In April of 1892, a group of men led by D. W. Andre, and F. R. Beeson founded the “German Building and Loan Association” , with Mr. Beeson as president. Then in 1902, another group of Connersville residents led by J. B. McFarlan, Jr., John Payne, and S. O. McKennan founded the “Home Loan Association,” with Mr. McFarlan as president.
These institutions and their leaders served their members and the community well by making it possible for them to pool their resources and thus aid each other in providing sufficient finance to build homes. Many, many homes of Connersville could not have been built without the aid of these organizations.
In 1918, the German Building and Loan Association felt it should have a name more tied to its home town, and so it became the “Connersville Building and Loan Association.”
Then in 1937, these two Connersville institutions merged under the name “Union Savings and Loan Association,” to better serve Connersville and the Fayette County community with increased capital resources, membership in the Federal Home Loan Bank system and with Federal Savings and Loan Insurance protection for its depositors. This was accomplished under the leadership of the two presidents at the time, A. Henry Rieman and Theodore Brand.
See an online version of the short publication about the bank and new building in 1955!
By the Fifties, Union Savings and Loan carried with it over a half century of banking tradition and experience, having endured World War I, great economic expansion in the Twenties, followed by the depression of the Thirties, World War II in the Forties, and was now in the midst of an enormous post-war boom. It was easily outgrowing its offices at 719 Central Avenue.
In the words of President A. Henry Rieman, “The Board of Directors of the Association unanimously accepted the premise that a building project should be considered as a long range proposition and that it would be a grave mistake to build any building which would not adequately serve present and future needs of the City of Connersville and the surrounding area.”
Thus in 1955, the main office of USLA was built at 730 Central Avenue in Connersville. The building was designed in colonial style with brick and Indiana limestone, sporting columns and an open main office area. The building also brought something new to Union Savings and Loan that is so commonplace today it is hard to comprehend how revolutionary it was: A drive-through window.
The foresight of the Board at that time proved to be quite correct, as this building has served USLA very well. While further growth required expanding the building to the south in the 1980’s, this building continues to be the headquarters of the bank today.
Throughout the last half of the Twentieth Century and into the Twenty-First, Union Savings and Loan has continued to grow. In 1997, USLA expanded with an office in the community of Greenfield, Indiana, and in 2000, a second Connersville location was built on 30th street.
In 2011, a new initiative to grow and update Union Savings and Loan Association was undertaken by the Board of Directors and Senior Management. With 2012 being the 120th year of the institution, and 2013 the 200th anniversary of the founding of Connersville, USLA determined the time was right to reaffirm its long-term commitment to the citizens of Connersville and Fayette County. In the fall of that year, the bank unveiled a new logo and new signage for all of its locations. Then in 2012, Union Savings and Loan announced their intention to greatly expand the 30th Street Office, with a stylish design, additional offices, customer areas, and a conference room.
Here in the early Twenty-First Century, Union Savings and Loan stands as the only locally owned and operated financial institution in Connersville. Commensurate with this position, USLA holds the top market share of deposits in Connersville and Fayette County. We are proud to be Connersville’s Hometown Bank, and plan to provide friendly, local service for (at least) another 120 years to the people of Connersville and the surrounding area.