November 19, 1934, Bismarck, North Dakota – In a move hailed as a beacon of hope for the city’s financially strapped residents, the First Federal Savings and Loan Association of Bismarck announced Monday that investors’ savings are now fully protected against loss, thanks to the Federal Savings and Loan Insurance Corporation. A.W. Mundy, president of the unit, revealed that each investor is insured up to $5,000, ensuring the safety of long-term savings.
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Key Facts
- State: North Dakota
- Category: Fraud & Financial Crimes
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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