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Philadelphia Savings Fund Society
The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania, United States. PSFS was founded in December 1816, the first savings bank to organize and do business in the United States. The bank would develop as one of the largest savings banks in the United States and became a Philadelphia institution. Generations of Philadelphians first opened accounts as children and became lifelong depositors.
The bank was organized by a group of men led by Condy Raguet, who had read about the concept of savings banks becoming popular in Great Britain. The bank quickly began to expand by adding services and branches, and moving into larger headquarters buildings. By the late 1910s, PSFS had the most depositors of any savings bank in the United States; it was second to the Emigrant Savings Bank in the amount of money deposited. PSFS began programs in the 1920s that encouraged children to put money into savings accounts instead of spending it on treats and school programs, allowing children to open accounts with PSFS.
In the 1970s, changes in the personal finance industry led to smaller banks struggling to stay open. A government solution had such banks merge with healthier ones and in 1982, the Western Savings Fund Society was merged with PSFS. The merger deal and changes in regulations allowed PSFS to expand into new business ventures. PSFS quickly began expanding into other fields such as corporate finance, mutual funds, and real estate development.
In 1984 PSFS began doing business under the name Meritor Financial Group to emphasize its expansion into financial services. The new business venture led to the company losing millions of dollars; it was forced to sell off many of its subsidiaries and PSFS bank branches. Despite the effort, Meritor continued to lose money.
On December 11, 1992, federal regulators seized the 176-year-old bank and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC then sold its remaining assets to Mellon Financial for US$335 million (equivalent to $670 million in 2024). Mellon renamed the former PSFS branches Mellon PSFS, a name which lasted the end of 2001, when the branches were acquired by Citizens Financial Group.
Founded in 1816, the Philadelphia Saving Fund Society was the first savings bank to organize and do business in the United States. Savings banks had existed in Europe for years and in the early 1810s had grown rapidly through Great Britain. This growth became the topic of numerous journals and pamphlets, some of which were brought to the attention of Philadelphia businessman Condy Raguet in late November 1816.
Interested in the idea, Raguet approached associates, Richard Peters, Clement C. Biddle and Thomas Hale on creating a similar institution in Philadelphia. A meeting was held on November 25 to discuss the plan. A total of twelve men agreed to work together to form the bank. Along with Raguet, Peters, Biddle, and Hale, the other men, called associate founders, were Charles N. Bancker, Andrew Bayard, Samuel Breck, John McCrea, William Schlatter, John C. Stocker, John Strawbridge and Roberts Vaux. Over several meetings the group figured out the bank's structure and positions. Andrew Bayard was elected the first president of the bank during the third meeting on November 28. The bank was named the Philadelphia Saving Fund Society because Raguet felt the name "bank" was unpopular and calling it a society would make it easier to receive a charter from the state legislature.
On December 4, 1816, the Articles of Association, which contain the earliest written use of the name Philadelphia Saving Fund Society, were adopted. The Philadelphia Saving Fund Society (PSFS) opened two days before on December 2 in the office of the Saving Fund Society's first Secretary and Treasurer, George Billington. The office was located on the west side of South Sixth Street, between Chestnut and Market Streets. Depositing five dollars, the first depositor was Curtis Roberts, Raguet's African American servant. On February 25, 1819, the Governor of Pennsylvania approved the Pennsylvania legislature's act of incorporating the Philadelphia Saving Fund Society.
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Philadelphia Savings Fund Society
The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania, United States. PSFS was founded in December 1816, the first savings bank to organize and do business in the United States. The bank would develop as one of the largest savings banks in the United States and became a Philadelphia institution. Generations of Philadelphians first opened accounts as children and became lifelong depositors.
The bank was organized by a group of men led by Condy Raguet, who had read about the concept of savings banks becoming popular in Great Britain. The bank quickly began to expand by adding services and branches, and moving into larger headquarters buildings. By the late 1910s, PSFS had the most depositors of any savings bank in the United States; it was second to the Emigrant Savings Bank in the amount of money deposited. PSFS began programs in the 1920s that encouraged children to put money into savings accounts instead of spending it on treats and school programs, allowing children to open accounts with PSFS.
In the 1970s, changes in the personal finance industry led to smaller banks struggling to stay open. A government solution had such banks merge with healthier ones and in 1982, the Western Savings Fund Society was merged with PSFS. The merger deal and changes in regulations allowed PSFS to expand into new business ventures. PSFS quickly began expanding into other fields such as corporate finance, mutual funds, and real estate development.
In 1984 PSFS began doing business under the name Meritor Financial Group to emphasize its expansion into financial services. The new business venture led to the company losing millions of dollars; it was forced to sell off many of its subsidiaries and PSFS bank branches. Despite the effort, Meritor continued to lose money.
On December 11, 1992, federal regulators seized the 176-year-old bank and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC then sold its remaining assets to Mellon Financial for US$335 million (equivalent to $670 million in 2024). Mellon renamed the former PSFS branches Mellon PSFS, a name which lasted the end of 2001, when the branches were acquired by Citizens Financial Group.
Founded in 1816, the Philadelphia Saving Fund Society was the first savings bank to organize and do business in the United States. Savings banks had existed in Europe for years and in the early 1810s had grown rapidly through Great Britain. This growth became the topic of numerous journals and pamphlets, some of which were brought to the attention of Philadelphia businessman Condy Raguet in late November 1816.
Interested in the idea, Raguet approached associates, Richard Peters, Clement C. Biddle and Thomas Hale on creating a similar institution in Philadelphia. A meeting was held on November 25 to discuss the plan. A total of twelve men agreed to work together to form the bank. Along with Raguet, Peters, Biddle, and Hale, the other men, called associate founders, were Charles N. Bancker, Andrew Bayard, Samuel Breck, John McCrea, William Schlatter, John C. Stocker, John Strawbridge and Roberts Vaux. Over several meetings the group figured out the bank's structure and positions. Andrew Bayard was elected the first president of the bank during the third meeting on November 28. The bank was named the Philadelphia Saving Fund Society because Raguet felt the name "bank" was unpopular and calling it a society would make it easier to receive a charter from the state legislature.
On December 4, 1816, the Articles of Association, which contain the earliest written use of the name Philadelphia Saving Fund Society, were adopted. The Philadelphia Saving Fund Society (PSFS) opened two days before on December 2 in the office of the Saving Fund Society's first Secretary and Treasurer, George Billington. The office was located on the west side of South Sixth Street, between Chestnut and Market Streets. Depositing five dollars, the first depositor was Curtis Roberts, Raguet's African American servant. On February 25, 1819, the Governor of Pennsylvania approved the Pennsylvania legislature's act of incorporating the Philadelphia Saving Fund Society.