The Lincoln Building: A Journey Through Time and Financial Evolution
In the turbulent era of the Great Depression, the Federal Home Loan Bank Act of 1932 emerged as a beacon of hope for small banks and their customers. This pivotal legislation provided federal underwriting and direct loans to savings and loan associations, often referred to as thrifts or mutual savings banks. These institutions, with their focus on passbook savings, home loans, and a few other essential services, embodied a neighborly ideal that would later find its cinematic portrayal in the iconic film "It's a Wonderful Life."
One such thrift, the National Saving and Loan Association, was founded in Spokane by prominent business figures, including the visionary A.W. Lindsay, around 1920. Lindsay's legacy continued through his sons, Roderick and Donald, who, after their father's untimely death in 1933, established the First Federal Savings and Loan Association in 1934. This new institution quickly gained traction, securing mortgages for 20 homes within the first three months of its operation.
The Lindsay brothers' entrepreneurial spirit led them to merge with another thrift in 1950, renaming the combined entity Lincoln First Federal. This strategic move was driven by a desire to distinguish themselves and convey the essence of their friendly service. The 16th president, Abraham Lincoln, became an integral part of the brand, adorning letterheads, advertising materials, and even promotional items like piggy banks and calendars.
In 1964, Lincoln First Federal made a significant milestone by constructing an eight-story tower at Riverside Avenue and Lincoln Street, marking a new chapter in the company's history. This expansion was accompanied by a grand gesture: Donald Lindsay, the CEO at the time, commissioned the renowned illustrator Norman Rockwell to create a colossal portrait of Abraham Lincoln, which graced the lobby of the bank for two decades.
However, the story of Lincoln Mutual Savings, as the company was renamed in 1976, took a turn in the tumultuous 1980s. High interest rates put immense pressure on thrifts, and Lincoln Mutual Savings, like many others, succumbed to the challenges of the era. In 1980, the company fell under the control of Washington Mutual, the largest savings and loan in the United States at that time. This marked a significant shift in the company's trajectory.
The Lindsay brothers, Roderick and Donald, passed away in 1991 and 2000, respectively, further diminishing the family's direct involvement in the business. The fate of Washington Mutual, which failed in 2008, led to the transfer of most assets to JPMorgan Chase, bringing the Lincoln Building's story full circle.
This narrative serves as a testament to the evolution of the financial industry and the enduring impact of personal vision. It prompts us to reflect on the changing dynamics of banking, the role of family-owned enterprises, and the enduring legacy of a name that once symbolized trust and community.
