The Lincoln Building: A Tale of Financial Resilience and Legacy
In the midst of economic turmoil, the Lincoln Building stands as a testament to the resilience of a community and the enduring spirit of a nation. This article delves into the story behind this iconic structure, exploring the financial landscape it navigated and the legacy it leaves behind.
The Rise of Savings and Loans
Amidst the Great Depression, a federal act breathed life into small banks, known as savings and loan associations. These institutions, often referred to as thrifts, offered a neighborly approach to banking, providing a much-needed boost to the economy. The 1946 film "It's a Wonderful Life" captured the essence of this community-centric banking, depicting a run on a local bank that mirrored real-life events across the nation in 1933.
One such thrift emerged in Spokane, founded by prominent figures like A.W. Lindsay, who later passed the torch to his sons, Roderick and Donald. Within a short time, First Federal Savings and Loan Association made its mark, offering mortgages with innovative repayment terms.
Mergers and a Presidential Touch
The Lindsay brothers' venture merged with another thrift in 1950, rebranding as Lincoln First Federal. The choice of name was intentional, aiming to convey a warm and friendly image while avoiding confusion with other similar-sounding institutions. The 16th President's likeness adorned their letterhead and promotional items, a subtle yet powerful symbol.
The company's new home, an eight-story tower at Riverside Avenue and Lincoln Street, became a landmark. It was here that Donald Lindsay, the CEO, commissioned a giant portrait of Abraham Lincoln from renowned illustrator Norman Rockwell. This masterpiece adorned the lobby for two decades, a fitting tribute to the bank's namesake.
Navigating Turbulent Times
The 1970s brought challenges with high-interest rates, and like many S&L associations, Lincoln faced difficulties. It eventually succumbed to these pressures, becoming part of Washington Mutual, the largest savings and loan in the US at the time. Despite this, the legacy of the Lindsay brothers and their institution lives on.
A Legacy Remembered
The Lincoln Building's story is a reminder of the impact small banks can have on communities. It also highlights the cyclical nature of financial institutions, with even the largest eventually facing their own challenges. The building's journey, from its humble beginnings to its eventual absorption, is a microcosm of the broader financial landscape.
As we reflect on the Lincoln Building's history, we're reminded of the importance of community-centric banking and the enduring influence of historical figures like Abraham Lincoln. It's a story that inspires us to consider the long-term impact of our financial institutions and the role they play in shaping our communities.
