Franklin Bank a Community Partner for 150 Years

In late February 1861, tremendous internal pressures on the national scene had built up to an intensity never before experienced by our youthful nation. Seven states had already seceded and formed their own confederacy, and Jefferson Davis had just been inaugurated as their president.
A federal attempt to supply and reinforce Fort Sumter had been turned back by secessionist gunfire. Rumors of war raced wildly over city streets, village greens, and country lanes.
Abraham Lincoln was traveling toward Washington and his appointment with destiny as the new president of the disunited States.
For some time, a group of thoughtful citizens had been meeting quietly, forming Salem’s first permanent “Building Association.” Plans progressed smoothly and, at a meeting that took place the evening of the day Lincoln was inaugurated, a certificate of incorporation for “The Franklin Loan and Building Association of Salem, New Jersey” was drawn up. The date was April 13, 1861 and the certificate of incorporation was recorded on April 18, 1861.
Franklin’s first full-time business office was obtained by purchasing the three-story Wiley Building at 141 West Broadway, Salem which was renovated and opened to the public on August 12, 1926.
Then, after nearly 100 years of honorable service, the name of “The Franklin Loan and Building Association of Salem, New Jersey” was changed January 1, 1961, to “The Franklin Savings and Loan Association of Salem, New Jersey” to better reflect the contemporary nature of the organization.
As time went on, the differences between commercial banks and thrifts became insignificant; therefore, in 1988, the institution made its second name change in 127 years to “Franklin Savings Bank, S.L.A.” Recently in 2006, Franklin made its third name change to “Franklin Bank” to more accurately reflect the broad range of services available to customers.
For 150 years Franklin Bank has been a community partner, helping individuals and families save money and fulfill their dream of home ownership. Franklin is one of the oldest permanent associations in continuous existence in the nation and has long been highly regarded for its sound financial position.
Our namesake, Benjamin Franklin, led a life enormously filled with accomplishments, and we hope that if he were to regard us today, it would be with deep satisfaction.
From the eminence of 150 years of service, Franklin Bank looks back at its record with justifiable pride and pledges to use that distinguished past to help build an even better future for the people in the communities it serves.