The Lincoln Building: A Tale of Banking, Legacy, and Iconic Art
In the heart of Spokane, a story unfolds, one that intertwines the struggles of the Great Depression, the rise of community-oriented banking, and the enduring legacy of a renowned American president. This narrative, spanning decades, is etched into the very fabric of the city's history.
The Birth of a Banking Ideal
The Federal Home Loan Bank Act of 1932, a beacon of hope during the darkest days of the Depression, breathed life into small banks, known as savings and loan associations. These institutions, with their limited scope but vital role, became the lifeblood of many communities. The 1946 film "It's a Wonderful Life" immortalized this concept, showcasing the intimate relationship between a small town and its bank.
A Spokane Legacy Begins
Spokane's own National Saving and Loan Association, founded by visionary businessmen like A.W. Lindsay, embodied this ideal. His sons, Roderick and Donald, carried on the legacy, opening First Federal Savings and Loan Association in 1934. Within months, they had financed 20 homes, offering a glimmer of hope and stability to local families.
Merging and a Presidential Touch
The Lindsay brothers' venture merged and rebranded as Lincoln First Federal in 1950, a name chosen to reflect their commitment to warm, friendly service. The 16th president's image became their brand, adorning everything from letterheads to piggy banks. This association with Lincoln added a layer of trust and respect to their operations.
A Towering Presence
The Lincoln Building, an eight-story testament to their success, opened in 1964. It was here that Donald Lindsay, the CEO, commissioned a masterpiece - a giant portrait of Abraham Lincoln by Norman Rockwell. This painting, a symbol of the bank's values, graced the lobby for two decades.
Changing Times and Challenges
As the years passed, the banking landscape evolved. High interest rates in the 1970s and 1980s posed challenges, and Lincoln Mutual Savings, as it was now known, succumbed to these pressures. It was acquired by Washington Mutual, a giant in the industry. However, this too had its demise, with assets eventually transferred to JPMorgan Chase.
A Lasting Impact
The story of the Lincoln Building and the Lindsay brothers is a reminder of the impact small, community-focused banks can have. It's a tale of resilience, innovation, and the power of a good name. The building, now a part of Spokane's skyline, stands as a silent witness to the city's financial history.
In my opinion, this story highlights the human element in banking, a side often overlooked in the modern, digital age. It's a reminder of the importance of trust, community, and the enduring legacy of those who dare to dream big.
