Savers Federal Savings and Loan Association Records, 1906-1983

Historical Note

Established in 1906, the Pulaski Building and Loan Association opened in the First Pyramid Life Insurance Building in Little Rock. J. H. Carmichael served as the association's first president and John E. Parson, the first secretary. A slate of nine directors was elected at its incorporation and included Aaron Frank, A. Lofton, A. C. Read, M. B. Sanders, C. A. Bosshardt, A. L. Schader, R. C. Powers, Fred Rossner, and C. G. Price. In 1916, Wilbur Paul Gulley, Sr., joined the association and guided it for 48 years.

In 1935, a federal charter was granted to the Pulaski Building and Loan Association. To reflect its new status, the association changed its name to Pulaski Federal Savings and Loan Association (PFS). Its assets totaled $117,000. Two years later, PFS moved to the southwest corner of Louisiana and Second Street.

PFS merged with Guaranty Federal Savings and Loan Association in 1937, bringing its total assets to over $1 million. Although an expansion in 1948 doubled its office space, PFS outgrew its location and moved to a new building at Third and Spring Street in 1958.

In the 1970s, the company's assets rapidly grew from $100 million in 1971 to $300 million in 1978. After conducting marketing research and determining the "Pulaski" name limited the association's appeal outside of Little Rock, the PFS changed its name to Savers Federal Savings and Loan in 1978. Savers moved again, this time constructing an 11-story office building at Fourth and Spring Street, later renamed USAble Corporate Center.

In the 1980s, Savers failed during the national savings and loan crisis. In 1989, the Federal Deposit Insurance Corporation assumed control of Savers, along with other insolvent savings institutions. In 1991, its remaining assets were sold to other savings and loan associations.