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Show Volume One Thursday, December 20, 1979 Number 7 ummit Savings Brings New Money to Park City Summit Savings and Loan Association, Park City's first savings and loan association, opened its temporary trailer office for business on Dec. 3 under President Dean Berrett and a "friendly, courteous staff of one." The subtle opening of Summit Savings belies it's potential, for the Association promises to mirror the growth of the rapidly expanding communities in Summit County, particularly Park City. "Park City and Summit County are growing at a tremendous pace," says Summit Savings Chairman Chair-man Frederic N. Sidell. "Our number one objective objec-tive is to serve as the primary lender for those wishing to build a home in the area." "Trying to figure out just how fast the area is growing has been an elusive task for us, but even the most conservative population projections illustrated to us the need, and potential for success, suc-cess, of a local savings association," adds Berrett. Summit Savings is Utah's newest savings and loan association. The last such association established in the state was in 1973 when a charter was granted for a St. George-based operation. Prior to that, the most recently organized association was one in 1956. Organization efforts for Summit Savings have been spearheaded by Frederic N. Spidell, the association's chairman of the board, and Dean S. Berrett, its managing officer. Combined, these individuals in-dividuals have more than 20 years' experience in the savings and loan business, or in related areas, such a mortgage lending and Federal Home Loan Bank Board activities. In its initial operations, the association will seek savings deposits and real estate loans primarily from the areas surrounding its Park City location: Park City, Snyderville, Coalville, and Summit County in general. Once established in its permanent per-manent headquarters, Summit Savings' directors plan to offer a wide variety of services for its customers. Under consideration are drive-up andor walk-up teller facilities, extended office hours on weekdays and Saturdays to make the association more attractive to working persons and others who find it difficult to conduct their business during normal business hours, free personal per-sonal checking accounts at a nearby commerical bank (with certain minimum balances), complimentary com-plimentary transportation service to and from the ' association's office, "check-a-month" interest payment program and pre-authorized payment services. In addition, the association may offer safe deposit boxes, traveler's checks, -avings deposit and withdrawal service by mail, money orders, or-ders, trust deed collection services, personal photo-copying services and notary services, certain cer-tain of which will be offered free of charge to customers maintaining minimum balances. Of course, Summit Savings will offer its ! ' " 7 V , I t " m , twm ' v. V Tl k - : - -T" : v"- A : . NET fi . -, ' t f$ t- Summit Savings Chairman Frederic Spidell (left) and President Dean Berrett at the Association's temporary office. customers the normal financial advantages of depositing in a savings association. The biggest difference here will be the quarter point more interest in-terest that savings associations can offer over banks on deposits. At Summit Savings, customer deposits will receive daily compounded interests. Additionally, Summit Savings will have a low $100 minimum deposit requirement for high interest in-terest certificates. That means a customer of even limited resources can take advantage of interest rates of 5V percent on 90-day certificates, and 8 percent on eight-year accounts. The first order of growth for Summit Savings will involve moving from its trailer office at 1750 Park Ave. to its permanent headquarters now under un-der construction and adjacent to the temporary office. of-fice. The grand opening of the Summis Savings building will occur next spring. For now the trailer office represents a feat in itself: it-self: It is the culmination of two year's work by the association's organizers. On Nov. 29, 1977, a group of five individuals filed an application with the Commissioner of Financial Institutions for the State of Utah seeking a savings and loan charter for Park City. They were Frederic N. Spidell, Salt Lake City, and Dean S. Berrett, Jack Dozier, William F. McComb and William D. Traeger, all of Park City. This group was subsequently joined by Richard W. Giauque and Gerald E. Knudson of Salt Lake City. These seven persons now constitute the board of directors. The residency of Summit Savings' directors reveals re-veals an important fact about the association. Summit Savings is essentially a locally-owned business. Over 90 percent of its stockholders are either residents of Park City, property owners in the city, have business ties here, or all three. This group contributed over 80 percent of the total capital of the firm. It is this local base of stockholders stock-holders and officers that the association's directors feel will make Summit Savings a competitive power with already established commercial banks in Park City and loan associations in Salt Lake City. "Initially, we won't be competitive with the Salt Lake-based associations as far as volume of lending business here is concerned," says Berrett. "But we will be competitive as far as service and rates go. Indeed, when you throw in the convenience con-venience factor, I think our services will be more attractive to those wanting to buy a home in Summit County. A Park City builder will no Savings to 14 |