A group of business and professional leaders gathered on November 13, 1889, in the office of local attorney, J. C. Buxton. They gathered to consider the organization of a building and homestead association. They agreed that such an organization was needed, and set a time two days later for the purpose of organization.
On this day in 1889, the same group of men, and others, met in the town armory and established the Winston-Salem Building and Loan Association. The letters of incorporation stated, “The main object of this association is to afford men of modest means an opportunity to secure their own homes by monthly payments, which, in the majority of cases, will amount to little if any more than they would pay in rents.” It was also pointed out that the association afforded a safe way to invest funds and make a profit.
The first loan by the organization financed the purchase of the home of R. P. Dalton in 1889. The amount of the loan was $1,000, and it was paid off in a businesslike manner. The house was located at 147 North Broad Street and it remained in the Dalton family until Second Street was opened through Broad Street, when it was demolished.
The photo above shows the Dalton home in 1954.
Photo courtesy of Forsyth County Public Library Photograph Collection.
