The story of the Lincoln Building is a fascinating journey through time, reflecting the evolution of banking and community in Spokane. It's a tale that begins in the midst of economic turmoil and ends with a reflection on the fragility of financial institutions.
The Rise of Savings and Loans
In the 1930s, a new era of banking emerged with the Federal Home Loan Bank Act. This act breathed life into small community banks, offering a sense of security and familiarity to locals. The National Saving and Loan Association, founded by prominent figures like A.W. Lindsay, was a pioneer in this movement. The Lindsay brothers, Roderick and Donald, carried on their father's legacy, opening First Federal Savings and Loan Association, a name that would later become synonymous with community banking.
A Name and an Image
The decision to merge and rename the bank as Lincoln First Federal is an intriguing one. Roderick Lindsay's explanation hints at a desire to humanize the bank, to make it more than just a financial institution. By associating themselves with Abraham Lincoln, a symbol of integrity and leadership, they aimed to inspire trust and a sense of community. The use of Lincoln's likeness on promotional items further solidified this connection, creating a unique brand identity.
A Towering Presence
The construction of the eight-story Lincoln Building in 1964 marked a significant milestone. It was a physical manifestation of the bank's growth and stability. Inside, a giant portrait of Abraham Lincoln, painted by Norman Rockwell, added a touch of grandeur and historical significance to the lobby. This building became a landmark, a symbol of the bank's commitment to its customers and the community.
The Decline and Fall
However, the story takes a turn in the 1980s. High-interest rates and economic shifts put a strain on savings and loan associations, and Lincoln Mutual Savings, formerly Lincoln First Federal, was not immune. Despite its strong foundation and community ties, it succumbed to the pressures of the market. This chapter of the story serves as a reminder of the complex forces that shape financial institutions and their vulnerability to external factors.
A Legacy and a Reflection
The passing of the Lindsay brothers and the eventual failure of Washington Mutual, which took over Lincoln Mutual, bring a sense of finality to this narrative. It prompts us to reflect on the transient nature of financial empires and the importance of adapting to changing economic landscapes. The Lincoln Building, once a symbol of stability and community, now stands as a reminder of a bygone era, a testament to the ever-evolving world of finance.
In my opinion, this story is a microcosm of the broader narrative of American banking, highlighting the rise and fall of institutions that were once pillars of their communities.
