured accounts with the ex
tra protection of strong reserves.
Housing Industry
Biggest Employer
Officials of the United States
Savings and Loan League, Inc.,
trade organization of the savings
and loan industry in this country,
have recently pointed out that the
industry of housing construction
employs more workers than any
other industry in the United States
today.
Since continued prosperity in
the construction industry is a
‘must’ for millions of American
workers and their families, the
savings and loan industry has been
highly responsible for the continu
ation of this prosperity by finan
cing homes upon which these
workers have had jobs.
Supplementing the army of
workers in actual production of
homes are millions of other peo
ple involved in the sale of houses,
and the sale and distribution of
building materials and household
furnishings. Among those employ
ed in the distribution of these
products are salesmen, sales
clerks, advertising agents, demon
strators, auctioneers, purchasing
agents, buyers, insurance brokers,
shipping and receiving clerks, and
newsboys.
By financing over 41 per cent of
the nation’s homes, the savings
and loan industry is doing much
for the economy of the country by
providing jobs in the building in
ant Secretary-Treasurer Leonora Houser, and Mrs. Evelyn Eaton