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Writer's pictureYen Ho

Ambler Savings Bank

Updated: Feb 9

According to the Ambler Savings Bank website, it was said that the company was founded in 1874 where a group of businessmen gathered at the home of Davis Yerkes that lead to the creation of the company, originally named the Ambler Building and Loan Association. With so much research into the company, there wasn't any mention of Davis Yerkes, but the year it was established is correct. The Ambler Building and Loan Association was founded on July 13, 1874 by William C. Walker.

 

William C. Walker


William Caldclough Walker (1844-1920) was born in Horsham on January 13 to George and Gulielma Walker. He grew up on his family farm while attending school and working at the farm until he finished school. He became a teacher at age 22, and taught for three years. William then moved westward to Centre County, PA where he worked at a general store.


On New Years Eve 1868, William married Emma Yocum, daughter of Charles Yocum. Two years after their marriage, they moved into his in-law's home in Gwynedd.


He then returned eastward and worked at a store in Germantown as manager. He continued finding jobs in Philadelphia and found a position at the Philadelphia Coal Company that was later merged with the Lehigh Valley Coal Company. William was in many positions from being a bookkeeper to salesman to collector. He continued working at the coal company until his death. He was a director of the Jersey City Terminal Railroad and Pittstown Branch Railway Company.


He moved to Ambler in 1873 where he purchased a home to raise his family. In 1890, he purchased the Ambler homestead next to his former home with 16 acres. After his wife died in 1891, William plotted a portion of land surrounding his home, and added a huge estate on his lot called the "Brookside."


William became one of the most prominent citizens in Ambler: he was a school director of Ambler and a member of Ambler's first town council. Not only was he responsible in organizing the Ambler Building and Loan Association in 1874, he was also responsible in assisting the organization of the First National Bank of Ambler. He was secretary of both banks for many years ever since their founding. William was a stockholder of the First National Bank of Ambler.

Montgomery County 1877, Gwynedd, North Wales, Ambler, Royer's Ford, Limerick Station; J. D. Scott, Publisher
Montgomery County 1893, Ambler Borough; J. L. Smith, Publisher
Atlas of the North Penn Section of Montgomery County, Pa., 1916, Plate 26; A. H. Mueller, Publisher
 

The Growth of Ambler Savings Bank


It all started at the home of William C. Walker where eight citizens gathered to discuss forming the Ambler Building and Loan Association (ABLA). In order to have everyone join the effort, the share was fixed down to 50 cents from $1. When enough funds were raised, it would be loaned to friends and other citizens to build or purchase a home for themselves.


The charter was prepared and signed on July 13, 1874 by Secretary of the Commonwealth of Pennsylvania Matthew S. Quay. The ABLA was officially granted to "transact business in the village of Ambler." The association elected George K. Knight as president and William C. Walker as secretary. The ABLA occupied the Knight Building for a very long time.

North Pennsylvania Railroad 1886 Philadelphia - Bucks - Montgomery Counties, Ambler; J. D. Scott, Publisher
The Knight Building (1906)

In the beginning, the association had a few hundred dollars. Over time, the money grew up to $122,000 assets. Then it continued to grow to $1,950,000 assets in 1930. They received help from the Federal Home Loan Bank that loan the ABLA funds when recovery was slow and tedious during the Great Depression. They also received help from Federal Savings and Loan Insurance Corporation that provided the association insurance "of every stockholder's investment in shares." They were insured to $5,000 for each stockholder.


The ABLA established the Direct Reduction Mortgage to assure borrowers they will be repaid of his mortgage depending on when he paid a month. This would help borrowers to buy homes easily.


In 1949, the ABLA financed over 2,000 homes, and over 100 homes to veterans who came home after the end of World War II.


In 1955, the ABLA changed their name to Ambler Savings and Loan Association, and moved their office on 44 East Butler Pike With its continuing growth, they moved again in 1962 to a new location on 155 East Butler Avenue where they remained for a very long time.


The association changed their name again to Ambler Savings Bank in 2002. In 2014, they demolished their old, small building, and reconstructed a bigger building on the same spot where the old building stood.

 

Bibliography


"Ambler Building & Loan Association Begins 67th Year." Ambler Gazette. January 2, 1941. Pages 1 & 7. https://digitalarchives.powerlibrary.org/papd/islandora/object/papd%3Awivp-gazett_18305.


Mueller, A. H. Atlas of the North Penn Section of Montgomery County, Pa., Plate 26, 1916.


"Our History." Ambler Savings Bank. Accessed January 27, 2023. https://www.amblersavingsbank.com/Our-Mission#History.


Quattrone, Frank D. Ambler. (Charleston: Arcadia Publishing, 2004): 71-72.


Roberts, Ellwood. Biographical Annals of Montgomery County, Pennsylvania, Containing Genealogical Records of Representative Families, Including Many of the Early Settlers and Biographical Sketches of Prominent Citizens, Volume 2. (New York, Chicago: T.S. Benham & Co. and The Lewis Publishing Co., 1904): 483-485.


Scott, J. D. Montgomery County 1877, Gwynedd, North Wales, Ambler, Royer's Ford, Limerick Station, 1877.


Scott, J.D. North Pennsylvania Railroad 1886 Philadelphia - Bucks - Montgomery Counties, Ambler, 1886.


Smith, J.L. Montgomery County 1893, Ambler Borough, 1893.


"W. C. Walker Laid At Rest." Ambler Gazette. January 8, 1920. Page 8. https://digitalarchives.powerlibrary.org/papd/islandora/object/papd%3Awivp-gazett_11134.


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