MS 230 Central Federal Savings and Loan Association Records

Summary Information

San Diego History Center Document Collection
Central Federal Savings and Loan Association.
Central Federal Savings and Loan Association Records
MS 230
Date [inclusive]
4.5 Linear feet (10 boxes)
This collection contains documents related to the Central Federal Savings and Loan Association. Records include administrative papers; loan, insurance, and property appraisal paperwork; newsletters and publications; and scrapbooks.

Preferred Citation

Central Federal Savings and Loan Association Records, MS 230, San Diego History Center Document Collection, San Diego, CA.

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Biographical / Historical Notes

On January 2, 1935, the Central Federal Savings and Loan Association began under the new “thrift and home-lending” chartered by the United States Government, Office of Thrift Supervision. Every investor’s holdings in the Association were fully insured up to $5000 by the Federal Savings and Loan Insurance Corp., Washington, D.C. It was also a member of the Federal Home Loan Bank System and was therefore eligible for the full credit facilities of the Bank System. Large or small savings accounts were opened in the Association. The original headquarters was a one-room office, Room 324, located on the third floor of the Bank of America building in Downtown San Diego. Beginning total assets listed were $7,610. Elmer O. Busenberg, who for many years served as president of the California Ranch & Home Co., headed the organization. Charles Holliday served as Manager. In 1935 he stated in a local newspaper that “the ultimate goal of home financing is home ownership, free and clear, and that home ownership is the backbone of a sturdy, prosperous community. It will be the aim of the Central Federal Savings and Loan Association to encourage thrift among the city’s population, and to find ways to help attain home ownership.” Through the financing of a multitude of residential construction projects, assets increased, and by 1936, they outgrew their small one-room office. In 1958, the Association’s first branch was opened in Chula Vista. Many more branches followed in San Diego, and a merger with North Hollywood Savings and Loan in 1976 brought the number to twenty-five. It became known as one of California’s top Savings and Loan institutions. In 1979, the Association announced the attainment of a billion dollar amount in assets. In 1981, they once again merged with another Savings and Loan Association, First Savings and Loan of Fresno. In 1983, the members of the Association voted to approve a change from a Federal mutual charter to a State of California mutual charter. As a result, the institution changed its name to Central Savings and Loan Association.

The Association participated in a number of architectural endeavors. In one of its earlier expansions, the dilapidated, yet historical San Diego Gas and Electric building in Downtown San Diego was purchased in 1951. It was renovated into a modern building complete with modern amenities. The Association also took part in the Gaslamp Redevelopment Project, also known as the Downtown Redevelopment Project, which brought the construction of the $15 million, twenty-story Central Federal Tower. The tower opened for business in November 1975 displaying state-of-the-art exterior and interior design, as well as energy efficient technology.

High cost of savings accounts and high interest rates yielded difficult times. Coast Federal Savings and Loan of Los Angeles acquired Central Savings and Loan in the late 1980s; and sometime after, Coast Federal Savings and Loan was acquired by Home Savings of America. Home Savings was then acquired by Washington Mutual Bank. Finally, Washington Mutual was acquired by JP Morgan Chase Bank, National Association.

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Scope and Content

This collection contains records relating to the Central Federal Savings and Loan Association dated from 1935 to 1986. Focal documents include a suggested Outline of Procedure, prepared by the Federal Savings and Loan Division; financial statements; loan, insurance, and property appraisal paperwork; and Central Federal newsletters. Scrapbooks contain newspaper clippings, photographs, and correspondence which documents the exponential progress the Association made from 1935 to 1986.

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Collection is arranged into four series:

Series I: Administration

Series II: Loans, Insurance, and Property Appraisals

Series III: Outreach and Publicity

Series IV: Scrapbooks

Items in each series are arranged by subject.

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Administrative Information

Publication Information

San Diego History Center Document Collection February 14, 2012

1649 El Prado, Suite 3
San Diego, CA, 92101

Conditions Governing Access

This collection is open for research.

Conditions Governing Use

The San Diego History Center (SDHC) holds the copyright to any unpublished materials. SDHC Library regulations do apply.

Immediate Source of Acquisition

Accession number 2001.126.

Processing Information

Collection processed by Aimee Santos on February 14, 2012.

Collection processed as part of grant project supported by the Council on Library and Information Resources (CLIR) with generous funding from The Andrew Mellon Foundation.

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Related Materials

Separated Materials

Original photographs of property appraisals separated to SDHC Photograph Collection.

Original mounted certificates separated to SDHC Object Collection.

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Controlled Access Headings

Corporate Name(s)

  • Central Federal Savings and Loan Association.
  • Central Savings and Loan.
  • Coast Federal Savings and Loan of Los Angeles.
  • Downtown Redevelopment Project.
  • Federal Savings and Loan Associations.
  • Federal Savings and Loan Insurance Corporation.
  • First Savings and Loan of Fresno.
  • Gaslamp Redevelopment Project.
  • Home Savings of America.
  • JP Morgan Chase & Co..
  • North Hollywood Savings and Loan.
  • San Diego Gas and Electric Company.
  • United States. Dept. of the Treasury.
  • United States. Office of Thrift Supervision.
  • Washington Mutual, Inc..

