SAVINGS & LOAN
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...
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