Peoples Federal Savings & Loan Association


[The following resolution was forwarded to IRQ with a request that it be reprinted in our publication. It contains so much historical material about this local financial institution and people connected with it that we are happy to present it.-Ed.]

RESOLUTION OF THE BOARD OF DIRECTORS OF PEOPLES FEDERAL SAVINGS AND LOAN ASSOCIATION OF SOUTH CAROLINA.

WHEREAS, Peoples Federal Savings and Loan Association of South Carolina now stands at this historic moment in its long and honorable service to its customers, communities, state and nation, as the Association prepares to join another distinguished organization, First Financial Holdings, Inc., of Charleston, SC, in preparing to meet the challenges and opportunities of the future; and

WHEREAS, it is particularly appropriate that this occasion be marked by noting the life and progress of the Association since its founding in 1914, integral with that of its distinguished merger compatriot Peoples Federal Savings and Loan Association of Florence, SC, founded in 1909; and we thereby honor those officers and directors who have provided vision and leadership over these 83 years; and

WHEREAS, on April 10, 1914, the Peoples Building and Loan Association began operations in Conway, SC, with Colonel D. A. Spivey as first President and Mr. A. H. Long as first Secretary - Treasurer, with founding directors including Messrs. A. W. Barrett, A. J. Baker, A. E. Goldfinch, George F. Nissen and D. A. Spivey; granting its first loan of $1,000 on August 14, 1914; with six loans totaling $6,500 by the end of 1915; and

WHEREAS, in 1918 Peoples Building and Loan Association, Conway, joined the South Carolina Building and Loan League, with the Association's loan demand and capital stock limit increasing annually until 1929; continuing on through the difficult times of the 1930's, during which the Association had the enviable record of not having a single foreclosure; into a decade of growth of the 1940's, with assets increasing by a half million dollars; with the Association changing its name from Peoples Building and Loan Association to Peoples Savings and Loan Association on November 24, 1949; and securing federal insurance on its savings accounts on December 5, 1949; and changing its mortgage loan plans from the serial loan plans to the direct loan reduction plans; and

WHEREAS, on January 1, 1950, the Association with its cooccupant, a property and casualty insurance agency, moved into a recently remodeled rented building at 418 Main Street, this being the first time the Association displayed equal prominence with its cooccupant; with Mr. L. D. Magrath, who was named Secretary - Treasurer and Managing Officer on June 1, 1933, becoming the first full time Managing Officer in 1955; and

WHEREAS, in 1962 Mr. George N. Magrath was named President of Peoples Building and Loan Association; the Association in 1969 converted to a mutual savings institution, significantly broadening the base of ownership, becoming a federally chartered institution, Peoples Federal Savings and Loan Association; and, to further its growth a range of new services was introduced in the 1970's and 1980's, increasing to total assets of $117,159,155 by 1982; and

WHEREAS, in 1982, the Association was joined by Peoples Federal Savings and Loan Association of Florence to become Peoples Federal Savings and Loan Association of South Carolina; and

WHEREAS, Peoples Federal of Florence had a distinguished record of growth and progress, beginning with its founding in 1909 as the Peoples Building and Loan Association; with founding directors including Messrs. J. W. McCown, first President; Julien C. Rogers, Sr., F. P. Covington; G. F. Lynch, E. J. Pendergrass, A. C. Jepson, J. F. Stackley, and Dr. B. G. Gregg; and

WHEREAS, Peoples Federal of Florence, with steadily growing range of products and services, had reached assets of $104,085,183 at the time of the merger in 1982; thereby making the combined assets of the Peoples Federal Savings and Loan Association of South Carolina $221,244,338; and

WHEREAS, the period of the second half of the 1980's until the present time has been fraught with many difficult problems revolving around governmental deregulations of the industry; subsequent national savings and loan crisis; heavy resulting Federal supervision and controls; changing U. S. tax laws; national economic depression and other factors; and

WHEREAS, the Association, under the current leadership of Mr. George N. Magrath, Chairman and President, Mr. George N. Magrath, Jr., Executive Vice President and Chief Operating officer, and key officer associates, have made admirable achievements in increased profits, retained earnings and other elements of strong performance over the past months despite continuing pressures and problems; the Board of Directors hereby extends special heartfelt commendation to Messrs. Magrath and other officers and employees who have helped make possible these achievements;

WHEREAS, it is especially noteworthy that the assets of Peoples Federal under the leadership of Mr. George N. Magrath, Sr., who will be retiring in the near future, from 1962 to the present, have increased from $6,092,533 to approximately $325,986,021 and, in historical perspective, it is also worthy of note that a continuing strength of leadership derives from the fact that the founding Chief Executive Officer of Peoples Building and loan Association, Colonel D. A. Spivey; current Chief Executive Officer, Mr. George N. Magrath, Sr., at this time of joining First Financial Holdings, Inc., and the Chief Executive Officer of First Financial Holdings, Inc., as we move into the future, Mr. A. L. Hutchinson, Jr. , are all graduates of The Citadel, the Military College of South Carolina;

NOW THEREFORE BE IT RESOLVED that we the undersigned nonmanagement members of the Board of Directors of Peoples Federal Savings and Loan Association of South Carolina do honor and salute all directors, officers and staff members who have contributed to the success and service of this noble institution over its long and distinguished life, with special commendation to top management and others for achievements during recent times of testing; and we pledge our utmost interest and effort as we move into the bright and promising era which lies ahead as part of First Financial Holding, Inc.

SIGNED this 17th day of September, 1992.

The Independent Republic Quarterly
Vol.27 No.3; Summer 1993, pp 32-34

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