Name/Title
Waupun Savings and Loan AssciationScope and Content
Historical information on Waupun Savings and Loan Association for 1976 Bicentennial Celebration in Waupun, WI.
*Facts are typed and was scanned with mistakes, if any, left uncorrected.
WAUPUN SAVINGS AND LOAN ASSOCIATION
The Waupun Savings and Loan Association, formerly Waupun Building and Loan Association, was organized 52 years ago on February 21, 1924.
Seventy-five leading businessmen and citizens of Waupun attended the organization meeting held in the Association of Commerce office in the National hotel. Those present pledged $35,000 for the start of the association.
A committee composed of C. M. Welch, Dr. F. T. Clark, W. E. Graham, W. H. Baker, H. M. Larson, L. H. Mielke, and C. S. Sherry, was instructed to secure a charter for the new association. The charter was granted by the State Banking Commission on March 7, 1924.
Others who attended the meeting and subscribed to the building fund were: J. F. Teeple, W. G. Glasscoff, P. E. Trautman, Fred W. Luck, F. E. Grebe, L. A. Smith, W. H. Baker, P. H. Kelly, W. C. Howard, Thomas Hartgerink, O. H. Budahn, F. J. Houdek, Lewis Ulve, Elmer Haas, George J. Landaal, A. Davison, L. G. Kreuger, John B. Gysbers, A. H. Bernhard, George Girling, A. H. Goppelt, Lee L. Welch, Thomas M. Turner, C. D. Stack, I. T. Schuppert and George Gysbers,
Objectives of the association were listed as follows:
1. To enable those who might not otherwise be able to own their homes to secure them on small monthly payments;
2. To furnish wage workers and others who can save something each month a place to invest their savings where they can realize good profits;
3. To enable families to own their own home instead of paying
rent.
At the first meeting of the shareholders held March 17, 1924, Dr. F. T. Clark, W. E. Graham, C. M. Welch, L. G. Krueger, W. H. Baker, Dr. J A. Loomans, W. G. Glasscoff, C. S. Sherry, and L. H. Mielke were elected directors. Officers named were Dr. Clark, president; Mr. Welch, vice president, Dr. Loomans, treasurer; and secretary, George Girling.
The first office of the association was at 4 North Mill Street, in the hotel building. After the City Hall was erected the office was moved to the City Hall. It was located for several years in the office now occupied by the City Assessor's office and later was moved to the east side of the hall directly across from the present City Assessor's office.
In 1951 the office was moved to 12 South Mill Street, its location until moving into the present office at 101 South Madison Street in September, 1960.
Mr. Girling, first secretary of the association, served for three years. John Van Hengel was secretary from 1927 until 1929, when Miss Lillian Loomans assumed the post. She continued to serve until her retirement in 1948. Marvin Schouten, the present managing office, has now served as secretary-treasurer for the past 28 years.
Assets of the association on December 31, 1924, were 22,443.58. In 1949, when the association marked the 25th anniversary of its organization, the assets had grown to $449,856. The number of savings members totaled 251 and the number of borrowers was 117. The assets of the association as reported on December 31, 1975, were $16,148,700.47 with 4702 savings members and 980 borrowers or a total membership of 5,682.
In 1933 the depression reached its height. Banks closed all over the country and the people became panicky. But money invested with our association knew nothing of the depression nor did it know anything of capital depreciation. In spite of the most severe business panic that ever struck our country, this organization never wavered from the purpose for which it was established. In the face of unemployment, fear, the crashing of stock markets, the collapse of untold numbers of financial institutions in practically all sections of the land, those who invested their funds with us found that every dollar they placed here continued to be worth 100 cents on the dollar and could be withdrawn without sacrificing one penny of principal.
The name of the association was changed to the Waupun Savings and Loan Association by action of the shareholders at the annual meeting held in January, 1960.
The present directors are: George B. Gould, Robert G. Gysbers, Marvin Schouten, John C. Burke, Dean H. Lenz, and Ruth K. DeYoung.
Other directors who served over the past years other than on the original Board or the present Board were: L. A. Smith, H. M. Larson, E. A. Haas, W. F. Pautsch, L. M. Loomans, H. C. Engelbracht, George Gysbers, H. L. Beyers, A. N. Hammerschmidt, O. A. Lother, and C. W. Storbeck.Acquisition
Accession
2016.0075Source or Donor
Waupun Area Chamber of CommerceAcquisition Method
Donation
