Business & Finance
Business and Finance
Business and Finance
Thu, May 28, 2009
Wed, May 27, 2009 Teche Federal Bank: Teche Federal Bank Celebrates 75 Years of Smart Banking in Louisiana
FRANKLIN, LA--(Marketwire - May 27, 2009) - (
Back in 1934, Franklin D. Roosevelt was President of the United States and the average cost of a new home was $5,970. A gallon of gas was 10 cents, a loaf of bread was 8 cents and a brand new Studebaker truck was $625. Notorious criminals, Bonnie and Clyde were ambushed and killed by FBI agents and Duke Ellington and Bing Crosby filled the air waves of the radio.
In 1934 five St. Mary Parish business men, Isidore Friedman, W. McKerral O'Niell, R. E. Brumby, Norman Bauer and Van Gautreaux invested $500 each and applied for and were granted the charter to start Teche Federal Savings and Loan Association.
Teche Federal Savings and Loan Association was an integral part in the growth of Franklin, Louisiana and St. Mary Parish supplying mortgage loans for many area homes. In 1956 Teche Federal hired W. Ross Little as the first full-time employee. Up to that point, Teche Federal had been operating with the help of the employees of St. Mary Bank on Main Street in Franklin. Within a few years, Mr. Little convinced the then Chairman of the Board, W. McKerral O'Niell, to build a separate office at 211 Willow Street in Franklin. Mr. Little always believed that his calling was to help families to own their own home and assist them with saving for their future.
Many things have changed in the past 75 years, including a few minor name changes, but Teche Federal Bank still operates a branch on Willow Street in Franklin, and is still concerned with the financial needs of Louisiana. Today, Teche Federal Bank operates twenty offices in the Louisiana parishes of St. Mary, Iberia, Lafayette, St. Martin, Terrebonne, Lafourche, St. Landry, East Baton Rouge and Ascension and serves over 60,000 customers. Teche Federal Bank is the fourth largest publicly traded bank based in Louisiana with over $750 million in assets. The Company's common stock is listed as Teche Holding Company and is traded under the symbol "TSH" on the NYSE - AMEX. The bank's website address is [ www.teche.com ]. The Federal Deposit Insurance Corporation (FDIC) insures deposits at Teche Federal Bank up to the legal maximum limits.
