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SAVINGS & LOANS
- Business History of Institutions
Interesting Dates
December 2, 1816 - The first savings bank in the United
States, the Philadelphia Savings Fund Society, opened for business.
December 13, 1816 - The Provident Institution for
Savings, the nation's first mutual savings bank, was chartered for
operation.
July 3, 1819 - Bank of Savings in New York City opened In
the northeast basement room of the "apartment" controlled by the
American Society of Arts in the New York Institution or Old Alms House.
October 15, 1890 - W.R.
Pettiford founded Alabama Penny Savings Bank in Birmingham, AL with
$2,000 in capital; Alabama's first African American-owned bank , first
of three banks in nation owned and operated by African Americans in the
early 1900s.
1892 -
United States League of Savings
Institutions established in Chicago to
represent thrift industry; June 1, 1992 - merged with
National Council of Community Bankers to form Savings & Community
Bankers of America; January 29, 1995 - name changed to
America's Community Bankers.
April 6, 1909 - First credit union forms in US with
passage of the first general state credit union act in the United
States; April 15, 1909 - Massachusetts Credit Union Act
became law; served as a basis for subsequent state credit union laws and
the Federal Credit Union Act.
June 26, 1934 - President Franklin D. Roosevelt signed
The Federal Credit Union Act; established Credit Unions.
March 31, 1980 - Congress passed Depository Institutions
Deregulation and Monetary Control Act (DIDMCA) of 1980 "To facilitate
the implementation of monetary policy, to provide for the gradual
elimination of all limitations on the rates of interest which are
payable on deposits and accounts, and to authorize interest-bearing
transaction accounts, and for other purposes"; allowed thrifts to invest
up to 20% of their assets in combination of corporate debt securities,
consumer loans, commercial paper; another 3% of assets could be invested
in service corporations.
October 15, 1982 - Garn-St Germain Depository Institutions Act
allowed investment in the following assets: commercial, corporate,
business, or agricultural loans (10%), consumer loans (30%), loans
secured by non-residential real estate (40%), and personal property
(10%); diversification of assets for thrift industry meant
diversification into assets of greater inherent risk.
March 15, 1985 - Ohio Governor Richard Celeste temporarily
halted business at all of state's ailing thrifts; March 21
- allowed to reopen on with $750 cap on withdrawals (designed to prevent
all-out assault on deposits); became one of largest fiscal crises of the
1980s: plagued by slow-downs in key sectors of the economy, thrifts
across the country fell prey to bankruptcy.
January 1, 1986 - Beginning of S & L crisis; first year
when FSLIC (federal insurer for thrift industry) was reported insolvent
(974 thrifts held 47% of industry assets were insolvent or had tangible
capital of no more than 2% of total assets; thrift insurance fund had
previously been able to cover losses from thrift failures) = realization
that taxpayer involvement in resolving crisis was strong possibility;
1986-1989 - Federal Savings and Loan Insurance Corporation (FSLIC),
insurer of thrift industry, closed or otherwise resolved 296
institutions with total assets of $125 billion; 1989-1995
- Resolution Trust Corporation closed additional 747 thrifts with total
assets of $394 billion; combined closings of 1,043 institutions holding
$519 billion in assets; contributed to massive restructuring of number
of firms in industry; 1987 - Congress created Financing Corporation
(FICO) to provide funding to FSLIC by issuing long-term bonds
(contributed $8.2 billion in financing by 1989); January 1,
1986-December 31,1995 - number of federally insured thrift
institutions in United States declined from 3,234 to 1,645
(approximately 50%); realized unprecedented losses on loans and
investments; December 31, 1999 - combined total for all
direct, indirect losses of FSLIC and RTC resolutions was an estimated
$152.9 billion; U.S. taxpayer losses amounted to $123.8 billion (81% of
total costs); thrift industry losses amounted to $29.1 billion (19% of
total). (source: "The Cost of the Savings and Loan Crisis: Truth and
Consequences", by Timothy Curry and Lynn Shibut, FDIC Banking Review
(Fall 2000).
September 5, 1988 - Robert M. Bass Group, backed by $2
billion in Federal aid and selected by Federal Home Loan Bank Board,
acquired American Savings and Loan Association (Stockton, CA); nation's
largest bankrupt thrift; most expensive bailout ever for single
savings and loan institution; 1984 - American reported 2nd
quarter loss of $107.5 million, triggered $6.8 billion run on
deposits.
