Call Number:

17

Repository:

Historical Society of Frankford

Extent:

5.5 linear feet

Language:

English

Date:

1831-1886 (inclusive)

Creator:

Historical Society of Frankford.

Abstract:

The first building and loan in the United States, Oxford Provident Building Association, was established in Frankford, Philadelphia, Pennsylvania in 1831. After its termination in 1841, the Second Oxford Provident Building Association was formed, followed by the Third Oxford Provident which dissolved in 1869. The Franklin Building Association, Washington Building Association, Jackson Building Association, and Decatur Building association also operated in Frankford around the same time. The Historical Society of Frankford building association records, 1831-1886, consist of forty-eight volumes of meeting minutes and financial records of several institutions in the Frankford community.

The first building and loan in the United States, Oxford Provident Building Association, was established in Frankford, Philadelphia, Pennsylvania in 1831. Initially there was one building association, the First Oxford Provident Building Association, which was a terminating institution, as were the subsequent associations that came thereafter. After approximately ten years when stock certificates matured, the monies were distributed to certificate holders and the institution ceased to exist. After its termination in 1841, the Second Oxford Provident Building Association was established and continued with the same pattern. The Third Oxford Provident was the final incarnation of the institution, established in 1852 and having its final stock distribution in 1869.

The Franklin Building Association and the Washington Building Association both commenced during the mid to late 1840s, possibly competing with the Second Oxford Provident Building Association. The Jackson Building Association began at the end of the Second Oxford Provident's tenure in Frankford. The Decatur Building Association appears to have handled mortgages, but no further records are available at the Historical Society of Frankford.

The Historical Society of Frankford's collection of building association records consists of forty-eight volumes of meeting minutes and financial records from several institutions in the Frankford community, dating from 1831 though 1886: Oxford Provident Building Association, Franklin Building Association, Washington Building Association, Jackson Building Association, and Decatur Building Association. The records document Frankford as a pioneer of home ownership financing in the nineteenth century.

The financial and administrative records in the collection give insight into the institutions' operations and administration. With the financial records, there are three items that work in tandem: the Stock Assignment book, the Stock Certificate book, and the Certificate Receipt book. Each record has a correspondent number. The Stock Assignment book shows to whom the stock belongs and the Stock Certificate book contains a certificate for that person. When the stock money is received by the bearer of the stock, the Certificate Receipt shows that the money has been withdrawn from the association.

The records were cataloged by the Historical Society of Frankford sometime in the early to mid twentieth century. They were included in a group of records entitles "Books of Record" in which each volume was given a "book" number (B-1, B-2, etc.). In the summer of 2006, the volumes were reorganized into record groups and series according to archival arrangement principles.