Pub. 5 2017 Issue 2

8 The Community Banker www.mibonline.org PIONEER FEDERAL SAVINGSAND LOANASSOCIATION Featured Member Bank P ioneer Federal Savings and Loan Association has a long and storied history of serving our communities. In April 1912, Powell Building and Loan Association was formed and authorized to do business for the next 20 years. The As- sociation was committed to providing housing loans in the local area funded by deposits from local residents as well as to assist with the growth of the local community. In 1924, the Association participated in a shareholder loan for the purchase of what is now Powell County High School. In 1932, a special meeting of the members was held and the deci- sion to extend the corporate existence of the Association was made. The largest loan on the books at that time was a $13,000.00 apartment loan. In 1933, Carl ZurMuehlen became President of the Association. This Great Depression Era was a difficult time for business and in 1935, the Association converted from a State charter to a Federal Savings and Loan charter, which it still holds today. The Association was re- named Deer Lodge Federal Savings and Loan Association. Appraisal fees were $6.00 at this time and the Association had $43,848.58 in loans on the books. During the 1940’s and 1950’s, many new services were introduced. These included loan payment relief for soldiers, the sale of War bonds, and FHA Title #1 loans. In the mid 1960’s, the Association’s assets reached $4,000.000.00, the appraisal fee was dropped to zero, loans were being made at 7.0% and passbook savings accounts were earning 4.5%. From these humble beginnings, Pioneer Federal has grown and prospered all the while maintaining our commitment to home own- ership and community improvement. In 1976, Deer Lodge Federal Savings and Loan Association opened their Dillon office and renamed the organization, Pioneer Federal Savings and Loan Association. This move to Dillon sparked a time of growth and prosperity for the Asso- ciation. In late 1999, Pioneer Federal became just the 2nd mutual institution in the Country to gain regulatory authority to establish a charitable foundation, the Pioneer Federal Community Foundation, Inc. Annually, this Foundation now provides tens of thousands of dollars in assistance to medical and education causes in Beaverhead and Powell Counties. Pioneer Federal has always been fortunate to hire quality and talented employees over the years who often remain with the Asso- ciation for decades as do our Directors. These employees and Direc- tors provide the stability for the Association throughout the ups and downs of the business cycles and the regulatory challenges. Today, Pioneer Federal Savings and Loan Association proudly remains the only mutually chartered savings and loan association in Montana. We remain committed to the visions of our founders in 1912, that being the making quality home loans and investing in our local communities.