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As the history of the beginnings of Raymond Federal Bank reveals, it was founded to provide a stable base for financial growth, specifically for the people, businesses and families of Pacific County.
Present were, C.L. Lewis, H. J. Ellis, H. J. Pearson, E. E. Colkett, C. S. Beal, John Pulli, Wm. Busch, C. D. Morales, J. R. Snider, H. L. Born, J. W. Mason, Dr. A. L. Maclennan and Claude House.
Raymond Federal Savings & Loan was formed by men with forethought in the early 1900’s. In 1925, Claude House, who had come to Raymond in 1907 to work for the Raymond Land Improvement Co., started reading and thinking about a Savings and Loan Association. For many months he talked to people about this new type of association. Finally, in November of 1925 he felt he had enough interested people and an organization meeting was called November 25, at 1:00pm at Walter’s Café.
A directors meeting was held the same afternoon and the following officers were elected: Charles L. Lewis, President; L. V. Raymond, 1st Vice President; Dr. A. L. Maclennan, 2nd Vice President; Claude House, Secretary; E. E. Colkett, Treasurer and Martin C. Welsh was appointed their attorney.
C. L. Lewis then opened the nominations for twelve directors. Those nominated were: H. J. Pearson, Dr. A. L. Maclennan, C. D. Morales, Claude House, H J. Ellis, E. J. Doncaster, George H. Reizner, L. V. Raymond, J. R. Snider, E. E. Colkett, C. L. Lewis, and John T. Pulli. It was moved that the nominations be closed and the acting Secretary be instructed to cast a unanimous ballot for the above named men. The motion was seconded and carried at 1:45pm on Friday, the 27th of November 1925, the birthday of Raymond Federal Savings and Loan Association.
The Articles of Incorporation were filed in the Court House in South Bend on December 16, 1925, with J. Frank Miller, County Auditor. The minutes of the December 30th meeting showed a Capital of $9,900.00.
At the end of June 1926, the Invested Capital had reached $14,357.75; Gross Earnings amounted to 772.10, with total expenses of $353.55, leaving a net income for the first 6 months of operation of $418.55. The Directors voted an 8 percent dividend, which amounted to $322.68. They put $75.00 into reserve for contingencies and $20.87 into undivided profits, thus ending the first 6 months of operation.
Over the years there have been many changes in the directors, officers and the Bank’s name, but Raymond Federal Bank is still owned and operated by the people of Pacific County and these people still have the same aim: promoting thrift and home ownership.
We have 3 locations to serve you, Raymond, South Bend and Long Beach.