August 9, 1989 - President George H. W. Bush signed
Financial Institutions Reform Recovery and Enforcement Act (FIRREA) into
law "To reform, recapitalize, and consolidate the Federal deposit
insurance system, to enhance the regulatory and enforcement powers of
Federal financial institutions regulatory agencies, and for other
purposes"; began taxpayers’ involvement in resolution of S&L problem;
created Resolution Trust Company (provided with $50 billion to resolve
failed institutions, approximately $30 billion from establishment of
Resolution Funding Corporation (REFCORP), $18.8 billion from U. S.
Treasury, $1.2 billion from Federal Home Loan Banks); total authorized
RTC funding for losses raised to $105 billion between 1989-1995 (not all
used); closed 747 S & Ls with total assets of $394 billion; 1995
- duties transferred to Savings Association Insurance Fund of Federal
Deposit Insurance Corporation.
August 1989 - Congress enacted Financial Institutions
Reform, Recovery and Enforcement Act of 1989 (FIRREA); required American
taxpayers to contribute to bailout of Federal Savings and Loan
Insurance Corporation (FSLIC); estimated at $124 billion in 1999.
November 27, 1991
- Both houses of the U.S. Congress approved legislation authorizing
$70 billion in borrowing authority for the Federal Deposit Insurance
Corporation (FDIC) because of the savings and loan failures.
1995 -
Several reasons cited for S & L industry collapse: 1) high and volatile
interest rates during late 1970s, early 1980s exposed thrifts to
interest-rate risk (caused by mismatch in duration, by interest-rate
sensitivity of assets and liabilities); 2) phase-out, eventual
elimination in early 1980s of Federal Reserve’s Regulation Q caused
increasing costs of thrift liabilities relative to many fixed-rate
assets, adversely affected industry profitability and capital; 3)
adverse regional economic conditions; 4) state and federal deregulation
of depository institutions allowed thrifts to enter new but riskier loan
markets; 5) deregulation of thrift industry without an accompanying
increase in examination resources (for some years examiner resources
actually declined); 6) reduced regulatory capital requirements allowed
thrifts to use alternative accounting procedures to increase reported
capital levels; 7) excessive chartering of new thrifts during 1980s; 8)
withdrawal in 1986 of federal tax laws (enacted in 1981) that benefited
commercial real-estate investments; 9) development during 1980s of
brokered deposit market; 10) delays in funding thrift insurance fund
during 1980s and RTC during 1990s led to regulators’ failure to close
many insolvent institutions in timely manner.
(Abbey National Building Society), Berry Ritchie (1989).
A Key to the Door: The Abbey National Story. (London, UK: Abbey
National, 176 p.). Great Britain Building societies Abbey National
Building Society history.
(Abbey National Building Society), Margaret Reid (1991).
Abbey National: Conversion to PLC: The Inside Story of Abbey National's
Conversion and Flotation. (London, UK: Pencorp Books, 193 p.).
Abbey National Building Society.
(Bank for Savings), Charles Edward Knowles
(1936).
History of the Bank for Savings in the City of New York,
1819-1929. (New York, NY: The Bank for Savings, 197 p.). Bank for
Savings in the City of New York.
(Boston Five Cents Savings Bank), George A. Kyle (1926). The
Eighteen Fifties; Being a Brief Account of School Street, the Province
House and the Boston Five Cents Savings Bank. (Boston, MA: The
Boston Five Cents Savings Bank, 106 p.). Boston Five Cents Savings Bank;
Province House (Boston, Mass.); Streets -- Massachusetts -- Boston;
School Street (Boston, Mass.).
(Bowery Savings Bank), William Dana Orcutt (1934).
The Miracle of
Mutual Savings: as Illustrated by One Hundred Years of the Bowery
Savings Bank. (New York, NY: Bowery Savings Bank, 126 p.). Bowery
Savings Bank of New York.
(Bowery Savings Bank), Oscar Schisgall (1975).
Out of One Small
Chest: A Social and Financial History of the Bowery Savings Bank.
(New York, NY: AMACOM, 312 p.). Bowery Savings Bank of New York.
(Co-operative Permanent Building Society), Albert Mansbridge (1934).
Brick upon Brick: Co-operative Permanent Building Society 1884-1934.
