Post by Marc LeVine on Dec 22, 2006 12:05:16 GMT -5
The History of FREEHOLD SAVINGS AND LOAN ASSOCIATION
Organized in 1853 as the Freehold Mutual Loan Association, a name it retained until 1955, is New Jersey’s oldest savings and loan Association. Founded eight years before the outbreak of the Civil War, it has operated continuously, even through the Great Depression of the 1930’s.
Freehold Savings and Loan has always been a local financial services business, with home mortgages as its primary service. Even today, 95 percent of its customers live within a 10-to-15-mile radius of its headquarters at 68 W. Main Street. Assets have grown to over $206 million currently from $9 million 1968.
A branch office was opened in 1984 next to Wendy’s Restaurant and the Freehold Mall on Route 9, Freehold Township and houses a 24-hour automatic teller machine.
Many of the early records of the Association are believed to have been destroyed during a fire in the 1920’s. At the time of its founding, September 12, 1853, Franklin Pierce was in the White House, Queen Victoria was on the throne of England, and California was in the midst of the Gold Rush. It is not known who the original founders were, however, four men’s names appear on the fourth annual statement issued in 1857, the Association’s oldest document. The secretary was Charles A. Bennett, and auditors were Richard Davis, Tunis A. Forman, and Gilbert Combs. The pre-Civil War document lists assets of "19 thousand, 315 dollars and 14 ½ cents". This was the last year the U.S. mint issued half-cent coins, and several of the other entries end in that denomination. The annual budget of $6,610.35 covered operating expenses such as $2.50 for printing, $6 for office heating and lighting, and salaries of $100 for the secretary and $25 for the treasurer.
The report also lists amounts invested in land mortgages during the first four years of operation, beginning with $3,400 in 1854 and ending with $5,600 in 1857; however, it does not identify the treasurer or the office location. The Eleventh Annual Report published in 1869 still carries the names of Charles Bennett as secretary and Gilbert Combs as an auditor and lists 27 E. Main St. as the office address. Apparently, this was the scene of the 1920’s fire mentioned previously, because Freehold Mutual Loan remained in that location until 1926, when it moved its operations to 18 Court St. Subsequent moves were to 16 W. Main in 1951 and to its present location at 68 W. Main in 1962.
The cover of the annual report of 1876 carried a warning that members would be fined 25 cents for non-attendance at the annual meeting. It listed Acton C. Hartshorne secretary and Bennett, Combs and James J. Conover as auditors. Hartshorne served 37 years as secretary until the election of Joseph McDermott in 1913, followed by Edgar I. Vanderveer in 1915. Vanderveer’s daughter, Mildred V. Foley who succeeded him as secretary, was named president of Freehold Savings and Loan in 1961, earning her the distinction of being the second woman in the state to be elected president of an insured savings and loan Association. Other past presidents includes Everett A. Woolfenden, Andrew J. Conover, and Peter F. Runyon. That same election named another woman, Elmeda A Gray, as assistant secretary. Mrs. Foley had devoted 54 years to the Association by the time she retired in 1968, having begun as a clerk the Monday after her graduation from Freehold High School in 1914 and working her way up to assistant secretary in 1928 and executive vice president in 1952. During those years, she also helped with her father’s insurance business, which shared office space with the Savings and Loan.
David E. Sautters joined the Association as Vice President and Secretary in 1968 when Mrs. Foley retired. He was elected President in 1974 and is currently a Director for the Association.
In addition to Mr. Sautters, officers of the Freehold Savings and Loan Association are; David J. Hage, Vice President/CFO and Treasurer; Maryanne Barth, Vice President Residential Mortgages, and Thomas Zarycki, Vice President Operations.
The Board of Directors include Ralph L. Bender, retired-J&B Marketing; John O. Bennett, Attorney; William H. Freeman, Freeman Funeral Home; Larry Metz, Capital Realty; David E. Sautters, Dennis Sternberg, Dentist; David J. Hage.
