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.
25th Anniversary Report with Historical Review
Waupun Building and Loan Association
In March, 1949, we marked the completion of 25 years in which the Waupun Building and Loan Association has been serving people of our community in our field of endeavor. This association was formed to promote the welfare and development of our city by providing funds to those who needed financial aid in order to build or buy a home and also to provide a safe place for the investment of savings and assure a reasonable return on such investment.
By adopting a sound, business-like and economical policy of operation, the aim of the founders was accomplished and their efforts a complete success from the very beginning. The confidence of our investors was not misplaced and today the institution has a fine record for safety and higher earnings.
We shall now trace, if only in somewhat scanty outline, the historical development of the Waupun Building and Loan Association. Business men and citizens realized that a building and loan association was necessary for the City of Waupun in order that workers at the various factories might find it possible to own their own homes. Therefore, on February 21, 1924, seventy-five of Waupun's leading business men and citizens met and formed the Waupun Building and Loan Association with $35,000 being pledged for the start of such an association.
A committee composed of C. M. Welch, chairman, Dr. F. T. Clark, president of the school board, W. E. Graham, W. H. Baker, and H. M. Larson, manufacturers, L. H. Mielke, farmer, and C. S. Sherry, lumberman, had been instructed to secure a charter for the new association. The charter was signed by the State Banking Commission on March 7, 1924.
Early records of the association set forth its objectives as follows:
First, to enable those who might not otherwise be able to own their homes to secure them on small monthly payments,
Second, to furnish wage workers and others who can save something each month a place to invest their savings where they can realize good profits,
Third, to enable families to own their own home instead of paying rent.
It is interesting to note that our association still retains the same objectives — they had faith in Waupun as a city of homes and wished to make it possible for everyone to become a home owner.
Your attention is now directed in this historical resume of our association to the names of men who have served as officers and directors. These men were community leaders, business men of prominence and men of keen judgment and wisdom.
At the general meeting of the subscribers for shares held on March 17, 1924, the following directors were elected: Dr. F. T. Clark, W, E. Graham, C. M. Welch, L. G. Krueger, W. H. Baker, Dr. J. A. Loo-mans, W. G. Glascoff, C. S. Sherry, and L. H. Mielke. These directors then elected the following officers: President, Dr. Clark; Vice-President, C. M. Welch; Treasurer, Dr. J. A. Loomans; and Secretary, George Girling.
On December 31, 1924, assets at the close of our first year were $22,443.58. The association had its offices at 4 North Mill Street before moving into its present quarters in the City Hall Building.
In 1927 we find the assets to be $180,491. In this year H. M. Larson became a director and John Van Hengel the secretary. In 1929, five years after its organization we find that the assets amounted to $294,020. The officers were the same with the exception of secretary. Miss L. M. Loomans became the new secretary, in which position she ably served until her retirement in 1948. The 1929 annual statement listed Elmer Haas and W. F. Pautsch as new directors.
In 1932 the assets reached an all-time high of $378,544. 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.
In 1934 H. C. Engelbracht was elected to the Board of Directors and the assets were then $362,490. In 1936 the assets rose to $370,079. The officers were: President, Dr. Clark; Vice-President, W. G. Glascoff; Treasurer, Dr. J. A. Loomans; and Secretary, Miss L. M. Loomans. In 1940 we find George S. Gysbers being named to the Board of Directors; H. L. Beyers became a member of the Board in 1942.
In 1944 H. C. Engelbracht became the Vice-President with A. N. Hammerschmidt becoming a director. Otto Lother was elected a member of the Board in 1946. The assets at the close of 1947 were $369,387.
In January, 1948, Miss L. M. Loomans retired' from her position as secretary of the association, which position she held for some 17 years. Marvin Schouten was appointed the new Secretary-Treasurer. Much of the success of our Association must be credited to Miss Loomans for her many years of hard work and for the confidence in this institution she helped to place in the people of this community. Credit must also be given to all the directors and officers who have served from time to time, with much of their time being offered without compensation.
Clyde W. Storbeck was elected to the Board of Directors in 1948 and the assets of our association were now at an all-time high of $449,856. The present officers of your association are: President, Dr. J. A. Loomans; Vice-President, H. C. Engelbracht; Secretary-Treasurer, Marvin Schouten.
We might also mention that three of our present directors were charter members of this association. They are Dr. J. A. Loomans, H. M. Larson, and L. M. Loomans.
As of June 30, 1949, our assets equalled $530,695. The present membership of our association is as follows:
Paid-Up Stock members . 169
Installment Stock members . 82
Number of borrowers . 117
Total Membership . 368
As we look back ten years, we find a Contingent Fund (Legal Reserve) of $13,726 and an Unallocated Reserve of $12,903. Today in the Contingent Fund there is built up a reserve of $26,303 and an Unallocated Reserve of $19,204, or a total of $45,507. These reserves are a bulwark against loss to our investors.
The Waupun Building and Loan Association has been and is a great power for good in this community. The organization has loaned great sums of money to home owners for the purpose of building, purchasing and remodeling homes. Much of the money spent in this connection also went for labor and building materials.
Many people who now own their homes in Waupun would still be living in rented quarters if it were not for the financial assistance rendered by our institution. Certainly there is a place in this community for an institution which, for a period of 25 years, has preserved intact the safety of the funds intrusted to its care and has maintained a good dividend in keeping with the times.
We feel rather proud of the record, the success of which has been accomplished by close application and plenty of hard work of its officers, with the assistance and splendid co-operation of your Board of Directors, and last, but by no means least, by the wonderful support of the shareholder.
Most sincerely yours,
Waupun Building and Loan Association
(Handwritten) Marvin Schouten
Secretary-TreasurerAcquisition
Accession
2016.0075Source or Donor
Waupun Area Chamber of CommerceAcquisition Method
Donation