(London, UK: J.M. Dent & sons ltd., 236 p.). Co-operative Permanent
Building Society; Savings and loan associations--Great Britain;
Housing--Great Britain.
(Credit Foncier), Collectif sous la Direction d’Aline Raimbault et de
Henri Heugas-Darraspen ... [et al.]; preface de Franc?ois Mitterrand
(1994).
Credit Foncier de France: Itineraire d’Une Institution. (Paris,
FR: Editions du Regard, 282 p.). Credit foncier (Firm)--History; Credit
Foncier de France--Histoire; Mortgages--France--History;
Housing--France--Finance--History.
(Credit Foncier), Sudel Fuma. (2001). Un Exemple d’Imperialisme
Economique dans une Colonie Francaise au XIXe Siecle: l’Ile de La
Reunion et la Societe du Credit Foncier Colonial. (Paris, FR:
Harmattan; Saint-Denis Messag: Universite de La Reunion, 156 p.). Credit
foncier colonial--History; Land banks--Reunion--History--19th century;
Agricultural credit--Reunion--History--19th century; Reunion--Economic
conditions--19th century; Reunion--Economic policy--19th century;
Reunion--Foreign economic relations--France; France--Foreign economic
relations--Reunion.
(Credit Unions), J. Carroll Moody and Gilbert C. Fite (1984).
The Credit Union Movement: Origins and Development, 1850-1970.
(Dubuque, IA: Kendall/Hunt Pub. Co., 354 p. [2nd ed.]). Credit
unions--United States--History.
(Credit Unions), Bill Sloan (1984).
Where Credit Is Due: A History
of the Credit Union Movement in Texas, 1913-1984. (Dallas, TX: Texas
Credit Union League, 354 p.). Credit unions--Texas--History.
(Credit Unions), Lucia Featherstone and Eric Sandahl (1985).
A
Common Bond: Connecticut's Credit Unions, 1935-1985. (Wallingford,
CT: Connecticut Credit Union League, 164 p.). Credit
unions--Connecticut--History.
(Credit Unions), Shelly Tenenbaum (1993).
A Credit to Their
Community: Jewish Loan Societies in the United States, 1880-1945.
(Detroit, MI: Wayne State University Press, 204 p.). Credit
unions--United States--History; Jews--United States--Societies,
etc.--History; Free loan societies--United States.
(Credit Unions), Gary Lewis (1996). People Before Profit: The
Credit Union Movement in Australia. (Kent Town, South Aust.:
Wakefield Press, 391 p.). Credit unions--Australia; Credit
unions--Australia--History; Banks and banking, Cooperative--Australia;
Banks and banking, Cooperative--Australia--History.
(Credit Unions), Charles Ferguson and Donal McKillop (1997).
The
Strategic Development of Credit Unions. (New York, NY: Wiley,
243 p.). Senior Lecturer (Ulster Business School). Credit
unions--History; Credit unions--Great Britain.
(Credit Unions), Ian MacPherson (1999).
Hands Around the Globe: A
History of the International Credit Union Movement and the Role and
Development of World Council of Credit Unions, Inc. (Madison, WI:
World Council of Credit Unions, 186 p.). World Council of Credit
Unions--History; Credit unions--History.
(Credit Unions), Laura Porter (2001). The Splendid Gift--: The
California Credit Union League in the 20th Century. (Rancho
Cucamonga, CA: California Credit Union League, 170 p.). California
Credit Union League; Credit unions--California--History.
(Detroit & Northern Savings), Sandra Seaton Michel (1980).
From the Peninsula South: The Story of Detroit & Northern Savings.
(Hancock, MI: D & N Press, 241 p.). Detroit & Northern Savings--History.
(Dwelling House Savings and Loan), Robert A. Wauzzinski (2003).
The Transforming Story of Dwelling House Savings and Loan: A Pittsburgh
Bank's Fight Against Urban Poverty. (Lewiston, NY: Edwin Mellen
Press, 283 p.). Ball State University. Dwelling House Savings and Loan
History; Savings and loan associations Pennsylvania Pittsburgh History;
Housing Pennsylvania Pittsburgh Finance History; Urban renewal
Pennsylvania Pittsburgh History.
(East River Savings), Dorcas Elisabeth Campbell (1949). The First
Hundred Years, The Chronicle of a Mutual Savings Bank. (New York,
NY: East River Savings Bank, 105 p.). East River Savings Bank (New York,
N.Y.); Savings banks -- New York (State) -- New York.
