Wednesday, February 05, 2014

Is The Past Prologue…?

The winds of change blew through the venerable savings and loan industry in the 1980's with category 5 hurricane force.

Deregulation, securitization, interstate banking, the rise of the GSEs, all came "onshore", buffeting the "It's a Wonderful Life" folks,  with a vengeance   

The S&L leaders of that time had to make some choices.  The choices were hard; the choices were unpleasant; but the choices were unavoidable ("inevitable"!).  The world had changed.  

"The way is was" would never again 
be "the way it is".

One can rightly argue over the list of alternatives the S&L industry had at the time; but in the common wisdom of the day, it seemed to come down to just three choices:

  1. Stand Pat - Do nothing!
  2. Double Down - Bet the ranch!
  3. Fold - Sellout or convert.
And of course the correct choice for the long-term viability of the S&L industry was, as we all now know….

Driving Us Forward?

…. None of the above!

Thought you might like to know that the original, former home of the North Carolina Savings and Loan League located on Homeland Avenue in Greensboro, North Carolina…. "now houses Serenity Funeral Home and Cremation Services".

"Credit Unions: A Future Source of Serenity in the Financial Marketplace?"

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