The incorporators of Central West End Savings & Loan are concerned and dismayed that New Age Federal S&L has filed on November 25, in the circuit court of the city of St. Louis, a petition to review a decision by the Missouri State Savings and Loan Commission awarding a charter to the Central West End S&L. On October 20, the Commission unanimously overruled a previous protest made by New Age S&L which had contended that it was threatened by the granting of a charter to a new institution.
Tom Scatizzi, chairman of the Central West End group stated that:
“This continued and dilatory obstructionism by New Age amounts to economic discrimination against all residents of the west end community. The mortgage loan activity in the west end by New Age has been practically non-existent. There is certainly a need and room for a grass-roots, neighborhood institution such as Central West End S&L to encourage and promote a loan and savings market in the west end which New Age has not serviced. This need for increased mortgage lending in urban areas is not only a local, but a national problem as evidenced in a major policy paper issued by the U.S. League of Savings Associations dealing with the future of American cities. The report recommends a greater involvement of neighborhood residents in planning and implementing urban revitalization, and states that urban housing is not a governmental problem alone. It is a problem for every institution in our society.”
Originally published in The Paper, December 1977.
Read this article in the original newspaper issue.
Original source: SD_Times1977_12.pdf, printed page(s) 8; PDF page(s) 8.