(Farmers and Mechanics Savings Bank of Minneapolis), Marion E. Cross
(1949).
Pioneer Harvest. (Minneapolis, MN: Farmers and Mechanics Savings
Bank of Minneapolis, 18 p.). Farmers and Mechanics Savings Bank of
Minneapolis.
(Financial Corporation of America), Michael A. Robinson (1990).
Overdrawn: The Bailout of American Savings. (New York, NY: Dutton,
303 p.). Financial Corporation of America; Savings and loan associations
-- California -- Corrupt practices.
(First Federal Savings and Loan Association of Minneapolis), Doniver
A. Lund (1976). 50 Years, a History of First Federal, Minneapolis.
(Minneapolis, MN: First Federal Savings and Loan Association, 95 p.).
First Federal Savings and Loan Association of Minneapolis.
(Freedman's Savings and Trust), Carl R. Osthaus (1976).
Freedmen,
Philanthropy, and Fraud: A History of the Freedman's Savings Bank.
(Urbana, IL: University of Illinois Press, 257 p.). Freedman's Savings
and Trust Company (Washington, D.C.) -- History.
(Howard Savings Bank), Paul Luscombe (2003).
Howard Powerless: The Rise And Fall Of The Howard Savings Bank.
(Chatham, NJ: Pal Publishing Company, 238 p.). Former Senior Vice
President of Morgan Stanley & Co. Howard Savings Bank; bank failures.
(Lincoln Savings & Loan), Michael Binstein and Charles Bowden (1993).
Trust Me: Charles Keating and the Missing Billions. (New York,
NY: Random House, 420 p.). Keating, Charles H.; Lincoln Savings & Loan
Association -- Corrupt practices; Savings and loan association failures
-- California; Securities fraud -- United States.
(Montreal City and District Savings Bank), T. Taggart Smyth (1946).
"The First Hundred Years": History of the Montreal City and District
Savings Bank, 1846-1946. (Montreal, QU: Montreal City and District
Savings Bank, 180 p.). Montreal City and District Savings Bank; Savings
banks -- Québec (Province) -- Montréal; Banks and banking -- Québec
(Province) -- Montréal.
(Peoples Savings Bank), Barry Provorse (1987).
The PeoplesBank Story. (Bellevue, WA: Documentary Book
Publishers Corp, 245 p.). Peoples Savings Bank--History; Peoples Bank
and Trust Company--History; Peoples National Bank of
Washington--History; Peoples Bancorporation--History; Banks and
banking--Washington (State)--History.
(Philadelphia Saving Fund Society), James M. Willcox (1916).
A
History of the Philadelphia Savings Fund Society, 1816-1916.
(Philadelphia, PA: J.B. Lippincott Company, 239 p.). Philadelphia Saving
Fund Society.
(Point Pleasant Federal Savings & Loan), Maye Smith and Faye Hudson
with Leslie Whitaker (1997).
Maye and Faye’s Building & Loan: The Story of a Remarkable Sisterhood.
(New York, NY: HarperCollins, 209 p.). Smith, Maye; Hudson, Faye; Point
Pleasant Federal Savings & Loan--Biography; Bankers--West
Virginia--Biography; Savings and loan associations--West Virginia.
(Provident Institution for Savings), Walter Muir Whitehill (1966).
The Provident Institution for Savings in the Town of Boston, 1816-1966:
A Historical Sketch. (Boston, MA: Provident Institution for
Savings, 122 p.). Provident Institution for Savings, Boston.
(Savings and Loan Bank), C. J. W. Eldridge and Edward H. Leete
(1966). The Bank That Led the Way: Savings and Loan Bank of the State
of New York; The First Fifty Years, 1915-1965. (New York, NY:
Savings and Loan Bank of the State of New York, 268 p.). Savings and
Loan Bank of the State of New York.
(Savings Banks Trust Company), Adolf Augustus Berle (1959). The
Bank That Banks Built; The Story of Savings Banks Trust Company,
1933-1958. (New York, NY: Harper, 109 p.). Savings Banks Trust
Company (New York).
(SB-Baltimore), Peter Lester Payne and Lance Edwin Davis (1976).
The Savings Bank of Baltimore, 1818-1866: A Historical and Analytical Study (New York, NY: Arno Press, 188 p. [Reprint of 1956
ed.]
