U.S. Business: The Twelvefold Increase


When the first U.S. savings and loan association was founded in Frankford, Pa. in 1831, its strait-laced directors levied stiff fines on members who got drunk at meetings. Today's savings and loan associations have a somewhat different problem: they have grown almost too fast for their own good. The industry's 6,277 associations in 50 states serve 35.5 million U.S. savers (average account: $2,499) and make 46% of all home-mortgage loans in the U.S., nearly three times the number made by commercial banks. Next month the total assets of the industry will for the first time climb over the $100...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!