Director emeritus is Arnold Tanner, retired partner of the Tanner, McGovern law firm
Organized in 1853 as the Freehold Mutual Loan Association, a name it retained until 1955, is New Jersey’s oldest savings and loan Association. Founded eight years before the outbreak of the Civil War, it has operated continuously, even through the Great Depression of the 1930’s.
Freehold Savings and Loan has always been a local financial services business, with home mortgages as its primary service. Even today, 95 percent of its customers live within a 10-to-15-mile radius of its headquarters at 68 W. Main Street. Assets have grown to over $206 million currently from $9 million 1968.
A branch office was opened in 1984 next to Wendy’s Restaurant and the Freehold Mall on Route 9, Freehold Township and houses a 24-hour automatic teller machine.
Many of the early records of the Association are believed to have been destroyed during a fire in the 1920’s. At the time of its founding, September 12, 1853, Franklin Pierce was in the White House, Queen Victoria was on the throne of England, and California was in the midst of the Gold Rush. It is not known who the original founders were, however, four men’s names appear on the fourth annual statement issued in 1857, the Association’s oldest document. The secretary was Charles A. Bennett, and auditors were Richard Davis, Tunis A. Forman, and Gilbert Combs. The pre-Civil War document lists assets of "19 thousand, 315 dollars and 14 ½ cents". This was the last year the U.S. mint issued half-cent coins, and several of the other entries end in that denomination. The annual budget of $6,610.35 covered operating expenses such as $2.50 for printing, $6 for office heating and lighting, and salaries of $100 for the secretary and $25 for the treasurer.
The report also lists amounts invested in land mortgages during the first four years of operation, beginning with $3,400 in 1854 and ending with $5,600 in 1857; however, it does not identify the treasurer or the office location. The Eleventh Annual Report published in 1869 still carries the names of Charles Bennett as secretary and Gilbert Combs as an auditor and lists 27 E. Main St. as the office address. Apparently, this was the scene of the 1920’s fire mentioned previously, because Freehold Mutual Loan remained in that location until 1926, when it moved its operations to 18 Court St. Subsequent moves were to 16 W. Main in 1951 and to its present location at 68 W. Main in 1962.
The cover of the annual report of 1876 carried a warning that members would be fined 25 cents for non-attendance at the annual meeting. It listed Acton C. Hartshorne secretary and Bennett, Combs and James J. Conover as auditors. Hartshorne served 37 years as secretary until the election of Joseph McDermott in 1913, followed by Edgar I. Vanderveer in 1915. Vanderveer’s daughter, Mildred V. Foley who succeeded him as secretary, was named president of Freehold Savings and Loan in 1961, earning her the distinction of being the second woman in the state to be elected president of an insured savings and loan Association. Other past presidents includes Everett A. Woolfenden, Andrew J. Conover, and Peter F. Runyon. That same election named another woman, Elmeda A Gray, as assistant secretary. Mrs. Foley had devoted 54 years to the Association by the time she retired in 1968, having begun as a clerk the Monday after her graduation from Freehold High School in 1914 and working her way up to assistant secretary in 1928 and executive vice president in 1952. During those years, she also helped with her father’s insurance business, which shared office space with the Savings and Loan.
David E. Sautters joined the Association as Vice President and Secretary in 1968 when Mrs. Foley retired. He was elected President in 1974 and is currently a Director for the Association.
In addition to Mr. Sautters, officers of the Freehold Savings and Loan Association are; David J. Hage, Vice President/CFO and Treasurer; Maryanne Barth, Vice President Residential Mortgages, and Thomas Zarycki, Vice President Operations.
The Board of Directors include Ralph L. Bender, retired-J&B Marketing; John O. Bennett, Attorney; William H. Freeman, Freeman Funeral Home; Larry Metz, Capital Realty; David E. Sautters, Dennis Sternberg, Dentist; David J. Hage.
Director emeritus is Arnold Tanner, retired partner of the Tanner, McGovern law firm