(Savings Bank of New London), Gertrude E. Noyes (1977).
The Savings Bank of New London at 150, 1827-1977: Published in
Commemoration of the One Hundred and Fiftieth Anniversary of the Savings
Bank of New London. (New London, CT: The Bank, 11o p.). Savings
Bank of New London, New London, Conn.--History.
(Savings Bank of South Australia), Greg McCarthy (2002).
Things Fall Apart: A History of the State Bank of South Australia.
(Melbourne, AU: Australian Scholarly Publishing, 267 p.). State Bank of
South Australia--History; Savings Bank of South Australia--History;
Banks and banking--Australia--South Australia--History; Bank
failures--Australia--South Australia--History.
(Silverado Banking, Savings and Loan Association), Steven K. Wilmsen
(1991).
Silverado: Neil Bush and the Savings and Loan Scandal.
(Washington, DC: National Press Books, 208 p.). Bush, Neil, 1955- ;
Silverado Banking, Savings and Loan Association -- History; Savings and
loan associations -- Colorado -- Denver -- Corrupt practices; Children
of presidents -- United States -- Biography; Bank directors -- Colorado
-- Denver -- Biography; Real estate development -- Colorado -- Denver.
(Texas Credit Union League), Bill Sloan (1984).
Where Credit is
Due: A History of the Credit Union Movement in Texas, 1913-1984.
(Dallas, TX: Texas Credit Union League, 354 p.). Texas Credit Union
League.
(TSB Group), Michael Moss and Iain Russell (1994).
An Invaluable
Treasure: A History of the TSB. (London, UK: Weidenfeld and Nicolson,
336 p.). TSB Group plc--History; Savings banks--Great Britain--History;
Banks and banking--Great Britain--History.
(Twin City Federal), Doniver A. Lund ; foreword by Harvey M. Kuhnley
(1980).
Billions for Homes: The TCF Story. (Minneapolis, MN: Twin
City Federal, 191 p.). Twin City Federal--History.
(United States Savings Bank of Newark NJ), The Bank (1976).
History of the United States Savings Bank of Newark, NJ. (Newark,
NJ: The Bank, 92 p.). United States Savings Bank of Newark, N.J.
(Vernon S&L) James E. O'Shea (1991).
The Daisy Chain: How
Borrowed Billions Sank a Texas S&L (New York, NY: Pocket
Books, 351 p.). Vernon Savings & Loan; Savings and loan
associations--Corrupt practices--Texas; Savings and loan
associations--Deregulation--Texas.
(West Bromwich Building Society), Carl Chinn (1999).
From Little
Acorns Grow: 150 Years of West Bromwich Building Society. (Studley,
Warwickshire, UK: Brewin Books, 206 p.). West Bromwich Building
Society--History; Building and loan associations--Great Britain--West
Bromwich--History.
(West Newton Savings Bank), Edward Lee Marmon (1987). From the
Back Room into Community Life: West Newton Savings Bank, 1887-1987.
(Boston, MA: Graphic Chronologies, 76 p.). West Newton Savings
Bank--History; Banks and banking--Massachusetts--Newton--History.
James Ring Adams (1990).
The Big Fix: Inside the S & L Scandal:
How an Unholy Alliance of Politics and Money Destroyed America's Banking
System. (New York, NY: Wiley, 308 p.). Savings and loan associations
-- Corrupt practices -- United States; Banks and banking -- Corrupt
practices -- United States.
William K. Black (2005).
The Best Way To Rob a Bank Is To Own One: How Corporate Executives and
Politicians Looted the S&L Industry. (Austin, TX: University
of Texas Press, 329 p.). Former Director of Litigation (Federal Home
Loan Bank Board). Savings and loan associations--Corrupt
practices--United States; Savings and loan association
failures--United States; Savings and Loan Bailout, 1989-1995. Control
fraud.
Kitty Calavita, Henry N. Pontell, Robert H. Tillman (1997).
Big
Money Crime: Fraud and Politics in the Savings and Loan Crisis.
(Berkeley, CA: University of California Press, 263 p.). Savings and loan
associations -- Corrupt practices -- United States; Savings and Loan
Bailout, 1989- ; Commercial crimes -- United States.
Kathleen Day (1993).
