Mutual Savings Institution
An Inventory of the Collection
The Mutual Savings Institution (originally known as the Mutual Building and Loan Association) was established in Austin, Texas in 1920. Local businessman Fred C. Morse wanted to create an institution that would combine real estate mortgage lending with the savings and loan business. He selected eleven men that would constitute the first board of directors and held the first organizational meeting on August 30th, 1920. The men elected to the board were D. B. Gracy, F. K. Fisher, W. G. Franklin, C. W. Moore, D. T. Iglehart, H. F. Kuehne, F. C. Morse, Jas. E. Lucy, H. H. Luedecke, A. W. Wilkerson and Theo. Ziller. A. W. Wilkerson was appointed president, D. B. Gracy and W. G. Franklin elected vice presidents and Fred C. Morse was made Secretary-Treasurer.
In 1923 the name was changed to Mutual Deposit and Loan Company and in 1924 the first employee, Miss Myrta Milligan, was hired on as bookkeeper. In 1928 Mutual started the first local school savings program because Fred Morse believed that teaching children about saving money would allow them to grow up to be financial stable adults. The Mutual made it through the Depression without too much damage and was able to pay off the loan from the Federal by the fall of 1938 and ended the decade with assets of $2,147,489.45.
In 1940, the man who had the idea to create the Mutual, Fred C. Morse, was elected president. In 1945 the name was changed again to Mutual Savings Institution and for the first time savings (up to $1000) were withdrawable without notice at the request of the customer. By the end of this decade the assets has increased to $9,004,560.70. The institution had outgrown its current building and it was time to find a new home.
By summer of 1951 Mutual had a new building on Congress Avenue. However, business was so brisk in the 1950s that plans for a new building were already in the works by the second half of the 1950s. In 1960 bank’s assets were listed as $40,448,388.46 and the American Banker rated it No. 323 in size in the 6,000 Savings Institutions of the nation.
In 1963 Fred C. Morse retired as president after 42 ½ years of building the organization. By 1970 Mutual opened its third branch. In 1972 Mutual Savings merged with First Texas Financial Corporation from Dallas, Texas. After some legal issues were resolved Mutual Savings changed its name to First Texas Savings in January of 1979.
In 1989 the institution was declared insolvent and closed.
The collection contains material relating to the development and progress of the Mutual Savings Institution from the 1920s to the 1980s with the emphasis on the time period between the 1920s and the 1950s. Included are historical accounts of the company, Statements of Condition from the 1950s, and newspaper clippings from the 1950s through the 1970s that highlight significant events from those decades. There are also 15 photographs representing Mutual executives including Fred C. Morse; Mutual employees; and the Mutual building. Additionally there is a scrapbook spanning the years 1920 to 1980s “honoring our deceased officers and directors” that contains photographs of founding members, the building and a few textual materials such as bylaws and anniversary booklets. Lastly, there is a single architectural rendering of “Proposed alternate to façade of Mutual Savings Institution” by Kuehne, Brooks and Barr.
Restrictions on Access
Restrictions on Use
Mutual Savings Institution Records (AR.2009.046). Austin History Center, Austin Public Library, Texas.
Donor #: DO/1989/064
Donation Date: 2009
Finding aid created by Molly Hults/2009. Encoded by Evan Usler/2011.
Detailed Description of the Collection