The Lincoln Building: A Journey Through Time and Finance
In the midst of the Great Depression, a wave of financial innovation emerged, reshaping the banking landscape. The Federal Home Loan Bank Act of 1932, a pivotal moment in economic history, introduced federal support for small banks known as savings and loan associations, or thrifts. These institutions, with their focus on passbook savings and home loans, became the lifeblood of communities, as dramatized in the classic film "It's a Wonderful Life."
One such thrift, the National Saving and Loan Association, was founded in Spokane by prominent businessmen, including A.W. Lindsay, around 1920. After Lindsay's passing, his sons, Roderick and Donald, carried on the family legacy, establishing First Federal Savings and Loan Association in 1934. This new institution quickly gained traction, securing mortgages for 20 homes within its first three months.
As the Lindsay brothers expanded, they merged with another thrift in 1950, renaming the combined entity Lincoln First Federal. The choice of the 16th president's name was deliberate, reflecting the institution's commitment to warm and friendly service. Abraham Lincoln's image adorned letterhead, advertising, and promotional items, from piggy banks to calendars, becoming an iconic symbol of the bank.
In 1964, Lincoln First Federal moved to a new eight-story tower at Riverside Avenue and Lincoln Street. To mark this occasion, Donald Lindsay commissioned Norman Rockwell, a renowned illustrator, to create a grand portrait of Abraham Lincoln. The painting, displayed in the lobby for two decades, became a cherished part of the bank's identity.
However, the thrift industry faced challenges in the 1980s, with high interest rates squeezing their margins. Lincoln First Federal, like many others, struggled to survive and was eventually taken over by Washington Mutual, the largest savings and loan in the U.S. at the time. Despite the changes, the Lincoln name lived on, albeit in a different form.
The story of Lincoln Building is a testament to the evolving nature of finance and the impact of personal ambition and community spirit. It raises questions about the role of financial institutions in shaping our lives and the importance of local businesses in fostering economic growth. What makes this narrative particularly compelling is the interplay between personal ambition and community welfare, a dynamic that continues to shape our financial landscape today. From my perspective, the Lincoln Building's journey is a reminder that even in the depths of economic turmoil, innovation and resilience can thrive, leaving a lasting impact on the fabric of our society.