S & L Hell: The People and the Politics
Behind the $1 Trillion Savings and Loan Scandal. (New York, NY:
Norton, 416 p.). Savings and loan associations--Corrupt
practices--United States; Savings and loan
associations--Deregulation--United States; Savings and Loan Bailout,
1989-1995; United States--Economic conditions--1981-.
Ned Eichler (1989).
The Thrift Debacle.
(Berkeley, CA: University of California Press, 163 p.). Board of
Governors of the Federal Reserve System (U.S.)--History; Thrift
institutions--United States--History--20th century; Banks and
banking--United States--State supervision--History--20th century .
M. Manfred Fabritius and William Borges (1989).
Saving the
Savings and Loan: The U.S. Thrift Industry and the Texas Experience,
1950-1988. (New York, NY: Praeger, 161 p.). Savings and loan
associations -- Texas -- History -- 20th century; Savings and loan
associations -- United States -- History -- 20th century.
Edward M. Gramlich with a foreword by Robert D. Reischauer (2007).
Subprime Mortgages: America’s Latest Boom and Bust. (Washington,
DC: Urban Institute Press, 120 p.). Former Federal Reserve Governor.
Mortgage loans--United States. New mortgage market
- loans at low
interest rates, for little or no money down to low-income
people pursuing American dream of homeownership. The
resulting wave in home buying promised to stabilize neighborhoods and
families, boost the economy, reduce crime. Less than fifteen years
later, subprime mortgage market has collapsed, threatening to take rest of
the housing sector with it. Author analyzes how subprime
market emerged, why it is in crisis, how we can reform public policy
to avert disaster; examination of rental market offers recommendations for shoring up what may be
best housing option for some families.
Martin Lowy (1991).
High Rollers: Inside the Savings and Loan
Debacle. (New York, NY: Praeger, 321 p.). Savings and loan
associations -- Corrupt practices -- United States; Savings and loan
associations -- Deregulation -- United States; Savings and loan
associations -- United States -- State supervision.
David L. Mason (2004).
From Buildings and Loans to Bail-outs: A
History of the American Savings and Loan Industry, 1831-1995. (New
York, NY: Cambridge University Press, 349 p.). Professor of History
(Young Harris College). Savings and loan associations United States
History; Savings and loan association failures United States History.
J. Carroll Moody and Gilbert C. Fite (1984).
The Credit Union Movement: Origins and Development, 1850-1970.
(Dubuque, IA: Kendall/Hunt Pub. Co., 354 p. [2nd ed.]). Credit
unions--United States--History.
Alan L. Olmstead (1976).
New York City Mutual
Savings Banks, 1819-1861. (Chapel Hill, NC: University of North
Carolina Press, 236 p.). Savings banks--New York (N.Y.)--History.
Stephen Pizzo, Mary Fricker, and Paul Muolo (1989).
Inside Job:
The Looting of America's Savings and Loans. (New York, NY:
McGraw-Hill, 443 p.). Savings and loan associations -- United States;
Savings and loan associations -- Deregulation -- United States.
L. William Seidman (1993).
Full Faith and Credit: The Great S & L
Debacle and Other Washington Sagas. (New York, NY: Times Books, 300
p.). Federal Deposit Insurance Corporation -- History; Resolution Trust
Corporation (U.S.) -- History; Savings and Loan Bailout, 1989- ; Savings
and loan associations -- State supervision.
Compiled by Pat L. Talley (1993).
The Savings and Loan
Crisis: An Annotated Bibliography. (Westport, CT: Greenwood Press,
162 p.). Savings and loan association failures--United
States--Bibliography; Savings and loan associations--United
States--Bibliography; Savings and Loan Bailout, 1989-1995--Bibliography.
__________________________________________________
Business History Links
Banking.htm
Causes of the S&L Crisis: Bibliography
http://www.fdic.gov/bank/historical/S&l/slbib12.html
World Savings bank Institute
http://www.savings-banks.com
1924 - International Savings Banks Institute was founded in Milan at the
occasion of the First International Thrift Congress, organised by the
Cassa di Risparmio delle Provincie Lombarde; 1994 - dissolved; June 9,
1994 - World Savings Banks Institute (WSBI) was established in Brussels
to be managed by a World Savings Banks Institute - European Savings
Banks Group (WSBI-ESBG) common secretariat.
1963 - The European Savings Banks Group was founded as the 'Savings
Banks Group of the European Economic Community'; changed its name to
European Savings Banks Group.. |
