Benj. Franklin Savings and Loan
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| Public | |
| Industry | Banking |
| Fate | Seized during the savings and loan crisis |
| Founded | 1925 |
| Defunct | 1990 |
| Headquarters | Portland, Oregon, USA |
Benj. Franklin Savings and Loan was a thrift based in Portland, in the U.S. state of Oregon. Founded in 1925, the company was seized by the United States Government in 1990. In 1996 the United States Supreme Court found that this and similar seizures were based on an unconstitutional provision of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). Shareholders of the thrift sued the federal government for damages caused by the seizure, with the shareholders winning several rounds in the courts. In 2013, $9.5 million was allocated for disbursement to shareholders.
Benj. Franklin S&L's television commercials featured its President, Bob Hazen, in which he hawked toasters and other free gifts to woo new depositors and to pitch other financial products and services. Hazen is credited with inventing the thrift marketing phrase: "Pay Yourself First."
Hazen's father founded the Benj. Franklin in 1925. Although the name on signs and letterhead was "Benj." in promotions and discussions, the full word "Benjamin" was always pronounced.
Between 1982 and 1989 the thrift made a profit in 16 consecutive calendar quarters and became the number one mortgage lender in the Portland metropolitan area. It had strong lending positions in other major areas of the Northwest.
Their named headquarters building was 1 SW Columbia, in Portland, Oregon. A 30-story 1980s brick-veneer office building, fronting on the Willamette River near the Hawthorne and Marquam Bridges, the building still stands as the Umpqua Bank Plaza, headquarters of Umpqua Holdings Corporation.
Hazen was a fan of cast-iron architecture, a technique popular in the 19th century to early 20th century. He had collected castings from a great many, as the old buildings were torn down over the years by developers. Several of these iron fronts were incorporated into the executive level and board room of the building.
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