Hamilton at one time had a number of these institutions, including Peoples, Dollar Federal, Columbia and Home Federal, all located downtown. There were a number of similar institutions throughout Butler County.
Prior to the Federal Home Loan Bank Act of 1932, these institutions were also referred to as “Building and Loan Associations”. In the early 1980s around 4,000 of these institutions existed in the United States. However, by the late 1980s and early 1990s many savings and loan associations closed or were merged into banks due to financial issues.
Around 650 or so remain to this day.
The building pictured is the Peoples Savings and Loan founded in 1891 as the Peoples Building and Loan. It was acquired by Dollar Federal Savings and Loan Association on Oct. 1, 1955. Dollar Federal used the Peoples building as its headquarters until 1958 when the new Dollar Federal building was erected across the street at the corner of South Third and High streets.
In May 1965, First National Bank of Hamilton acquired the former Peoples Building & Loan building from Dollar Federal. During the lifetime of the building as an independent financial institution, the actual address was 320 High St., but was renumbered to 300 after being bought by First National.
Over the years, both Dollar Federal and First National used the building for various purposes and rented parts of it out to tenants. At one point in the 1960s, the first floor of this building served as a beauty salon.
Other tenants at various times included the Hamilton City Club and a shoe repair store.
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