San Bernardino County
Biographies
REDLANDS BUILDING-LOAN ASSOCIATION
The Redlands Building-Loan Association was incorporated March 22, 1890, under the name of Home Investment Association, with place of business in San Francisco. For sixteen years the institution barely existed, being practically inactive, until the latter part of the year 1906 when the business was sold to a group of Redlands men, who reorganized and secured change of place of business to Redlands. In August, 1923, the name of the association was changed to the Redlands Building-Loan Association. As a Redlands organization it has therefore rounded out twenty-six years.
To the large or small investor seeking a desirable security for his funds-to the thrifty man or woman working and saving for a home or for financial independence-to the ambitious boy or girl planning for a college education or for travel-to those seeking a legal and safe investment for trust funds-the Redlands Building-Loan Association offers an investment of the highest character, yielding from 5 per cent to 7 per cent interest, and obtainable in different certificate forms to meet the needs of each group.
During its twenty-six years of life of continuous and successful operation in Redlands, have come times of prosperity and times of depression. Redlands has grown form a sleepy little pueblo to a beautiful, healthy, wealthy young metropolis. During this long period thousands of Southern California investors have invested their funds with this Association, without the loss of a penny to any one of them.
A vitally important factor in the growth and soundness of this Association is the fidelity and efficiency with which its officers and directors supervise its affairs. They are successful business men and financiers who give in full measure to this institution the benefits of their broad experience. The officers are as follows: Lyman M. King, president; A. E. Ball, Vice President; J. W. Miller, secretary; Miss M. E. Dague, assistant secretary; A. E. Brock, field secretary; and O. D. Reade, treasurer. The directors are Lyman M. King, W. T. Bill, A. E. Ball, A. E. Brock, O. D. Reade, Walter J. Hartzell, N. L. Levering, Martin M. Levering and J. W. Miller.
The activities of this Association are twofold. It provides means for systematic saving and for safe, profitable, and carefree investment. It makes loans on a monthly repayment plan for the building and buying of homes. The first activity makes possible the second. By the sale of its certificates it accumulates funds with which to make loans to prospective home-owners.
The Redlands Building-Loan Association operates under the careful supervision of the California building and loan commissioner. Its books and records are subject to examination by the commissioner at any time. In this way the safe guard of state supervision is an element of added security for investment in this Association.
Loans are made only on high-grade city and suburban property, improved or to be improved with the money loans. Practically all loans are on residence property. Borrowers are for the most part men and women working to own their homes-the most desirable kind of borrowers in the world. The repayment of these loans is a matter of pride as well as of supreme importance to them, since the sacrifice of their homes is involved and a man’s home is the last thing he will sacrifice.
Transcribed By: Michele Y. Larsen on June 20, 2013
Source: California of the South Vol. V, by John Steven McGroarty, Pages 703-704, Clarke Publ., Chicago, Los
Angeles, Indianapolis. 1933.
© 2013 Michele Y. Larsen.
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