Old Missoula

Firm Grows With City Nearly Half a Century

Responsible for a great deal of growth in the Garden City in the past half century has been the Missoula Building & Loan Association which was incorporated in September 1911.

Construction loans have exceeded $500,000 per year for the past several years, for the building of new homes for Missoula residents.

At the first annual meeting of the association of that year 235 shares were represented. At the start of 1960 the association had 80,620 shares outstanding.

First Loan Made

The first loan was not made until Feb. 26, 1912. This transaction involved $800 loaned to George Beckett and the next loan was not made until about three months later. The interest rate on the earlier loans was 9 per cent.

Original officers were W. M.  Bickford, president; A. R. Jacobs, president of the First National Bank, first vice president; Fred E. Stoddard, secretary; [next 2 names unreadable]. Other original incorporators were D. R. Beck, W. H. Bunney, A. M. Burt, C. E. Burnett, M. H. Coen, D. E. Curran, Frank A. Day, W. L. Hixcock, R. R. Jones, J. M. Keith, C. L. F. Kellogg, Herman Kohn, Andrew Logan, G. F. Peterson, P. M. Reilly, D. E. Swinehart, H. T. Wilkinson and S. H. Youens.

Asks for Cut

Records of the first meeting in February 1912 showed that Stoddard, the secretary, protested his salary of $25 a month was “excessive and not in proportion to the income.” His suggestion that his salary be cut to $12.50 a month was accepted by the directors.

For many years the directors gave their time, energy and talents to the building of this institution without financial remuneration, in order that more people could benefit by the services rendered and be able to own their own homes.

The association now occupies the same quarters occupied in 1911 by its official depository, the Missoula Trust & Security Bank.

The present quarters in the Higgins Block at the corner of Higgins and Main were completely remodeled in 1955 for occupancy by the association, which began business in the new quarters Oct. 4 of that year.

Earlier Locations

Formerly the association had its offices in the rear of the Higgins Building at 114 E. Main St. for approximately ten years. Earlier locations were in the Old Smith Building, now the site of the drive-in annex of the Western Montana National Bank, and at the corner of East Broadway and Pattee street, where the Peek Pharmacy now is located.

In July of 1959 Missoula Building & Loan Association completed negotiations to purchase the entire Higgins Block, one of the business district’s largest buildings, from the Union Bank & Trust Co. of Helena, acting on behalf of the Conrad Kohrs interests.

Built by Higgins

This structure was constructed by Christopher P. Higgins, one of the cofounders of Missoula, in the late 1880s to house the C. P. Higgins Western Bank and was equipped with three concrete and steel reinforced vaults; a valuable asset to the institution. The building also has three complete floors for office space with elevator service.

Missoula Building & Loan Association is an associate member of the Federal Home Loan Bank of San Francisco, whose assets total about $3,000,000,000.

All savings of the Missoula Building & Loan Association are insured up to $10,000 on each account by the Federal Savings & Loan Corporation, whose assets exceed $300,000,000. In addition the reserve of the Missoula Building & Loan Association as of Dec. 30, 1959 exceeded $460,000 for the safety of stockholders.

Addition in 1911

The Conrad Kohrs Co. purchased the building about 1900 and the addition to the rear was constructed in 1911. The building was managed for many years by the late F. D. Whisler, now managed by the association’s vice president, Harry Urton.

The association’s total assets at the start of the year were $6,312,508.08 with approximately 2,700 stockholders and $5,750,000 loans in force.

Capitalization was increased in 1955 from $4,000,000 to $7,000,000, then in 1959 to $10,000,000.

Officers and directors for the association are; Glen W. Faulkner, president; Harry Urton, first vice president; M. C. Sayer, second vice president; W. T. Boone, attorney; Floyd M. Clark, secretary-treasurer, and Wanda B. Flanagin, assistant secretary-treasurer.