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| Additional information |
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| Franklin Bank |
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Mission statement:
Franklin is a financial partner that continues to build upon a 149 year tradition of improving the quality of life for our customers, communities and team members. |
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Vision:
Franklin aspires to be the bank of choice in the communities that we serve. We are committed to understanding the changing needs of our customers and providing customized solutions for their success. Our goal is to become a bank that has the financial strength and flexibility to realize this vision. |
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History:
It was late in February 1861. On the national scene, tremendous internal pressures had built up to an intensity never before experienced by our youthful nation. Seven states had already seceded and formed their own confederacy. Jefferson Davis had just been inaugurated as their President. A federal attempt to supply and reinforce Fort Sumter had been turned back by secessionist gunfire. Rumors of war raced wildly over city streets, village greens, and country lanes. Abraham Lincoln was traveling toward Washington and his appointment with destiny as the new President of the disunited States.
In contrast, Salem County was living in the tranquil meaning of its name. The Quaker founder, John Fenwicke, would have been pleased. The stable agricultural economy of the county was affected little by the secession-triggered national depression. Here, life seemed as calm and untroubled as the ancient oak that once towered over Salem City's Quaker burying ground.
For some time, a group of thoughtful citizens had been meeting quietly, forming The Franklin, Salem's first permanent "Building Association."
Plans progressed smoothly. The meeting took place the evening of the same day President Lincoln was inaugurated. A certificate of incorporation for "The Franklin Loan and Building Association of Salem, New Jersey" was drawn up on April 13, 1861, and recorded April 18, 1861.
Franklin's first full-time business office was obtained by purchasing the three-story Wiley Building at 141 West Broadway, Salem, which was renovated and opened to the public on August 12, 1926.
Franklin Bank has long been highly regarded for its sound financial position and has grown steadily throughout its long life. The most spectacular growth, however, came after World War II when a series of progressive moves was initiated by the association's board of directors.
In 1949, the association qualified for membership in the Federal Home Loan Bank System and became a member of the Federal Home Loan Bank of New York. Because of its rapid growth, in December 1953 the Salem office facilities were expanded and modernized, and the town's first drive-in window was installed. On March 3, 1954, the association qualified and insured the accounts of its savings members with the Federal Savings and Loan Insurance Corporation, an instrumentality of the United States government. At that time, the issuance of share accounts was discontinued, and the current, more flexible savings plan was adopted. After many months of study and consideration, Franklin made its next progressive move when it applied and received approval for its branch office at 260 North Broadway in Pennsville to serve the rapidly expanding riverfront section of Salem County. Opened on April 20, 1959, this conveniently located office became an integral part of the economic life of the Pennsville area. Then, after nearly 100 years of honorable service, the name of "The Franklin Loan and Building Association of Salem, New Jersey" was changed January 1, 1961, to "The Franklin Savings and Loan Association of Salem, New Jersey" to better reflect the contemporary nature of the organization.
As the customer base grew, Franklin realized the need for larger and more contemporary accommodations. On May 20, 1968, Franklin opened its new main office at 137 West Broadway, where it remains today. Franklin continued to prosper, at the same time providing customer services such as mortgages, savings passbooks, certificates of deposit, traveler's checks, and money orders. In an effort to expand its horizons, the merger of Woodstown Savings and Loan to The Franklin Savings and Loan Association became effective on April 1, 1971. The addition of the office in Woodstown, through this merger, provided Franklin with three offices in Salem County. Three years later, Franklin Savings and Loan Association expanded into Gloucester County with the purchase of the assets of The Swedesboro-Woodstown Building and Loan Association. An office was opened at 450 Kings Highway, Swedesboro, Gloucester County on April 15, 1974. From this point forward, Franklin's growth and prosperity strengthened. In 1980, regulatory changes granted thrifts much the same powers as commercial banks. In 1981, Franklin introduced the N.O.W. checking account to its customers which was a major step in aligning our industry with the commercial banking industry. Because of the insignificant differences between commercial banks and thrifts, The Franklin Savings and Loan Association changed its name to Franklin Savings Bank, S.L.A.. in 1988, to better reflect the services available to the community. This was only the second name change in Franklin's 127 year history. Regulatory requirements necessitated that all financial institutions provide insurance for deposits. There were 16 building and loans operating without insurance coverage for deposits in the state of New Jersey. They had to sell their assets to an insured institution or the costly alternative of providing the required insurance coverage for deposits. Franklin Savings Bank seized this opportunity to once again expand its services to other communities by purchasing the assets of the South Seaville Building and Loan in Ocean View, Cape May County, and the Clayton Building and Loan in Gloucester County which automatically gave it the right to establish a branch in each area.
During a time when some banks as well as thrifts were losing stability, unable to keep up with the increasing regulatory demands and capital requirements, Franklin opened two new branch offices on June 1, 1990, in Ocean View, and October 1, 1990, in Franklinville, New Jersey. Complete with two lane drive-ups, safe deposit boxes, and automated teller machines, these newly constructed offices are full-service banking facilities.
Five years later, on September 11, 1995, Franklin opened its first drive-up/walk-up only facility. This office, located on Front Street in Salem accommodates the extensive drive-up traffic in Salem County. In 1998, the bank relocated its Woodstown office to a newly-constructed full-service office in Pilesgrove, NJ. This move provides our customers with a four-bay drive-up, safe deposit boxes and an automated teller machine (ATM).
During the first quarter in 1999, Franklin completed another goal by moving all internal operations and administrative offices to a new modern building in Pilesgrove, New Jersey. In addition to providing enhanced working conditions for our employees, and a modern atmosphere for our customers, Franklin also achieved many operating efficiencies and enhanced technological capabilities to better serve our community as a full service financial institution.
Namesake Benjamin Franklin led a life enormously filled with accomplishments, and we hope that if he were to regard us today, it would be with deep satisfaction. From the eminence of over a century of service to the people of Salem County, Franklin Bank looks back at its record with justifiable pride and pledges itself to use that distinguished past to help build an even better future for the people of the area it serves. |
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| Formerly known as:
The Franklin Savings Bank, S.l.a. |
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