Geographic Name(s)

  • Chula Vista (Calif.)
  • Gaslamp Quarter (San Diego, Calif.)
  • San Diego (Calif.)

Personal Name(s)

  • Brown, James E.
  • Busenberg, Elmer O.
  • Chapman, R. A.
  • Frost, Albert
  • Golden, Morley H.
  • Heller, W. S.
  • Holliday, Charles
  • Jessop, Arthur J.
  • McGahey, Harry C.
  • McSweeney, Daniel T.
  • Miner, H. L.
  • Park, D. Frank
  • Quirk, William E.
  • Rosenfeld, T. M.
  • Schafer, Donald J.
  • Sievert, O. Morris
  • Stalder, Fred
  • Strand, Bert
  • Walton, Richard S.
  • Woodward, C. Harry
  • Zitlau, Walter A.


  • Financing
  • Home loan banks
  • Home loans
  • Loans
  • Property
  • Real estate appraisers
  • Real property
  • Savings accounts
  • Savings and loan association failures
  • Savings and loan associations

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Collection Inventory

 Series I: Administration

Policy and procedure, 1934-1962


“Suggested Outline of Procedure for completion of organization of a new Federal Savings and Loan Association”

Emergency operations resolution

Certificates (copies), 1935 March 5 and 1966 October 16 1:2
Financial statements, 1938 June 30-1961 June 30 1:3
Financial statements, 1961 December 31-1968 June 30 1:4
Financial statements, 1968 December 31-1972 December 31 1:5
Financial statements, 1973 June 30-1980 December 31 1:6
Miscellanea, 1934 October 12-1960 August 26


Subscriptions to Shares (copy)

Fred C. Stalder, Certificate of Attendance at the Graduate School of Savings and Loan, Indiana (copy)


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 Series II: Loans, Insurance, and Property Appraisals

Rease Berryman, 1954-1955 1:8
Everett M. Brown, 1935-1938 1:9
Carl C. Bruington, 1935-1939 and undated 1:10
Leonard C. and Elizabeth A. Clark, 1938-1947 and undated 1:11
Loraine L. Doster, 1943 1:12
Herbert E. Farrar, 1935-1950 and undated 1:13
William K. Finch, 1935-1944 and undated 1:14
A.S. and Jodie L. Hulden, 1927 1:15
Dean B. Johnson, 1935-1953 and undated 2:1
George E. and Kristine S. Jorgenson, 1938-1939 2:2
H. Walter and Edith C. Larson, 1940 2:3
Maud Virginia Lawson, 1935-1951 and undated 2:4
D.P. Marvin, 1935-1937 2:5
Mr. and Mrs. Wilton M. Morrison, 1941 2:6
William G. Peratt, 1941 and undated 2:7
R.F. and Ilma Pourade, 1936-1950 and undated 2:8
Liddy M. Landt Strong, 1934-1941 and undated 2:9
George James and Laura Lee Thompson, 1937 2:10
Burton E. Turney, 1939-1940 2:11
Raymond F. and Olive E. Ullenburch, 1947 2:12
Conrad Development Co., Lots 179 to 216 – Clairemont Villas, 1955 and undated



Newspaper advertisement

Correspondence regarding loan

Master Certificate of Reasonable Value

Appraisal reports

Loan settlement

Clairmont Villas Unit NO. 3 Sheet 2 of 3 and 3 of 3, property maps (in Oversize Collections D3)

Conrad Development Co., Lots 179 to 216 – Clairemont Villas, 1955


Compliance inspection reports

Property appraisals, 1936-1957 and undated 2:15
Property tax bills, 1938-1945 2:16
Loan correspondence, 1942-1968 and undated 2:17
La Jolla branch loans, 1973 and undated 2:18

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 Series III: Outreach and Publicity

Newsletters, 1961 October-1971 April 2:19
Newsletters, 1971 July-1983


“Hello Central,” September 1980 (in Oversize Collections D3)

Housing developments, 1954


Bayberry and Lake Park

Miscellaneous publications, 1963-1965 2:22
Miscellaneous newspaper clippings, 1954-1962 and undated 2:23

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 Series IV: Scrapbooks

Scrapbook No. 1 – 1935-1959, 1935-1959


Subscriptions to Shares

Certified Copy of Resolution

Scrapbook No. 2 – The 1960s thru 1963, 1960-1963 4
Scrapbook No. 3 – 1964 thru 1966, 1964-1966 5
Scrapbook No. 4 – 1967 thru 1969, 1967-1969 6
Scrapbook No. 5 – 1970 thru 1973, 1970-1973 7
Scrapbook No. 6 – 1974 and 1975, 1974-1975 8
Scrapbook No. 7 – 1976, 1977, 1978, 1976-1978 9
Scrapbook No. 8 – 1979 thru 1986, 1979-1986 10

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